Key Developments: IGATE Corp (IGTE.O)

IGTE.O on Nasdaq

26 Mar 2015
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Latest Key Developments (Source: Significant Developments)

Rio Tinto to partner with iGate to develop its analytics excellence centre in India
Tuesday, 3 Mar 2015 08:15am EST 

iGATE Corp:Announced its further partnership with Rio Tinto, a global mining and metals company, to develop their Analytics Excellence Centre in Pune, India to support the global growth and development of Rio Tinto's industry-leading Mine of the Future programme.In the first partnership of its kind in the mining industry, IGATE will provide Rio Tinto with analytical capabilities to identify opportunities for enhancing efficiency and productivity across Rio Tinto managed operations.The current partnership spans engineering research and development services, including industrial automation and control, software and embedded design and development, and product engineering services.The newly inaugurated Centre will analyze data captured by various business systems and the array of sensors attached to Rio Tinto's fixed and mobile assets, to generate meaningful insights, significantly boosting productivity and safety.  Full Article

iGATE Corp slapped with sexual harassment suit in US - Business Standard
Thursday, 5 Feb 2015 03:55am EST 

iGATE Corp:Has been slapped with yet another sexual harassment suit by an ex-employee, claiming that she was sexually abused by the firm's Legal Head and her supervisor - Business Standard.Karetha Dodd, a US national, sued iGATE and her supervisor Mukund Srinath on charges of sexual harassment at the US District Court for the Northern District of California in September last year.She was subjected to harassing behaviour by her superior and when Plaintiff refused to have a sexual relationship with him, he retaliated by taking negative employment actions against her.She said her compensation package at iGATE, including benefits and stock, was worth around USD 300,000 per annum.She has also asked for recovery of punitive and exemplary damages.  Full Article

iGate Corp enters multi-year contract with US-based insurer-Business Standard
Thursday, 12 Jun 2014 03:06am EDT 

iGate Corp:Has entered into a multi-year contract with commercial insurance provider CNA to implement transformational technology and practice processes-Business Standard.Under the agreement, iGate will help CNA in evolving its current operations in the Long Term Care (LTC) business, and design and implement new operating model for claim and policyholder administrative services.  Full Article

iGate announces new relationship with CNA to manage administration of long term care business
Wednesday, 11 Jun 2014 08:00am EDT 

iGate Corp:Forms a relationship with CNA, one of the commercial insurance companies in the U.S.As part of the multi-year relationship, IGATE will implement transformational technology and best practice processes to advance the evolution of CNA's current operations in the Long Term Care (LTC) business.Through a collaborative process, CNA will design and implement a new operating model for claim and policyholder administrative services.IGATE will provide key claim support, policyholder services, and customer service, while CNA will be responsible for claim eligibility and decision-making.  Full Article

iGATE Corp wins 5-year managed services IT contract with group Lansforsakringar in Sweden
Wednesday, 26 Feb 2014 05:00am EST 

iGATE Corp:Secured a five-year contract with Lansforsakringar valued at $35 mln, will be enacted over an initial five-year engagement and will be delivered within Lansforsakringar Alliance.  Full Article

Orange selects iGate Corp to deliver large transformation programme in switzerland
Wednesday, 18 Dec 2013 08:21am EST 

iGate Corp:Says has secured a new five-year contract with Orange Communications SA (Orange Switzerland) to transform the telecom provider's IT infrastructure and rationalize its vendor landscape in Switzerland.Says five-year contract valued at $80 million with a possible one year extension to support its mission to provide customer service and increased operational efficiency.  Full Article

iGate Corp enters into new credit agreement
Monday, 25 Nov 2013 06:20am EST 

iGate Corp:Says it subsidiary Pan-Asia iGATE Solutions has entered into a credit agreement (the Credit Facility) for a secured term loan facility with DBS Bank Ltd and ING Bank N.V., Singapore (the lenders) with ING Bank N.V., Singapore, as security agent.Along with several of its 100% owned subsidiaries, has entered into a Guaranty with the Security Agent, under which the company has guaranteed all of the obligations of Pan-Asia under the Credit Facility.The Credit Facility has two components, Facility A and Facility B.Facility has a commitment amount of $270.0 million and an interest rate of LIBOR+3.25% and Facility B has a commitment amount of $90.0 million and an interest rate of LIBOR+2.00%.  Full Article

iGate Corp Appoints Ashok Vemuri As President And Chief Executive Officer
Wednesday, 11 Sep 2013 05:00pm EDT 

iGate Corp announced that Ashok Vemuri has been appointed as iGATE's President and Chief Executive Officer, effective September 16, 2013. Mr. Vemuri will also join iGATE's Board of Directors. Gerhard Watzinger, who has served as the Company's Interim President and CEO since May 2013, will remain with iGATE in an advisory role temporarily to assist with Mr. Vemuri's transition.  Full Article

iGate Corp Announces Dismissal Of Class Action Lawsuit
Friday, 23 Aug 2013 08:35am EDT 

iGATE Corporation announced that on August 22, 2013, the class action lawsuit filed against iGATE and its former CEO, Phaneesh Murthy, (the defendants) by a shareholder of iGATE on June 14, 2013 in the United States District Court for the Northern District of California, was voluntarily dismissed by the shareholder plaintiff, without prejudice. No payment or consideration of any kind was made by any of the defendants in connection with the dismissal.  Full Article

Levi & Korsinsky Notifies Investors With Losses On Their Investment In iGate Corp Of Class Action Lawsuit And Deadline Of August 13, 2013 To Seek Lead Plaintiff Position
Tuesday, 6 Aug 2013 02:14pm EDT 

Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased iGATE Corporation (iGATE or the Company) stock between March 14, 2012 and May 21, 2013. The complaint alleges that defendants issued materially false and misleading statements regarding the Company's business, operational, and compliance policies. Specifically, it is alleged that former CEO and President Phaneesh Murthy, as well as the Company, misrepresented or failed to disclose that Murthy was involved in a relationship with a subordinate which was allegedly in violation of iGATE's policies and Murthy's employment contract. On May 20, 2013, the Company disclosed that its Board of Directors terminated Murthy, effective immediately, after an internal investigation revealed the relationship in violation of iGATE's policy and Murthy's employment contract. On this news, iGATE securities declined $1.58 per share or nearly 10%, to close at $14.82 per share on May 21, 2013.  Full Article

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