The deed is done! US-headquartered but India-centric IT services firm, iGate, officially got the keys to the executive suite at Patni yesterday, with the completion of the $1.2b acquisition of its larger Mumbai-headquartered peer (see iGate seals Patni deal). iGate now owns 83% of Patni’s stock though the business, now rebranded iGate Patni, will remain separately listed and for now will continue to operate independently.
Patni CEO, Jeya Kumar has stepped down and CFO Surjeet Singh will do likewise at the end of the month. But it’s really good to see that Patni EMEA CEO, Derek Kemp, is to join the new top team with his responsibilities extended to the Rest of World markets and global transformation deals. And in his spare time…. Anyway, congratulations and good luck to all.