iGate secures multi-million deal with Cummins

iGate Global Solutions Ltd has announced a multi-million dollar agreement with Cummins Inc (NYSE:CMI), currently ranked 221 in the Fortune 500 list of Companies.

As a part of this agreement, iGate will partner with the distribution business unit of Cummins to design, develop, test, and implement a global ERP roll-out across 100 locations in over 20 countries. The scope of this effort includes program management, business process, functional, technical and DBA support services required for the initiative.

"We are pleased to partner with Cummins in this critical business transformation project. This deal is prestigious and strategic for IGATE," said Hari Murthy, Member of the Board and Head of Sales and Marketing, iGATE Global Solutions.

iGate Global signs a strategic IT Partnership Agreement with Union Bank of California

iGate Global Solutions Ltd on December 04 2007, announced signing a key technology services agreement with the Union Bank of California (UBoC) largest Bank in the US based on Assets.

As per the agreement the Company has initially set up a 100 people Operation Technology Center (OTC) for the bank at its software development campus in Whitefield, Bangalore. The Company is currently providing a full range of IT services spanning Application Development and Maintenance, Infrastructure Management Services (IMS), Data Warehousing, Quality Assurance, Business Intelligence, Consulting and technology work for Basel II compliance.

"This is an exciting partnership for us and we are proud to be associated with UBoC and help them enhance their process and service capabilities. We are especially pleased that they choose us after working with a few other IT vendors. This partnership also gives us confidence that our integrated Technology and Operations (iTOPS) model is gaining more acceptance and momentum." said Phaneesh Murthy, CEO of the Company.

iGate gets award for HR practices

iGate Global Solutions Ltd has announced yet another accolade for its best practices in Human Resource (HR), with CNBC TV 18 ranking iGate as India's No.1 Employer of Choice in a survey conducted in collaboration with Watson Wyatt Worldwide and Jobstreet.com

This is iGate's 3rd award. Recently iGate was ranked No. 6 in the Business Today - Mercer-TNS Best Companies to Work for in India Survey and No. 3 in the DQ-IDC Best Employer survey.

CNBC-TV18 has initiated the best employer of choice awards for the first time this year. The three phases and four month long comprehensive study by Knowledge partner Watson Wyatt is based on its international methodology - WorkAsia. The core focus of this methodology is ranking employee engagement, which constitutes commitment that employees are motivated to help the organisation succeed and know what to do in order to make the organization successful.

Srinivas Kandula, Global Head HR of the Company said "The award is a testimony to the effectiveness of iGATE's 'Employee Engagement Model' which is designed and deployed to fulfill the multiple motivational needs of our employees."

iGate Global - Updates on Delisting Offer

iGATE Corporation, USA ('Acquirer') has informed as follows:

"Pursuant to the approval obtained from the members of the iGate Global Solutions Ltd (Target Company) at their Extra Ordinary General Meeting held on November 13, 2007 & the Public Announcement made by iGATE Corporation, USA ('Acquirer') along with IGATE Inc. ('Person Acting in Concert') on November 14, 2007 to delist the equity shares of the Company from the Bombay Stock Exchange Ltd ('BSE'), National Stock Exchange of India Ltd ('NSE') and the Bangalore Stock Exchange Ltd ('BGSE') ('Stock Exchanges').

The delisting offer was made through Reverse Book Building process of the BSE for determining the discovered price / exit price pursuant to and in compliance with the Securities Exchange Board of India (Delisting of Securities) Guidelines - 2003 ('Delisting Guidelines').

The delisting offer opened on November 26, 2007 and closed on November 30, 2007 for shareholders of the Company holding their shares in dematerialized form. As per the Reverse Book Building Process, the discovered price / exit price has been arrived at Rs 410/- per equity share.

We have accepted the exit price of Rs 410/- (Rupees Four Hundred and Ten Only) per equity share of the Company and have communicated the same to the Company."

iGate delisting

iGate Global Solutions Ltd has informed that iGate Corporation ("Acquirer") & iGate Inc. (PAC) has issued this Public Announcement ("PA") to the shareholders of iGate Global Solutions Ltd ("Target Company") in respect of the proposed acquisition and delisting of the fully paid-up equity shares of Target Company pursuant to the Securities & Exchange Board of India (Delisting of Securities) Guidelines, 2003 (the "Delisting Guidelines"/"Guidelines") ("Delisting Offer").

