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Company type | Public |
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BSE: 532517 NYSE: PTI | |
Industry | IT services |
Founded | 10 February 1978[citation needed] |
Founder | Narendra Patni |
Defunct | 2012 |
Fate | Acquired by IGATE |
Headquarters | Electronic City, Bangalore, India |
Services | IT and outsourcing services |
Revenue | ₹2,164 crore (US$270 million) (2012) |
₹386 crore (US$48 million) (2012) | |
Number of employees | 18,273 (2011)[1] |
Patni Computer Systems Limited was a provider of IT services and business solutions founded by Narendra Patni. It merged with IGATE Corporation in 2011[2] and operated under the name IGATE Patni until 2012. The company has employed over 18,000 people in 23 international offices across the Americas, Europe, and the Asia-Pacific region, as well as offshore development centres in eight cities in India. Patni's clients included more than 360 Fortune 1000 companies.[3]
On 10 January 2011, iGATE announced that it had reached a definitive agreement to buy shares of the major shareholders of Patni Computer Systems Limited. These shares comprise 63% of Patni's total outstanding shares.[4] This created an enterprise with close to $1b in revenues and 25,000 in headcount.
The proposed acquisition of the shares was subject to regulatory requirements and iGate was required to make an 'Open Offer' to acquire additional 20% of Patni's shares from the open market. Changes in the shareholding took place upon fulfillment of all the obligations under the Open Offer process.