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Patni acquires US-based ZAiQ Technologies
Acquisition adds ASIC design, verification and validation expertise to company’s
Product Engineering Services practice
CAMBRIDGE, Mass., June 29th, 2006 – Patni Computer Systems, a global IT consultancy
and solutions provider, announces the acquisition of ZAiQ Technologies, a design and
verification company, in Woburn, Mass.
Through the transaction, Patni obtains ZAiQ’s Application-Specific Integrated Circuit (ASIC)
design capabilities and Intellectual Property (IP), as well as expertise in Field-Programmable
Gate Arrays (FPGA) and System-on-a-Chip (SoC) technologies.
Patni also gains access to ZAiQ’s IP in verification and validation, which includes a family of
high performance verification products focused on chip, board and system level testing.
These pre-configured, transaction-based environments reduce the time required to verify
ASIC and FPGA-based systems.“ZAiQ Technologies is a perfect fit with Patni,” said Ajay Chamania, head of Product
Engineering Services, Patni. “The addition of their expertise and customer base will
enable us to meet the growing demand we have been experiencing for ASIC-based services
in vertical markets such as consumer electronics, telecom, computing and wireless.”
According to a NASSCOM 2006 strategic survey report, Indian IT and ITES export revenues
from engineering, R&D and offshore product development have grown tenfold from $300
million in 2001-2002 to over $3.1 billion in FY 2004-05 and are projected to reach $3.9
billion by the end of fiscal year 2005-2006.
“Patni has an impeccable reputation in the engineering market and a strong commitment to
growth in the Product Engineering Service business,” said Jim Pena, ZAiQ Technologies
vice president, now vice president in Patni’s Product Engineering Services organization.“With ZAiQ’s expertise spanning more than nearly 500 design and verification projects, I am
confident the synergies between both companies will create an outsourced engineering
powerhouse.”
Patni’s Product Engineering Services (PES) business unit has enjoyed aggressive growth
over the last 18 months, with the practice area doubling in size and contributing 7.5% to
the company’s revenue during 2005.
About ZAiQ Technologies
Headquartered in Woburn, Mass., ZAiQ Technologies, Inc. is a leading provider of
verification solutions for companies that develop complex telecommunications, networking
and computer products. Its innovative domain-specific design methodologies enable the
creation and integration of reusable IP. As a result, customers are able to achieve
breakthroughs in the time-to-market while substantially reducing the development costs of
complex systems. Information about ZAiQ and its products and services are available at
http://www.zaiqtech.com
About Patni
Patni Computer Systems Limited (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI) is a
global IT Services provider servicing Global 2000 clients. Patni caters to its clients through
its industry-focused practices, including insurance, manufacturing, financial services,
telecommunications, and its technology-focused practices.
With an employee strength of over 12,000 and multiple offshore development facilities
across eight cities; Patni has 23 international offices across the Americas, Europe and Asia-Pacific. Patni has registered revenues of US$ 450 million for the year 2005.
Patni’s service offerings include application development, application maintenance and
support, packaged software implementation, infrastructure management services, product
engineering services, business process outsourcing and quality assurance services.
Committed to quality, Patni adds value to its client's businesses through well-established
and structured methodologies, tools and techniques. Patni is an ISO 9001: 2000 certified
and SEI-CMMi Level 5 organization, assessed enterprise wide at P-CMM Level 3. In keeping
with its focus on continuous process improvements, Patni adopts Six Sigma practices as an
integral part of its quality and process frameworks.
For more information on Patni, visit www.patni.com.
Safe Harbor:
Certain statements in this release concerning our future growth prospects are forward-looking statements, which
involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited
to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in
IT services including those factors which may affect our cost advantage, wage increases in India, our ability to
attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts,
client concentration, restrictions on immigration, our ability to manage our international operations, reduced
demand for technology in our key focus areas, disruptions in telecommunication networks, liability for damages on
our service contracts, the success of the companies in which Patni has made strategic investments, withdrawal of
governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies
outside India, and unauthorized use of our intellectual property and general economic conditions affecting our
industry. The company does not undertake to update any forward-looking statement that may be made from time
to time by or on behalf of the Company.
For editorial queries please contact:
Sriya Kodial
Text 100 for Patni Computer Systems
617.399.4918
sriyak@text100.com
Tony Viola
Patni Computer Systems
617.354.7424
tony.viola@patni.com |
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