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IGate Revenue Up, Patni Buy Continues

January 19, 2011

Fourth-quarter revenue at iGate Corporation rose 54.6 percent from the year-ago quarter to $81.0 million. The company said it's continuing with plans to acquire a majority stake in Patni Computer Systems Ltd., an IT services firm, in a deal valued at $1.22 billion.

The deal to buy Patni, based in Mumbai, India, is expected to close in the first half of 2011.

IGate, also an IT services firm, reported a gross margin of 42.7 percent in the fourth quarter, an improvement from 40.6 percent in the same period a year ago.

Fourth-quarter net income rose 70.5 percent to $14.7 million.

Full-year revenue at iGate rose 45.3 percent to $280.6 million in 2010. Gross margin improved to 40.2 percent in 2010 from 39.1 percent in 2009. And full-year net income rose 81.1 percent to $51.6 million.

IGate Corporation (NASD: IGTE)
For the fourth quarter ended Dec. 31, 2010, compared with the same period in 2009.
Revenue: $81.0 million, +54.6%
Net income: $14.7 million, +70.5%

For the full year ended Dec. 31, 2010, compared with the previous year.
Revenue: $280.6 million, +45.3%
Net income: $51.8 million, +81.1%