Mumbai: Patni Computer Systems has entered into an agreement to acquire a California-based IT services company, Cymbal Corporation, for $68 million, through Patni Inc, its US subsidiary.

The payment will be paid in cash over a period of time. Certain closing conditions and regulatory approvals remain to be met for the deal, which could take a couple of months. This is the company''s first acquisition after its IPO.

Cymbal Corporation, a company focused on the telecommunications industry, reported revenues of $32 million for the year ended June 2004 according to a senior official with Kotak Investment Banking, financial advisors to Patni for the deal. Cymbal has around 500 employees.

The acquisition will extend Patni''s portfolio into the global high-growth telecom segment, said a Patni Computers release.