Patni eyeing European co for $45 mln

Indian software services firm Patni Computer Systems Ltd is close to acquiring a company in Europe for $40-$45, unnamed sources claimed.

Patni, which counts General Electric Co. ABN AMRO among its clients, has completed the evaluation process of the European enterprise application service provider and an announcement is likely in about two months.

Indian software services firms are on the prowl for overseas buys, especially in Europe, as a stronger rupee and a skills shortage cramp their operations at home.The deals are also aimed at strengthening marketing muscle and add large clients.

In July, the mid-sized Patni said it had acquired European telecoms consulting firm Logan-Orviss International for an undisclosed amount.

Patni buys Europe-based Logan-Orviss

Patni Computer Systems Ltd Tuesday announced the acquisition of Europe-based Logan-Orviss International, an independent specialist telecommunications consulting services company.

The consideration 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.

Patni Computer share was up 1.26 per cent at Rs 520.70 on the news. In comparison, the Sensex was up 0.68 per cent and BSE IT Index up 0.5 per cent.

Logan-Orviss will become Patni’s telecommunications consulting & advisory practice, and will be led by Brendan Logan and Colin Orviss, the firm's co-founders, a notice on BSE said.Logan-Orviss’ revenue stood at euro 11.8 million in 2006.