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What is iGate?

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Information

Founded in 1996 and based out of New Jersey, USA, iGate is an IT services company operating in Japan, North America, Australia and Europe.

iGate’s initial footprints

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iGate made news in 2011 when it acquired India-based Patni Computer Systems, which was thrice its size. The company also changed its name to iGate Patni for a brief period.

iGate to delist Patni at Rs 520 per share

9 Apr 2012
 iGate to delist Patni at Rs 520 per share
  • iGate offered Rs. 520 per share to Patni shareholders to delist the company from Indian stock exchanges and consolidate its US shareholding.
  • The price was reached by the reverse book building process at BSE.
  • iGate held 82% stake in Patni after a $1.2 billion buyout.
  • iGate paid Rs. 503 per share while acquiring Patni computers.

Phaneesh Murthy sacked on sexual harassment charges

22 May 2013
 Phaneesh Murthy sacked on sexual harassment charges
  • iGate board sacked CEO Phaneesh Murthy after legal investigations of charges levied by a subordinate employee.
  • He faced similar consequence in 2002, when he had to leave Infosys after an American employee accused him of sexual harassment.
  • He played a major hand in converting iGate into a billion dollar company before his unceremonious exit.

Ashok Vemuri joins iGate as CEO and President

12 Sep 2013
 Ashok Vemuri joins iGate as CEO and President
  • He took over from Phaneesh Murthy.
  • Vemuri was earlier working at Infosys as 'Head of Americas and Global Head of Manufacturing and Engineering'.
  • Gerhard Watzinger, who served as the interim President and CEO after Murthy's exit, stayed on in an advisory role to ensure a smooth transition.

Atos and Capgemini eyeing iGate

17 Apr 2015
 Atos and Capgemini eyeing iGate
  • The talks have been taking place through Apax Partners who own the biggest share in iGate and are keen on exiting.
  • Apax lent $480 million to iGate at the time of the Patni acquisition.
  • Apax holds 29% shares in the company, as compared to 25% shares of the founders, Ashok Trivedi and Sunil Wadhwani.

Capgemini to buyout iGate for $4 billion

27 Apr 2015
 Capgemini to buyout iGate for $4 billion
  • NASDAQ listed iGate would consolidate the North American presence of French IT major Capgemini.
  • The deal is finalized at $4.04 billion in cash; Capgemini to offer $48 for each iGate share.
  • This will be the 10th biggest buyout of a US based tech firm by a European company.
  • Capgemini would gain clients such as Royal Bank of Canada and General Electric Co.