Patni acquires US based ´The Reference´

Patni Computer Systems, a global IT consultancy and solutions provider, has announced the acquisition of US-based IT solutions provider ´The Reference´, which focuses on the financial services segment, for $7.5 million in cash. The acquisition aims to further enhance Patni´s presence in the financial services market.

Narendra Patni, Chairman and CEO, Patni says, "This acquisition enhances our ability to deliver end-to-end investment management solutions for the financial services industry through the acquired domain expertise and senior management experience supported by a global delivery model."

Patni acquired ´The Reference´ on April 17 and the company integration is underway and is expected to be completed by June this year. Sumedh Mehta, CEO of The Reference has been appointed to lead the integrated global financial services practice at
Patni.

This acquisition would lead Patni´s service practice to be merged with The Reference operations. 

(CNS)