Patni acquires USA based The Reference Inc. to enhance reach in Financial Services Industry

Patni Computer Systems (P) Ltd., a global IT consultancy and solutions provider, today announced that it has acquired The Reference Inc., a US based IT solutions provider focused on the Financial Services segment, for US$ 7.5 Million in cash. The acquisition aims to further enhance Patnis presence in the Financial Services market

Mumbai: May, 06, 2003 -- Patni Computer Systems (P) Ltd., a global IT consultancy and solutions provider, today announced that it has acquired The Reference Inc., a US based IT solutions provider focused on the Financial Services segment, for US$ 7.5 Million in cash. The acquisition aims to further enhance Patnis presence in the Financial Services market.
Through this transaction Patni acquires all assets of The Reference including the existing 44 employees.
Commenting on the acquisition, Mr. Narendra K. Patni- Chairman & CEO, Patni said, We are committed to bringing value to our customers by consistently providing world class services through an efficient, cost effective offshore model. This acquisition enhances our ability to deliver end-to-end Investment Management solutions for the financial services industry through the acquired domain expertise and senior management experience, supported by a Global Delivery Model."

He further added that, After rigorous evaluation and due diligence, we confirmed that The Reference was a perfect cultural fit for us as we share the same commitment to excel in delivering unique and challenging solutions. This is the first step in the planned strategy of accelerating our growth and industry penetration by integrating strong market facing front-ends that add specific domain expertise, industry knowledge, and/or new clients to our portfolio. We are convinced that the unified entity will create significant operational synergies and accelerate business progress".

Patnis existing financial services practice has been growing rapidly in the past few years with close to 15% share of the Companys revenues, and a strong client base. This acquisition adds several premium investment management customers, including global asset management firms and hedge funds among other active engagements.

Sumedh Mehta -- CEO of The Reference, has been appointed to lead the integrated global financial services practice at Patni, combining the References industry expertise model with Patnis robust and highly scalable offshore capability. Commenting on his new role, said, I am personally very excited about becoming a part of Patni. This is an opportunity to guide and grow a business unit that will be a major force in the IT services for financial industry."

About Patni Computer Systems
Patni is a global IT Consultancy and Services provider with revenues in excess of US $188 million (Rs. 914 Crores). The organization has over 5500 skilled software professionals, and services its Global 2000 customers through 21 international offices and six offshore development facilities. Patni delivers high quality, reliable and cost-effective software solutions to customers in the Manufacturing, Insurance, Banking and Financial Services, Retail, Hospitality, Energy and Utilities industries. Patnis technology focus areas include eBusiness, enterprise applications, embedded solutions and enterprise systems management, while its service offerings comprise of Business Process Outsourcing, re-engineering, application development and support.
Patni is an ISO 9001:2000 and SEI-CMM Level 5 certified organization, assessed enterprise wide at PCMM Level 3. The organization has also integrated Six Sigma techniques, in line with its focus on continuous process improvements.
About The Reference, Inc.
The Reference is a technology consulting and advisory services firm built to deliver high value solutions that solve complex business challenges facing the financial services community. The Reference has offices in Boston and New York, with FY 2002 revenues of
$ 8.5 M. For more information about The Reference visit, www.the-reference.com.
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