iGate Global Solutions (previously known as Mascot Systems), a 100 per cent subsidiary of US-based iGate Corporation, has acquired a 51 per cent majority stake in six-month-old Quintant, a business services provisioning company.
iGate has appointed Phaneesh Murthy as the CEO of this new entity. iGate has acquired this majority stake from the Hyderabad-based GMR group for $18.5 million at a premium of $2.5 million.
Earlier this year, GMR had invested $16 million in Quintant after having committed a total first round funding to the tune of $29.8 million.
The remaining 49 per cent stake in Quintant is held by promoters who are mostly NRI angel investors and employees of the company. iGate has expressed its intentions to acquire this remaining stake in the coming months.
With this acquisition, iGate will not only take on board the 70-strong team of Quintant but also acquire its assets worth Rs 68 crore and cash of Rs 60 crore.
Quintant will get access to the Fortune 500 client base of iGate, which will in turn benefit from the domain expertise of Quintant in banking, insurance and financial services and proprietary process tools and frameworks.
