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Patni buys US firm for $ 7.5 m

Mumbai, May 6: Patni Computer Systems, a leading software services major, today announced that it has acquired US-based The Reference Inc for $ 7.5 million in cash. It is an IT solutions provider focused on the financial services segment.

With the acquisition, the company aims to further enhance its presence in the financial services market. Patni will acquire all assets of The Reference, including the existing 44 employees.

Chairman and CEO Narendra K. Patni said: “We will provide value-added service to our customers through an efficient and cost-effective offshore model. The deal enhances our ability to deliver end-to-end investment management solutions to the financial services industry through the acquired domain expertise and management experience supported by a global delivery model.”

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