Mumbai, India-based Patni will pay an undisclosed sum for The Reference, which has 44 employees and has clients including Morgan Stanley and Goldman Sachs. Patni makes about 15% of its annual revenue from the financial services sector, and its total sales are expected to grow 30% in 2003 from $188m in 2002.
Patni secured $100m in funding last September from venture capital group General Atlantic Partners LLC. The company specializes in developing bespoke enterprise application integration, network and systems management and embedded systems for western clients from its six centers in India, and has vendor partnerships with SAP, Oracle, Siebel and BroadVision.
Source: Computerwire
