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Patni Acquires Life Sciences Services Company
Taratec for $27 million |
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Acquires high-end Life Science consultancy capability in the
areas of Regulatory Compliance, Analytics, Drug Safety, and
Pharmacovigilance |
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Gains complementary capabilities in integrated services |
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Gains access to a marquee client base |
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Cambridge, MA, July 23, 2007 -- Patni Computer Systems (NYSE: PTI), a global IT services provider, announced the acquisition of Bridgewater, N.J.-based Taratec Development Corp. through Patni Computer Systems Inc. a wholly owned subsidiary of the Company, for an aggregate price of $27.2 million in cash including contingent consideration. With more than $20m in annual revenues, Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services.
This acquisition is in line with Patni's strategy of enhancing its market specific services and
provides additional capability to support the
growing and diverse requirements of the Life
Sciences market, from pharmacovigilance to demand-driven supply chains. Patni can now
offer
a global delivery model that provides end-to-end capabilities complete
with established,
life science expertise in specific, high-demand areas.
"Taratec brings deep domain expertise in the Life Sciences industry, excellent understanding
of this regulated industry, long-term client relationships with the industry's leading companies
and a fantastic reputation of service delivery in the industry," said Sunil Chitale,
Senior Vice
President and head of the manufacturing practice
at Patni. "Their 20 years of Life
Science consulting experience, coupled with Patni's integrated solutions model, strength in
Supply Chain, Enterprise Applications deployment and Business Process Outsourcing
will
provide customers with a highly reliable service delivery model that
can support any aspect of
their business or technology lifecycle."
"Patni has the global presence, scale, organizational structure and complementary solutions
to ensure overall business success," said
Mark Kolb, Taratec CEO. "The Life Sciences
market is going through a dramatic change. Patni's ability to support a wide variety of
engagement models with a broad service portfolio will enable us to meet these needs.
I am
extremely excited at this opportunity."
"The cost of clinical product development in a regulated environment combined with the
continued need for meeting stringent standards is putting immense pressures on
2
organizations' operations and corporate governance," said Paul Thomas, President and
CEO of LifeCell Corporation, a Taratec customer that develops and markets innovative
tissue repair products. "We see the combination of Taratec's regulatory compliance and
systems lifecycle management expertise, and Patni's global delivery capability as the best of
both worlds. These combined efforts will enable organizations to make the necessary
changes in their business operations that will support profitability, safety and quality goals
while reducing product time-to-market."
About Taratec:
Taratec is a leading life science consulting company that provides integrated business, information
technology, regulatory compliance, pharmacovigilance and drug safety solutions to pharmaceutical,
biotechnology, and medical device organizations around the world. Taratec's services span the drug
development life cycle, from R&D through manufacturing and distribution, and into post-marketing.
Since its founding in 1984, Taratec has provided services to the vast majority of the world's most
successful and prestigious life science organizations, including 18 out of the 20 largest companies.
Taratec is headquartered in Bridgewater,
N.J., with an operations center in San Juan, Puerto Rico. For
more information, please visit www.taratec.com.
About Patni Computer Systems:
Patni Computer Systems Limited (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI) is a global provider
of IT Services and business solutions, servicing Global 2000 clients. Patni caters to its clients through its
industry-focused practices, including insurance, financial services, manufacturing, telecommunications
and media, and its technology-focused practices.
With an employee strength of over 12,000; multiple global development centers spread across 12 cities
worldwide; 21 international offices across the Americas, Europe and Asia-Pacific; Patni has registered
revenues of US$ 579 million for the year 2006.
Patni's service offerings include application development and maintenance, enterprise application
solutions, product engineering services, infrastructure management services, business process
outsourcing, quality assurance and engineering services.
Committed to quality, Patni adds value to its client's businesses through well-established and structured
methodologies, tools and techniques. Patni is an ISO 9001: 2000 certified and SEI-CMMI Level 5
organization, assessed enterprise wide at P-CMM Level 3. In keeping with its focus on continuous
process improvements, Patni adopts Six Sigma practices as an integral part of its quality and process
frameworks.
For more information on Patni, visit www.patni.com.
Safe Harbor:
Certain statements in this release concerning our future growth prospects are forward-looking
statements, which involve a number of risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and uncertainties regarding fluctuations in
earnings, our ability to manage growth, intense competition in IT services including those factors
which may affect our cost advantage, wage increases in India, our ability to attract and retain highly
skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client
concentration, restrictions on immigration, our ability to manage our international operations, reduced
demand for technology in our key focus areas, disruptions in telecommunication networks, liability for
damages on our service contracts, the success of the companies in which Patni has made strategic
investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on
raising capital or acquiring companies outside India, and unauthorized use of our intellectual property
and general economic conditions affecting our industry. The company does not undertake to update
any forward-looking statement that may be made from time to time by or on behalf of the Company.
Contacts:
Tony Viola
Tony.Viola@patni.com
617-914-8255.
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Andy Dear
patni@pancomm.com
978-474-1900. |
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