Apax Partners, iGate nominees to join Patni board

MUMBAI: Software provider Patni Computer Systems is set to announce the appointment of iGate representatives, Phaneesh Murthy and Goran Lindahl, and Shashank Singh of Apax Partners to its board. They will replace the two Patni brothers, Ashok and Gajendra Patni, and William O Grabe of private equity firm General Atlantic, said more than one person with knowledge of the matter.


The Patni board met on Tuesday and this may be the last board meeting being attended by Ashok and Gajendra, said one of the people. The company is scheduled to announce its results for the December 2010 quarter on Wednesday.


In January, the three Patni brothers, Ashok, Gajendra and Narendra, and General Atlantic signed an agreement to sell their entire 63% stake in the company to the iGate-Apax combine in a $921-million deal. The transaction, the largest of an India-based software provider by another India-based firm, is expected to close in April after regulatory approvals.


Narendra Patni, who played a key role in leading Patni Computers till about a few years ago, will continue on the board for some more time, the people said. "The changes to the board are as per the share purchase agreement," said one person.


Patni's chief marketing and strategy officer Sunil Chitale confirmed that the re-organisation of the board would happen this week.