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Patni Computer Systems

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Patni Computer Systems Limited
File:Patnilogo.gif
Company typePublic
IndustryInformation Technology
Founded1978
Headquarters Mumbai, India
Key peopleNarendra Patni (Chairman & CEO)
Revenue$ 568 million (2006)
Number of employees14,000
Websitewww.patni.com

Patni Computer Systems Ltd., is a provider of Information Technology services and business solutions. The company employs over 14,000 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$ 568 million for the year 2006.

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$78 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.

In 2007, a US Department of Labor investigation of Patni found that the company had defrauded 607 H1-B employees in the US of mandatory wages between January 2004 and December 2005. A $2.4 million levy was issued against Patni to settle this violation of US labor laws. DOL regulations stipulate that employers must pay non-immigrant H-1B visa holders "at least the local prevailing wage or the employer's actual wage, whichever is higher." This provision is intended to guard against employers undercutting American workers by underpaying temporary foreign workers. illegally underpayed its H1-B empolyees in the US.

Patni added 31 new clients taking the client number count to 293 and reported revenues to US$ 169.5 million (Rs. 6,735.7 million) during Q3 2007.

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
  • Mk.Shah

Key industries

  • Insurance
  • Financial Services
  • Manufacturing
  • Telecom & ISV
  • Media & Entertainment
  • Energy & Utilities
  • Logistics & Transportation

Global locations

Asia Pacific

North America

Europe & UK

Patni Knowledge Park, Airoli, Mumbai

Patni Computer Systems Ltd. Patni Knowledge Park IT-1, IT-2, TTC Industrial Area Thane-Belapur Road Airoli

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$78 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.
  • July 2007 : Acquired Europe-based "Logan-Orviss International (LOI)", a leading independent specialist telecommunications consulting services company. The consideration includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three year period. LOI ended a profitable year with revenues of Euro 11.8 Million in 2006.
  • July 2007 :Acquired N.J.-based "Taratec Development Corp." through Patni Computer Systems Inc. a wholly owned subsidiary of the Company, for an aggregate price of $27.2 million in cash including contingent consideration. With more than $20m in annual revenues, Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services.

References

  1. Outsourcer Stiffs H-1B Temp Workers for Millions, PC Magizine, eweek, Jun 8, 2007
  2. "Patni's Q3 2007 Revenues up 11.7% YoY at $169.5 million".
  3. "Patni acquires Telecoms Consulting Specialist" (PDF). Patni. 2007-07-02. Retrieved 2007-10-04.
  4. "Patni Acquires Life Sciences Services Company Taratec for $27 million" (PDF). Patni. 2007-07-23. Retrieved 2007-10-04.

Notes

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