Patni Computer Systems to look for strategic acquisitions

Circuit EC / Bangalore

Patni Computer Systems is looking ahead to some strategic acquisitions and is also on a brand building exercise for future growth. Vijay Khare, senior vice president at Patni Computer Systems said, “We would be looking towards small niche companies that will help us create capabilities and leverage on our skill sets in fields such as BPO and embedded systems.” Patni has entered the capital markets with its initial public offering. The issue is open for bids upto February 5, 2004 at a band between Rs 200-230 per share.

Patni, which recorded annual revenues of $188.3 million in the year 2002 and $180.5 million for the nine months ending September 30, 2003, is aiming to focus on acquiring strategic client accounts, typically Fortune 1000 companies as part of its future strategy. 89 percent of the company’s revenues come from the US, followed by 7 percent from Europe, 3 percent from Japan and 1 percent from other markets.