VARINDIA IT MAGAZINE

Capgemini and IGATE have entered into a definitive merger agreement under which Capgemini will acquire IGATE for a cash consideration of $48 per share. The transaction will amount to $4.0 billion and is expected to be immediately accretive to Capgemini’s normalized Earnings per Share (EPS). The merger agreement has been approved unanimously by both Capgemini’s and IGATE’s Board of Directors. The transaction has also been approved by the written consent of shareholders holding a majority of IGATE’s shares. This transaction fulfils one of the essential components of Capgemini’s strategy in expanding its presence in the North American market. With its established position in the financial services sector (42% of revenues), IGATE brings an attractive portfolio of major clients complementary to those of Capgemini. This transaction also reinforces Capgemini’s position in the retail, manufacturing and healthcare sectors, and prompts a faster transition to platform-based solutions. The tran...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE   iGATE Corporation  has entered into a credit agreement for a secured term loan facility with  DBS Bank Ltd  and  ING Bank N.V., Singapore  as security agent for pan-Asia iGATE Solutions on November 22, 2013. The Company, along with several of its subsidiaries, has entered into a guaranty with the Security Agent, under which the Company has guaranteed all of the obligations of pan-Asia under the Credit Facility. The Credit Facility has two components  iFacility A and Facility B . Facility A has a commitment amount of $270.0 million and an interest rate of LIBOR+3.25% and Facility B has a commitment amount of $90.0 million and an interest rate of LIBOR+2.00%. Facility A will mature 60 months from utilization date, while Facility B will mature 9 months from utilization date. The Credit Facility contains customary representations and warranties, events of default and affirmative, negative covenants and fin...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE   iGATE Corporation(NASDAQ:IGTE)  has announced that it has signed a multi-year agreement with  Associated Banc-Corp  to set up and establish a Testing Center of Excellence (TCoE) and provide quality assurance (QA) testing services for the IT applications portfolio. Under the agreement, this TCOE will perform testing services for all applications in the areas pertaining to Retail Banking, Commercial Banking, Private Client Services and Shared Services. As a part of the TCOE, iGATE will drive efficiencies by standardizing and centralizing the testing function through the introduction of proprietary tools and solutions resulting in year-on-year efficiency improvement. Manish Sharma, AVP -  Banking, iGATE,  stated, "With this Testing Center of Excellence, iGATE will perform end-to-end testing for the bank's entire gamut of IT applications. The Testing COE framework is application and service line agnostic, ...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE   In order to further strengthen the services of MetLife,  iGATE  has announced that it has bagged a new five-year contract valued at over $100 million for providing global infrastructure services to MetLife. iGATE also celebrated the completion of 10 years of partnership in providing services globally to MetLife across North America, EMEA and Asia-Pacific.  With this multimillion-dollar deal, iGATE will assist MetLife in building out an Innovative Infrastructure model to manage its IT systems towards greater efficiency and flexibility, in order to drive lower costs and increase business agility. Sanjay Tugnait, EVP, Head of Sales – North America and Global Head of Alliances, iGATE , said, “This win is a strong validation of iGATE’s domain and technology expertise in the insurance industry. Our 10-year-long relationship with MetLife has given us deep understanding of the company's global businesses and will enable ...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE After acquiring Indian IT firm Patni two years ago, seems iGate is again seeking acquisitions in India. If reports are to be believed, iGate is planning to spend about $25-50 million for acquiring smaller companies in India. Phaneesh Murthy, Chief Executive Officer, iGate, said, "We are looking for smaller acquisitions, something like a tuck-in acquisition, in the range of $25–50 million. The acquisition should help us strengthen our platforms and operations, especially in the banking, financial services and insurance space.”  It is important to note that iGate has acquired nearly 63-per cent stake in Patni Computer Systems..... See More