Patni buys US life sciences service company Taratec for $27.2 million

23 July 2007

Mumbai: Patni Computer Systems has acquired US-based life sciences service company Taratec Development Corp for a total of $27.2 million in cash, including contingent consideration.

Patni acquired Bridgewater, NJ-based Taratec through its wholly owned US subsidiary Patni Computer Systems Inc.

Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services, with annual revenues of over $20 million.

This acquisition is in line with Patni''s strategy of enhancing its market specific services and provides additional capability to support the diverse requirements of the life sciences market, from pharmacovigilance to demand-driven supply chains.

Patni says it can now offer a global delivery model that provides end-to-end capabilities complete with established, life science expertise in specific, high-demand areas, the company said in a filing with the Bombay Stock Exchange (BSE).

"Taratec brings deep domain expertise in the life sciences industry, excellent understanding of this regulated industry, long-term client relationships with the industry''s leading companies and a fantastic reputation of service delivery in the industry," said Sunil Chitale, senior vice president and head of the manufacturing practice at Patni.