DGAP-News: Photo Release -- Mr. Sujit Sircar Wins IMA India's CFO Award
(firmenpresse) - iGATE Corporation
26.03.2013 11:53
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Conferred With the Award in 'Excellence in Mergers&Acquisitions' Category
FREMONT, Calif. and BANGALORE, India, 2013-03-26 11:52 CET (GLOBE NEWSWIRE) --
iGATE, the first integrated Technology and Operations (iTOPS) company providing
'Business Outcomes' based solutions, today announced Mr. Sujit Sircar, Chief
Financial Officer, iGATE, has won the esteemed IMA India's The Ninth India CFO
Award for the year 2013 in the 'Excellence in Mergers&Acquisitions' category.
The India CFO Awards, instituted by IMA India, recognize excellence in the
finance function. These awards have become the gold standard for excellence in
various dimensions of the function and remain the most coveted in the growing
legion of awards.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=17793
The selection process for the prestigious award is carried through the
nominations and rigorous assessment by a completely independent and
authoritative panel of juries comprising of eminent personalities such as Dr.
Pronab Sen, Chief Statistician of India, Government of India, Prof. Jayanth R.
Varma, Dean, IIM Ahmedabad, Mr. Homi R. Khusrokhan, Advisor, Tata Sons Ltd. and
Mr. Arun Bewoor, Independent consultant under the Chairmanship of Mr. Ranjit
Shahani, Vice Chairman and Managing Director, Novartis India. This year, the
jury selected the winners from among 500 overall entries, the most in the
Award's nine year history.
Ms. Radha Ahluwalia, Managing Director, IMA India, said, 'The Jury of The Ninth
India CFO Awards commended the lead role played by Sujit Sircar, EVP&CFO,
iGATE, in successfully acquiring Patni Computer Systems. As a result of this
successful acquisition, the Gross Margin and EBITDA of the combined entity shot
up by 40 percent and 25 percent respectively, making iGATE the seventh largest
software exporter in India. We congratulate Mr. Sircar for his commendable
contribution to iGATE and are delighted to adjudge him the winner of
'Excellence in M&A' award not least for his strategy to ensure capital to
acquire an organisation three times larger, but also because of the far-sighted
approach to recognise and enable successful post acquisition integration. These
led to a highly effective top team and to substantive cost savings realised
within three quarters of the integration itself.'
Accepting the award, Mr. Sujit Sircar, Chief Financial Officer, iGATE said, 'I
believe this particular category of Mergers and Acquisitions, is about the
evolution of a CFO's role. When I was entrusted with the responsibility of
steering the Patni acquisition, I was dealing with several financial and
risk-mitigating levers. This M&A experience has been a big evolution for me.
When we do a transaction we generally don't think about awards, but when you
get it, it's a great feeling.'
iGATE's acquisition of Patni Computer Systems Ltd. was the most complex deal in
the Indian IT industry. The size of the deal was US$ 1.22 billion, which made
it the second largest deal in the Indian IT space. The deal was interesting as
Patni was two and half times bigger than iGATE and iGATE had taken a debt of
around US$ 700 million to finance it. The deal overcame several challenges, the
major ones being the location wherethe funds were to be raised, dealing with
debt in the balance sheet considering the general perception that IT companies
are debt-free and to balance the structure of the deal between the cost of
funding and the ability to service the debt over the period of the repayment.
Mr. Sujit Sircar was instrumental in structuring the deal and bringing the deal
to a finite closure in the first phase of the acquisition and strategising the
financial integration between the two companies in the second phase.
The award ceremony was held on March 22, 2013, at The Trident, Nariman Point,
Mumbai. The awards were presented by Mr. Ranjit Shahani in the presence of
distinguished gathering of business leaders such as Mr. A.K. Singhal, Director
(Finance), NTPC, Mr. Nikhil Madgavkar, CFO, Mother Dairy Fruit&Vegetables
Pvt. Ltd., Mr. S. Giridhar, CFO, Wockhardt Ltd., Mr. V. Ravi, CFO, Mahindra&Mahindra Financial Services Ltd. and several others from leading Indian
organizations.
IMA India instituted The India CFO Awards in 2001 to complete its suite of
offerings for the Finance community. Some of the previous winners are Mr. Ravi
Sud, CFO, Hero MotoCorp, Mr. S. Mahalingam, Executive Director (Finance), TCS,
Mr. Adesh Gupta, Group CFO, Aditya Birla Group and Mr. Koushik Chatterjee, CFO,
Tata Steel.
About iGATE
iGATE Corporation is the first integrated technology and operations (iTOPS)
company providing full-spectrum consulting, technology and business process
outsourcing, and product and engineering solutions on a Business Outcomes
-based model. Armed with over three decades of IT Services experience and
powered by the iTOPS platform, iGATE's multi-location global organization has a
talent pool of more than 27,500 employees and consistently delivers effective
solutions to over 300 companies including Fortune 1000 clients spanning
verticals such as: banking and financial services; insurance and healthcare;
life sciences; manufacturing, retail, distribution and logistics; media,
entertainment, leisure and travel; energy and utilities; public sector; and
independent software vendors. Please visit www.igate.com for more information.
iGATE Corporation is listed on NASDAQ under the symbol 'IGTE.'
The iGATE Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5150
The photo is also available at Newscom, www.newscom.com, and via AP
PhotoExpress.
CONTACT: Media Contacts
Prabhanjan Deshpande 'PD'
+91 80 4104 5006
PD(at)iGATE.com
Sushmita Sarkar
+91 9820661186
sushmita.sarkar(at)adfactorspr.com
Shoma Ghosh
+91 9820091196
shoma.ghosh(at)adfactorspr.com
News Source: NASDAQ OMX
26.03.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: iGATE Corporation
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End of Announcement DGAP News-Service
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