PE Texas, Apax to buy stake in Patni

Private equity firms Texas Pacific Group and Apax Partners are close to buying some of the founders' stake in India's Patni Computer Systems Ltd, a newspaper reported on Monday, citing unnamed sources.

Gajendra and Ashok Patni, two of the three brothers who founded the software services firm, are looking to sell their stake, local media had earlier reported.

Their holding in the company totals to about 29 per cent. The agreement between one of the private equity partners and the Patni brothers is likely to be signed next month, the media said.

A spokeswoman for New York-listed Patni, which counts General Electric Co and ABN AMRO among its clients, said the company had no comment to make on the report. Chairman and Chief Executive Narendra Patni, who holds about 15 per cent of the company, will buy out a part of the stake on offer while the private equity firms will pick up the remaining, the daily said.

(Source: Economic Times )

Patni Acquires Life Sciences Services Company Taratec for $27 million

Patni Computer Systems, a global IT services provider, announced the acquisition of Bridgewater, N.J.-based Taratec Development Corp. through Patni Computer Systems Inc. a wholly owned subsidiary of the Company, for an aggregate price of $27.2 million in cash including contingent consideration. With more than $20m in annual revenues, Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services.

This acquisition is in line with Patni’s strategy of enhancing its market specific services and provides additional capability to support thegrowing and diverse requirements of the Life Sciences market, from pharmacovigilance to demand-driven supply chains. Patni can now offera global delivery model that provides end-to-end capabilities complete with established, life science expertise in specific, high-demand areas

(Source: Patni Press Release)

Patni acquires Logan-Orviss

Patni Computer Systems, a Mumbai-based IT services provider, today announced the acquisition of Europe-based Logan-Orviss International (LOI), a leading independent specialist telecommunications consulting services company.

The acquisition includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended 2006 with revenues of ¤11.8 million.

The current acquisition strengthens Patni’s capability in the communications and media practice. Logan-Orviss International will become Patni’s telecommunications consulting and advisory practice, and will be led by Brendan Logan and Colin Orviss, the firm’s co-founders.

(Source: Business Standard)