Bangalore: In a cash deal, offshore IT services company iGate global solutions on July 30 decided to buy GMR group's 51 per cent stake in Quintant Services Limited for Rs 86.9 crore and appointed Phaneesh Murthy as chief executive officer (CEO).

Top officials of iGate Global, the flagship IT consulting arm of the NASDAQ-listed $ 292 million iGate Corporation, said the move would augment its domain expertise and strengthen its presence in the financial services segment.

iGate also intends to acquire the balance equity in Quintant, a city-based business services provisioning company founded in January, contingent to certain conditions being met, iGate Global's chairman Sunil Wadhwani told reporters.

The acquisition provides iGate Global approximately Rs 68 crore in assets, including Rs 60 crore in cash, Quintant's domain expertise in banking, insurance and financial verticals, among others, officials said.

The board of iGate Global, in its meeting held on July 30, approved the transaction as well as appointment of Murthy, former worldwide head of sales and marketing of Infosys Technologies, as CEO and to the Board of the company.

Murthy said he is looking forward to building iGate into a gold standard organisation through operational excellence, customer service and corporate governance.

"Technology is the cornerstone of BSP, and with the synergies between iGate global and Quintant (which focused on building proprietary frameworks and methodologies in process optimisation and delivery), we have the potential to be a leader in the global services space," he said.

PTI