Soon-to-be-acquired Indian SI, Patni, turned in a more modest quarter than peers, with revenues (to 31st Dec.) up 2% qoq to $179m, putting FY revenues at £702m, 7% higher yoy. Operating margins ticked up a tad to 18.1% qoq though down 150bps on Q409. Even so, FY margins stood at 19%, a much better showing than 2009’s 15.4%. Considering all the goings on with the iGate deal (see iGate seals Patni deal) this is actually not a bad result.
It sounds like the acquisition process is now well underway, with press reports that two of the three Patni brothers have stepped down from the board, as has General Atlantic NED, Bill Grabe, and their positions taken by top execs at iGate and Apax. It appears that the third Patni brother, Narendra, and the one previously most closely associated with the business, will stay on the board for now.