The Offer:

The Acquirer is making this PA, along with PAC, to acquire upto 6,055,284 equity shares of face value of Rs 4/- each ("Equity Shares") representing 19.09% of the fully paid-up Equity Share Capital of the Target Company from the Shareholders of Target Company other than the Acquirer & PAC ("Public Shareholders") with the purpose of delisting the Equity Shares of Target Company from the Bombay Stock Exchange Ltd ("BSE"), The National Stock Exchange of India Ltd ("NSE") & Bangalore Stock Exchange (BGSE) (the "Delisting Offer"), where the Equity Shares are currently listed.

The Shareholders of the Target Company have approved the delisting of Equity Shares of the Company through a Special Resolution passed at Extra Ordinary General Meeting of the Shareholders of the Company held on November 13, 2007.

According to Clause 8.2 of the Guidelines, the Floor price will be the average of the last 26 weeks high & Low closing prices on NSE, which is Rs 288.90 per Share.

The Acquirer shall announce the Discovered Price, the Exit Price and its decision to either accept the discovered price or offer an Exit Price and accept the Equity Shares tendered upto and inclusive of the Exit Price or reject the Discovered Price, in accordance with the timetable set out in this PA.

Credit Suisse Securities India Pvt Ltd has been appointed as Manager to the Offer.

Schedule of Activities:

Public Announcement - November 14, 2007

Bid Opening Date (10.00 am) - November 26, 2007

Bid Closing Date (3.00 pm) - November 30, 2007

Announcement of Exit Price or the Acquirer's Acceptance/Non Acceptance of the Discovered Price - December 04, 2007

Final Settlement Date (Shares in Dematerialised form)* - December 05, 2007

Last day for holders of Physical Share Certificates to tender their Shares - December 20, 2007

Final Settlement Date (Shares in Physical Form)# - December 31, 2007

* Actual dispatch of payment instrument to successful Bidders would be made in the next few days shortly after the settlement subject to acceptance of Delisting offer in accordance with clause 7.

# In case the minimum number of Equity Shares, tendered at or below the Discovered or the Exit Price in terms of Clause 6 of this Public Announcement does not cause the Public Shareholding of the Company to fall below the minimum Public Shareholding limit specified by the Listing Agreement, then last day for final settlement with BSE for shares in dematerialised form will be December 20, 2007.

iGate terminates venture with Software AG

iGate Global Solutions Ltd has informed that the Company and Software AG had teamed up successfully in the entry of Software AG into offshore development in India by setting up a joint venture (JV) Company Software AG (India) Pvt Ltd. After a most successful period of four years the JV partners have come to the conclusion that the JV is no more of strategic interest to both Companies and therefore have decided to mutually terminate the JV agreement.

iGate Global Solutions ranked among best employers

iGate Global Solutions Ltd has announced being ranked as among the best employers by Business Today-Mercer-TNS India Best Companies to Work for in India Survey. This accolade reinforces iGate's recent recognition of being ranked No 3 in "DQ-IDC 20 Best IT Employer Survey 2007".

In the BT-Mercer-TNS Best Companies to Work for in India Survey, iGate is ranked No 6. The survey rates iGate high on all Four- Quadrants:

- Analysis of HR Metrics
- Analysis of HR Processes and Policies
- Analysis of Employee Perception
- Analysis of Stakeholder Perception

BT-Mercer-TNS Best Companies to Work for in India Survey brings to light Companies in India which are the Best Companies to Work for and highlights the aspects of their culture, HR processes and work practices which make them stand out. From the 94 final participants, 15 Companies were chosen as Best Employers.

"We are delighted to be recognized as among the best employers in India. We believe employees are most happy when they are passionate about what they are doing and passion is unleashed when you are trying to transform an industry as we are doing with our integrated Technology and Operations (ITOPS) model," said Phaneesh Murthy, CEO, of the Company.

Srinivas Kandula, Global Head - Human Resource, of the Company said "A combination of an organizational culture which is built on adult to adult engagement model; proper HR Policies and Practices and inspiring leadership have contributed for iGATE being recognized as a best employer."

iGate India to delist

iGate Global Solutions Ltd has informed that the Company has received a letter dated October 09, 2007 from iGATE Corporation, USA, promoters of iGate Global Solutions Ltd (iGS), informing their intention to delist the shares of iGS from the Stock Exchanges in India in accordance with the Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003. iGATE Corporation has further requested the Board of Directors of iGS to convene a meeting of the shareholders of iGS to consider the above matter.

The matter will be placed before the Board of Directors of iGS in its meeting scheduled to be held on October 10, 2007 for its consideration.