Patni to seek acquisitions in Europe, Asia-Pac

MUMBAI, INDIA: Patni Computer, will scout for acquisitions in the range of $50 million-$200 million in Europe and the Asia-Pacific to help lower its dependance on the U.S. market, a company official said on Thursday.

"Having done the portfolio gap analysis now, we are also acquisitive as a firm. So, therefore, you will see inorganic activity as well," Chief Financial Officer Surjeet Singh told Reuters in an interview over the telephone.

"M&A (mergers and acquisitions) has always been a strong agenda. It is (a) much more strong agenda now and on all the dimensions ...to strengthen verticals, enhance scale of service lines and expand geographies."

The company had $350 million in cash, which would be used to fund the acquistions, he added.

These should enable Patni to raise, in 2-3 years, the revenue share of Europe to about 30 percent from 17.5 percent last year and that of Asia-Pacific to 10 percent from 5.6 percent, he added.

Last year, Patni derived about three-fourths of its revenue from the United States.