iGate opts out of Satyam bid
20 Mar 2009
Integrated IT and outsourcing solutions company iGate today announced that it has decided not to participate further in the bidding process for Satyam.
''Based on further analysis it has been decided not to participate further in the bidding process for Satyam Computer Services Ltd,'' the company said in a website release.
Nasdaq listed iGATE was among the several contenders, including infrastructure major Larsen and Toubro (L&T), Mahindra and Mahindra's IT arm Tech Mahindra and the B K Modi-controlled Spice Group, interested in acquiring a majority 51 per cent stake in fraud-hit Satyam Computer Services.
The company, however, said its final decision would depend on Satyam's latest financial statements, including those for the quarter ended December 2008 and the months of January and February 2009, and updated position on liabilities and potential liabilities of the company.
"In the event of iGATE not receiving this information immediately, it has no option but to withdraw its expression of interest," the statement had added.
iGATE, which has its Indian headquarters in Bangalore, is led by former Infosys' worldwide head of sales and marketing Phaneesh Murthy.
Fremont, California-based iGATE provides IT consulting, application development and maintenance, data warehousing, business intelligence solutions, ERP, BPO, infrastructure management, independent verification and validation, KPO and contact center services and manages global delivery centers in Mexico, Australia, Malaysia and India.
The company has been assessed at CMMI Level 5, and has 16 offices in 34 countries.