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The year started with promises of big changes at iGate Global. As a tier 2 company, Mascot systems was having a major branding issue and decided to revert to using the name of its parent-US-based iGate corporation which has an 88% stake in iGate Global. Then it brought in the high profile former marketing head of Infosys, Phaneesh Murthy as the new CEO and some key former Infosys employees. Murthy's promise as he took over-to turn iGate into what he called a “Gold Star” company. Extremely aggressive acquisitions followed including TG Ramesh's Quintant, Aqua Regia, IdeaSpace's Information technology services business, IT&T (a BPO company) and iGate Corporation's Symphoni Interactive. It also made significant tie-ups, some with equity participation, in international consulting companies like Concours and Software AG that is Germany's second largest software maker. That said however, the company continued to remain under severe pressure during the year. Its largest client-GE-has been giving it some trouble and its share in overall revenues was down from over 50 to 41%. Also operating margins were down from an already low 9% to just 2% under continuing and severe margin pressure.
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