Patni Computer Systems, the sixth-largest software services firm in the country, says it intends to target deals worth more than $100 million in 2010, on the back of internal restructuring. The firm is working on a micro-vertical supplement strategy, where 150 to 250 most senior executives would come together to define solutions and architecture for client requirements. These would be holistic IT solutions like applications platform, hardware, core business processes, and framework for governance amongst others, for verticals like BFSI (banking financial services and insurance), telecom and life sciences.
Vijay Mehra, executive VP & head, global verticals at Patni, says, ??The first set of such deals will start flowing in 2010 and we are already pursuing two to three large deals worth more than $100 million on the back of this strategy. We expect to bid for more such deals in the coming year.?? The firm plans to take up both organic and inorganic route to push this strategy into the system. Patni?s intention to spend $200-400 million in acquiring an IT company is intended towards supporting this approach. A third party player would help the firm boost its competency, especially for the insurance sector that contributes about 31.2% and manufacturing, retail and distribution vertical that brings 28.4% to the revenues.
As of third quarter ending September 2009, Patni?s overall cash and cash equivalents, including short-term investments (post-revaluation) were at $379.9 million compared with $347.6 million at the close of second quarter. Revenue for the quarter was at Rs 804 crore against Rs 852 crore in the corresponding previous period. Patni?s stock on the Bombay Stock Exchange closed Rs 498.20 up 1.26%, and at Rs 498.50, up 0.90% on the National Stock Exchange.
