iGate Corp hives off Canadian ops for $9.3mn

Business Standard
iGate Corporation, the $267 million, US-based IT services firm, has sold its Canadian operations for $9.3 million.iGate Corp holds close to 82% in iGate Global Solutions, India.According to a statement issued by iGate Corp, the sale of its Canadian professional services operation was completed during the fourth quarter of calendar 2005. "The transaction concludes our strategic initiative of divesting all non-core operations to focus strictly on our more profitable and faster growing offshore and US professional services businesses," the statement added.According to senior officials of the company, the Canadian operations were mainly into systems integration, and this was the reason for exiting the operations. The company further added that during the past year it substantially completed its client rationalisation process and the quality of its offshore client base has improved significantly. more...