In the technology sector, 34 years old firm, Patni Computer Systems that concerned initial stage of India’s software industry, dropped its identity as the term ‘offshoring’ coined as Nasdaq-listed iGate has decided to drop the ‘Patni’ tag from its brand, bringing about this change make a global brand.
On Monday, Phaneesh Murthy, the CEO of iGate Corporation and a former protege of Narayana Murthy, announced officially in a statement that the US-based company has dispensed with the Patni appendage and will now revert to just ‘iGate’.
Talking to media, Phaneesh Murthy said, the decision was in line with the vision of ‘one company’, for which, he is also actively delisting Patni from Indian stock exchanges.
Just a year ahead in May 2011, the $1.2-billion acquisition of Patni Computers had been completed under which the technology firm was going by the name ‘iGate-Patni’.
However, from 21 May, 2012, shares of Patni will be retired from stock trading and again listed on May 28.
Main reason of retiring the brand is because of “Patni” is a family name, which removes restrictions over any of its members by using its name, setting up a company.
It has reported that Narendra Patni already has an unlisted firm called Patni Technologies and following him, Ashok Patni’s son, Apoorva Patni, also said to pursuing the software business that describe as “one of the finest bosses anybody could have”.
“I have always articulated that Patni, being a family name, is difficult to protect in several of our markets. This brand change is in line with our vision of ‘one company’ that will follow the successful delisting offer process of Patni,” Phaneesh Murthy said while clarifies the reason.
India’s oldest IT firm, Patni came into existence around the 1970s in Pune where Narendra Patni, an MIT graduate, conceived the idea before established it.