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iGate acquires Quintant
Circuit EC / Bangalore
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| Phaneesh Murthy |
Bangalore-based iGate Global Solutions
(formerly Mascot Systems) has acquired a majority stake in the newly formed
Quintant Services in a cash deal. iGate Global solutions bought the GMR Group’s
51 percent stake in Quintant for Rs 86.9 crore. iGate Global Solutions also
plans to acquire the remaining 49 percent in the next few months. The acquisition
of the GMR Group’s stake in Quintant gives iGate Global access to Rs 68
crore in assets of which Rs 60 crore is in cash. It also gains Quintant’s
domain expertise in the banking, insurance and financial verticals, the company’s
management team and its proprietary process tools and framework. At the same
time, iGate has roped in Phaneesh Murthy, the former global sales head of Infosys
and co-founder of Quintant as its CEO.
The combination of iGate Global Solutions
and Quintant will give the new entity access to iGate’s Fortune 500 client
base, which includes GE, Bank of America, Dresdner Bank and Bank of Montreal
among others.
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