The acquisition, which was completed on Wednesday, would provide access to 14 communications provider accounts, including Hutchinson Telecom, Virgin Mobile and Comcast, apart from adding over eight per cent sequential revenue for the quarter ended December 31 2004, the company said.
As per the terms of agreement, $35 million has been paid on the date of acquisition, while the balance $33 million would be paid over three years based on meeting expected revenue and profits, it said.
Cymbal would be integrated into Patni and function as a business unit headed by Neeraj Gupta, former chief executive officer of Cymbal Corporation, it said.
Through this transaction, Patni would acquire all assets of Cymbal including its employees and consultant base of over 500 personnel.
The acquisition would be EBIDTA positive and would help in reducing Patni's concentration of revenues from its top customers while increasing its number of million dollar accounts.
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