Patni Computer Systems
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| Patni Computer Systems Limited | |
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| Type | Public |
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| Founded | 1978 |
| Headquarters |  Mumbai, India |
| Key people | Narendra K. Patni (Chairman & CEO) |
| Industry | Information Technology |
| Revenue | $ 450 million (2005) |
| Employees | 13,000 |
| Website | www.patni.com |
Patni Computer Systems Ltd., is a provider of Information Technology services and business solutions. The company employs over 13,000 people, and has 23 international offices across the Americas, Europe and Asia-Pacific,as well as offshore development centers in 8 cities in India. Patni's clients include more than 200 Fortune 1000 companies. Patni has registered revenues of US$ 450 million for the year 2005.
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[edit] History
Patni Computer Systems Limited was incorporated as Patni Computer Systems Private Limited on February 10, 1978 under the Companies Act, 1956. In 1988, by virtue of Section 43A of the Companies Act, the Company became a "deemed public company" and subsequently on April 15, 1991 it was then converted into a private limited company. By virtue of its turnover exceeding prescribed limits under the then-applicable Section 43A of the Companies Act, on July 1, 1995, the Company became a deemed public company and consequent to the deletion of Section 43A from the Companies Act, 1956, the Company was converted to a private limited company on June 27, 2002. The Company was again converted to a public limited company on September 18, 2003.
In 2004, Patni came out with an initial public offering (IPO) of 18,724,000 equity shares in the price of Rs 230 per share for a face value of Rs 2 each. In the same year, Patni acquired Fremont, California based Cymbal Corporation for a sum of US$68 mn. Cymbal's acquisition allowed Patni to enter $60 billion IT services market in the telecom vertical which was previously not available to Patni on their business landscape. This acquisition also allowed Patni to spread it's Non-GE Business, and added a development center in Hyderabad, India.
In December 2005, Patni listed its ADRs on the New York Stock Exchange (NYSE) under the ticker PTI.
[edit] Board of Directors
- Narendra K Patni - Chairman & CEO
- Gajendra K Patni - Executive Director
- Ashok K Patni - Executive Director
- William O Grabe - Director
- Louis Theodoor van den Boog - Independent Director
- Michael A Cusumano - Independent Director
- Arun Duggal - Independent Director
- Arun Maira - Additional Director
- Pradip Shah - Independent Director
- Ramesh Venkateswaran - Independent Director
- Abhay Havaldar - Alternate Director to Mr. William O Grabe
[edit] Global Locations
The company's headquarters are located in Mumbai and it has development centers in several locations in India and sales offices in North America, Europe and the Asia-Pacific region.
[edit] Acquisitions
- April 2003: Acquired "The Reference Inc.," a company incorporated in Massachusetts, USA for a consideration of about US$ 7.5 million, through its wholly owned US subsidiary, Patni Computer Systems Inc. The Reference Inc. has provided Patni with specialised skills and domain expertise in the financial services industry segment.
- November 2004: Acquired "Cymbal Corporation" for a sum of US$68 million. Cymbal's acquisition allowed Patni to enter the IT services market in the telecom vertical, gaining expertise and operations in the provision of services to clients in the telecommunications industry.
- June 2006: Acquired "ZAiQ Technologies," a design and verification company, in Woburn, Mass. Through the transaction, Patni obtained ZAiQ’s Application-specific integrated circuit (ASIC) design capabilities and Intellectual Property (IP), as well as expertise in Field-programmable gate array (FPGA) and System-on-a-chip (SoC) technologies.
