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Quintant to merge with iGate

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CIOL Bureau
New Update

CHENNAI: Bangalore based iGate Global Solutions (formerly Mascot Systems), which had acquired 51 percent stake in Quintant Services for Rs 86.9 crore few months back, will acquire the remaining 49 percent in Quintant within a few weeks. With this, Quintant will be merged with iGate, informed iGate CFO, N Ramachandran.





During the first phase of acquisition, it was decided that iGate would acquire the remaining 49 percent within few months. With the acquisition, iGate has gained access to Quintant's domain expertise in the field of banking, financial service and insurance, and also its management team.





Meanwhile, iGate is in an expansion mode in its Chennai development center. The center spread over 65,000 square feet currently accommodates 350 people. The company is planning to add another 35,000 square feet in the next three months and hire over 500 IT professionals, with an investment of eight crore rupees. Additionally, the second phase of the Bangalore facility is also coming up for which it will invest Rs 45 crore.





iGate will be pumping in nearly Rs 53 crore for its expansion. "This we will be done either through internal accruals, external borrowing or by proposing issue capital to the founders of Quintant Services. This proposal to the founders of Quintant will be done at our next AGM meeting scheduled for the month of October," said Ramachandran.



For the long-term plan, iGate will be setting up a campus facility in Chennai. For this it has bought four acres of land in Sholinganallur.

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