| Patni Computer Systems, a Mumbai-based IT services provider, today announced the acquisition of Europe-based Logan-Orviss International (LOI), a leading independent specialist telecommunications consulting services company. |
| The acquisition includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended 2006 with revenues of ¤11.8 million. |
| While the deal size was not disclosed, ‘Business Standard’ had earlier reported that the company was close to acquiring a European IT company for $20-25 million (around Rs 100 crore). The acquisition will allow Patni to strengthen its presence in Europe and also increase its reach in the media and telecom space. |
| The current acquisition strengthens Patni’s capability in the communications and media practice. Logan-Orviss International will become Patni’s telecommunications consulting and advisory practice, and will be led by Brendan Logan and Colin Orviss, the firm’s co-founders. |
| Neeraj Gupta, executive vice-president, Patni, said, “The LOI acquisition underscores our commitment to global telecommunications and media customers. With this, Patni adds further depth to our pool of telecom specialists, enabling us to provide the best of world-class consulting and global delivery.” |
| The team of specialists at LOI along with Patni could enable their rapid transformation to develop new revenue streams, next-generation architectures and the best customer experience, stated Brendan Logan and Colin Orviss. |
Source : Business Standard