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Mastech Holdings Inc.'s (AMEX: MHH) spinoff from information technology services firm iGate Corp. (NASD: IGTE) is complete, the companies announced today. Mastech encompasses the former professional services businesses of iGate, including its IT staffing operations and RPOworldwide subsidiary.
The spinoff took place through a dividend to iGate shareholders. Each shareholder received one share of Mastech stock for every 15 shares of iGate common stock.
Mastech estimates full-year 2008 revenue of between $93 million and $95 million. Its management team will remain in place, and Mastech will remain based in Pittsburgh.