DQ Top 20:#17 IGATE

FY14 was a year of transformation and changes at iGATE. One of the key architects of the outcome based outsourcing model, Phaneesh Murthy left IGATE again on sexual harassment charges and in his place Ashok Vemuri, who had quit Infosys in 2013 joined as IGATE's new CEO. So in many ways, 2013 was a year of transition and change for IGATE-both in the organization structure reflecting the changed thinking in the vision, strategy, and client engagement and service delivery value proposition.

The company moved from a functional organization to a vertical, domain based structure to continue to stay relevant to clients. In tandem employees are told to build specific process and technology capabilities that address specific client issues taking into account the market and industry context. The company is trying to build stronger expertise in industry processes.

IGATE's solutions are focused on the following industry groups: Banking and financial services; insurance; healthcare and life sciences; manufacturing; retail and consumer products; media and entertainment; energy and utilities, and product and engineering solutions. These industry groups are integrated business units with client engagement, consulting and delivery under a seasoned company leader. IGATE has also refreshed its technology stack by introducing dedicated practices in the areas of big data, analytics, digital, social and mobility complementing the existing service capabilities in Infrastructure management, independent validation, enterprise services and business intelligence and business process management.

IGATE signed a new credit facility agreement that is expected to lower its financial leverage and position the company to enhance shareholder value by refinancing the indebtedness under the senior notes and existing credit facilities agreements.

Meanwhile IGATE further strengthened its engagements with existing customers over the year and signed several new and transformational deals in 2013. It added 38 new clients during the year out of which 15 companies are part of the list of Fortune 1000 corporations. It maintained a healthy revenue growth quarter on quarter. During the second quarter of CY2013, the company signed deals worth over $600 mn out of which two deals were worth over a $100 mn each. Most of the large deals that it signed were in the integrated tech and process space with the clients benefitting out of its platforms and point solutions for specific industry challenges.

The pace of growth in its European business has been particularly encouraging during 2013. IGATE has opened its new delivery center in Stockholm, Sweden, allowing growth in its talent capital in the European region. The company is on course for the construction of a world-class training facility spread over a million square feet in Pune, India apart from increasing the seating capacities in Mumbai and Bangalore.

On the process excellence side IGATE achieved CMMI Level 3. This adds to the CMMI Level 5 (V 1.3) certification it has already received across locations. To improve the process, domain and technical awareness of its employees and to leverage effective knowledge sharing across the organization, IGATE also rolled out mindshare events titled ‘Zen n Fun', ‘Smart Minds' and ‘Feather in the Cap'.IGATE was also placed in the top quadrant of "Established and Expansive" players for the third consecutive year in Zinnov's Global Service Provider Ratings - 2013. IGATE ranks in the leadership zone in four sub-verticals in the product engineering space.