Financial Daily from THE HINDU group of publications
Thursday, Jan 22, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 22, 2004 |
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Corporate Results
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Software Info-Tech - Software Corporate - Mergers & Acquisitions iGATE net loss at Rs 2.65 cr; to acquire Symphoni Interactive Our Bureau
Bangalore. Jan 21 iGATE Global Solutions (IGS) on Monday reported a net loss of Rs 2.65 crore for the third quarter ended December 2003 as against a net profit of Rs 3.56 crore in the corresponding period last year. Revenues increased by 46.2 per cent at Rs 142.8 crore for the third quarter of 2003-04, as against Rs 97.7 crore during the same period last year. "Integration and consolidation continue to be the key initiatives. As a result of this effort and sub critical mass BPO and contact centre operations, we have incurred a loss," the iGATE Global Chief Executive Officer, Mr Phaneesh Murthy, said. "However, we are starting to see traction in the market place for our integrated and operations model," he said adding the company would start making profits during the next financial year. Meanwhile, IGS plans to acquire Symphoni Interactive, a US-based financial consulting firm from its parent iGATE Corporation. "An independent valuation has to be done for the company. We think we will able to complete the acquisition in the next 60 days to 90 days," Mr Murthy said. The purchase would also include assets of Global Financial Services of Nevada, (a business co-functioning with and managed by Symphoni. IGS added 16 new clients and renewed its contract with GE during the quarter. It also announced its intent to acquire ownership of 100 per cent stake in Quintant Services through acquisition of Quintant founders' stake in an all-stock deal and merger of Quintant with iGATE Global.
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