IMA’s Ninth India CFO Award for the year 2013 in the category “Excellence in Mergers & Acquisitions” has been won by iGATE’s Chief Financial Officer Sujit Sircar. He has gained recognition by IMA for his excellence in the finance function.
Radha Ahluwalia, Managing Director, IMA India, said, “The Jury of The Ninth India CFO Awards commended the lead role played by Sujit Sircar, EVP & CFO, iGATE, in successfully acquiring Patni Computer Systems. As a result of this successful acquisition, the Gross Margin and EBITDA of the combined entity shot up by 40 per cent and 25 per cent, respectively, making iGATE the seventh-largest software exporter in India. We are delighted to adjudge him the winner of ‘Excellence in M & A’ award not the least for his strategy to ensure capital to acquire an organization three times larger, but also because of the far-sighted approach to recognize and enable successful post-acquisition integration. These led to a highly effective top team and to substantive cost savings realized within three quarters of the integration itself.”
“I believe this particular category of Mergers and Acquisitions is about the evolution of a CFO’s role. When I was entrusted with the responsibility of steering the Patni acquisition, I was dealing with several financial and risk-mitigating levers. This M&A experience has been a big evolution for me. When we do a transaction we generally don’t think about awards, but when you get it, it is a great feeling,” said Sujit Sircar, CFO, iGATE.
