Patni Computers looking for non-US, non-UK buys to scale up operations
07 Nov 2009
Patni Computers, the sixth-largest software services firm in the country, plans to acquire a unit for $200-400 million in the next three months, the company's CEO Jeya Kumar said
Speaking on the sidelines of a management symposium organised by the Loyola Institute of Business Administration (Liba) in Bangalore, Kumar also said the company's promoters and main investor are not planning to reduce their stakes in the company.
The Mumbai-based software company is looking at taking over standalone companies and not captives, according to Kumar. He added that Patni was looking at companies that are non-US or non-UK and that Patni would not buy anything that it does not have but companies that will allow scaling up of Patni's business.
As at the end of the third quarter, September 2009, Patni's overall cash and cash equivalents, including short-term investments (post-revaluation), stood at $379.9 million as against $347.6 million at the close of second quarter.
Revenue for the quarter stood at Rs804 crore against Rs852 crore in the corresponding previous period.
On reports of General Atlantic, which owns 16 per cent in Patni, exiting the company Kumar said that they were a private investment company and will exit through the open market at the right time and for the right value. He said it was their choice. The company has been with Patni for more than six years.
