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Paul Hermelin, Group Chairman and Chief Executive of Capgemini, who is visiting India, indicated his company is open to inorganic growth, but said he must first complete integration of iGate successfully.
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Capgemini launched a new campus at Airoli, Navi Mumbai which can seat 30,000. Built at an investment cost of Rs 1,800 crore, the campus is spread across 50 acres with a built-up area of 3 million sqft.
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This was possible because in IT each team serves a dedicated client and during the due-diligence it has turned out that only three clients are common between the two entities, the executive said.
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IGate has been in news for wrong reason about a year back. The company had sacked its then Chief Executive Phaneesh Murthy in a sexual misconduct case.
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Capgemini had offered USD 48 for every I-Gate share as part of the definitive merger agreement. The merged group would have around 1,90,000 employees and an operating margin of 10 percent, Capgemini said.
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Days before iGATE was acquired by French IT giant Capgemini, the US-based firm sold off its domestic infrastructure management services (IMS) operations to India‘s MindSquare Technologies for about USD 5 million.
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The firms -- WeissLaw, Rosen Law Firm, Ryan & Maniskas, Block & Leviton and Faruqi & Faruqi -- are investigating for "possible breaches of fiduciary duty and other violations of law" as well as the fairness with which IGATE Board considered and approved the transaction.
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Sudin Apte, CEO and research director at Offshore Insights says while Capgemini's long-term competitive positioning has clearly improved with this transaction, it still has a much weaker offshore presence (55 percent), compared with Indian IT companies (80 percent).
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Capgemini will buy out iGate for cash consideration of USD48/share totaling USD 4 billion. Experts say Capgemini will position iGate as wholly owned subsidiary of North America. The combination of the two will increase Capgemini‘s revenues in the region to an estimated USD 4 billion.
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Last month, Murthy had said that all charges relating to a sexual misconduct case at US-based outsourcing firm iGate had been "settled".
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The IT industry veteran, who continued to live in the US after the second alleged sexual misconduct was reported, said all issues with iGATE have been settled.
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US-based outsourcing firm iGATE has been slapped with yet another sexual harassment suit by an ex-employee, claiming that she was sexually abused by the firm's Legal Head and her supervisor.
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US-based outsourcing solutions firm IGATE today reported a 14.8 percent growth in net profit at USD 38 million for the fourth quarter ended December 31, 2014, helped by deals in industry utility-solutions.
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In an interview to CNBC-TV18, IGATE CEO Ashok Vemuri said 2014 has been a transformational year and that the company has been seeing good traction in BFSI & retail segments.
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The contract is the first of many deals as a part of the government‘s digitisation drive.
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The New Jersey-headquartered company had posted a net profit of USD 31.9 million in the year-ago period, it said in a statement.
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Murthy, one of India's best-known IT leaders, claimed in the law suit -- filed before a California court last Monday -- that iGate knew about his relationship with a subordinate employee and "improperly" used the reporting policy to terminate him.
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Under the credit facility, the first commitment amount is of USD 270 million at an interest rate of about 3.5 percent with a maturity period of 60 months.
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UBS currently has a landscape with multiple technology systems and operations across multiple vendors supporting instrument reference data management. iGate will consolidate multiple technology systems onto the Markit Enterprise Data Management platform and transform the operations using its iTOPS framework, it said.
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Information Technology servics firm iGate posted a 12.7 percent increase in its net income for the third quarter ended in September.
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In 2012-13, Vemuri drew a basic salary of Rs. 3.89 crore (USD 708,000) along with a bonus of Rs. 1.02 crore (USD 190,978) at Infosys, taking the total to Rs. 4.91 crore.
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iGate Corporation named Ashok Vemuri as its chief executive officer (CEO). Vemuri previously served as the Americas head and global manufacturing chief of Infosys.
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Sources in the executive council (EC) at iGate reveal that Ashok Vemuri has emerged as the frontrunner for the post of CEO of the company. The board of the IT solutions firm will take a call based on a shortlist prepared by the EC, reports CNBC-TV18's Kritika Saxena, quoting sources.
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Recognised as an honouree in 'Managerial Professional for Information Security Project(s)' category.
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Sharmila Joshi, Head of Equity of Peerless Securities advised buying Hexaware Technologies as it reported strong set of numbers during April-June quarter. "We upgraded our target from Rs 115 to Rs 135 on the stock," she adds.
