IGate

iGate suffers over 9% fall in quarterly net profit

iGate suffers over 9% fall in quarterly net profit

NASDAQ-listed IT services provider iGate on Thursday reported a decline of more than 9 per cent in net profit for quarter ended March 31, 2014.

The New Jersey-based provider of integrated technology and operation solutions announced that its net profit slipped 9.19 per cent year-on-year to $31.6 million in the January-March quarter of 2014, from $34.8 million in the corresponding quarter of the previous year.

In the previous quarter, October-December quarter of 2013, the company's net profit stood at $33.1 million.

Ex-Infosys executive Ashok Vemuri joins iGate Corp

Ex-Infosys executive Ashok Vemuri joins iGate Corp

Ashok Vemuri, who recently resigned as the Americas head & global manufacturing chief at Indian software firm Infosys Ltd, has joined rival IT outsourcing firm iGate Corp as CEO.

Confirming Vemuri's appointment as CEO, NASDAQ-listed iGate Corp. also announced that the ex-Infosys executive would also join iGate's board.

Sunil Wadhwani, co-founder of iGate, said, "He is a talented and established leader, and the board has great confidence in his ability to drive iGate to continued growth into the future."

iGate CEO Phaneesh Murthy sacked following sexual harassment probe

iGate CEO Phaneesh Murthy sacked following sexual harassment probe

NASDAQ-listed software services firm iGate has sacked its president & CEO Phaneesh Murthy following a probe into a claim of sexual harassment.

Announcing Murthy’s dismissal, the company said, “The investigation, which is ongoing, has reached the finding that Mr. Murthy's failure to report this relationship violated iGate's policy, as well as Mr. Murthy's employment contract.”

Patni Pulled iGate’s profits down by 64%

Patni Pulled iGate’s profits down by 64%iGate Corp.'s net profit declined by 64% because of its acquisition costs for the second quarter of 2011.

The profits declined by 64% to $ 4 million from $11.2 million profits of the second quarter previous year. Interest expenses affected the Net Income by $13 million.

iGate-Patni Computer deal delayed

iGate-Patni Computer deal delayed

Technology company iGate, that was considered the front runner for the controlling stake in Patni computers, was due to announce the deal through a press conference on Monday.

The press conference has now been canceled due to some issues. The company did not give any particular reason for the cancellation but sources close to the companies believe that the delay was more due to procedural reasons and not because of issues with the Patni promoters.

iGate will be buying a controlling stake of 62% from the promoters of the company who is the three Patni brothers and General Atlantic.

Patni- iGate deal to be announced on Monday

India’s one of the major companies in the IT sector, Patni computer system that prepares customized software and maintains computer systems for 280 customers in 38 countries, had invited bids for the selling of a major stake in the firm.

The process was completed a couple of weeks ago. iGate, because of its experience and fair bid price was always reportedly the front runner of the bid. It has been now learned that iGate will finally be paying 44 billion rupees ($983 million) to buy a 62 percent stake from the company’s controlling shareholders and General Atlantic LLC.

iGate in discussions with Patni

iGate in discussions with Patni

iGate, which considers GE to be among its chief customers and is having discussions with promoters of Patni Computer Systems for a likely acquisition, experienced its shares plunged by over 20% on Tuesday in the apprehension of integration with a rival almost twice its size. iGate shares traded at $19.50 on Nasdaq at yesterday's opening, after the down on Tuesday, lower by almost 2.5%.

IGate Reports Doubles Profits in Q1

IGate Reports Doubles Profits in Q1

Outsourcing services provider IGate Corp. has posted doubled profit records in its first quarter. It explained that the increase in the corporate spending has resulted into this higher than expected profit scale.

Chief Executive Phaneesh Murthy said that the company has been looking forward to an additional growth of 5-8% in the upcoming quarters.

"We are particularly seeing the rebound in financial services and the company is back to its pre-recession growth levels", he said.