Patni Computer Systems Ltd. (NYSE: PTI), a leading global IT services provider announced the acquisition of Europe-based Logan-Orviss International (LOI), a leading independent specialist telecommunications consulting services company. The consideration includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three year period. LOI ended a profitable year with revenues of Euro 11.8 Million in 2006. The acquisition strengthens Patni’s capability in communications and media practice providing operators thought leadership and operational transformation consulting for mission critical IT initiatives.
Logan-Orviss International will become Patni’s Telecommunications Consulting & Advisory practice, and will be led by Brendan Logan and Colin Orviss, the firm’s co-founders. Commenting on the acquisition, Neeraj Gupta, Executive Vice President, Patni said, “The LOI acquisition underscores our commitment to global telecommunications and media customers. With this, Patni adds further depth to our pool of telecoms specialists enabling us to provide the best of world-class consulting and global delivery.”
Brendan Logan and Colin Orviss, Co-Founders, Logan-Orviss International, said, “The next generation communications and media service companies will be very different than today. The team of specialists at LOI along with Patni can enable their rapid transformation to developing new revenue streams, next generation architectures and the best customer experience.”
“This is the age of multi-media content and IPTV,” remarked Keith Willetts, Chairman and CEO of the TM Forum. “Communications providers do not always have the expertise in house to transform their business to address new opportunities or the experience with new information systems architectures and implementation approaches to facilitate a rapid change. The combination of Logan Orviss and Patni skills highlights the growing industry trend of mergers to better serve this important and growing market.”
“This strategic acquisition is designed to offer holistic, multi-level business transformation services to media and communications companies,” said Camille Mendler, European research Vice President at Yankee Group. “Patni’s IT services portfolio coupled with LOI’s deep industry and consulting know-how are a strong combination.”
Regent Partners LLP acted as exclusive Corporate Finance advisor to Patni Computer Systems.