iGate 2013 revenue up 7%, profit up 36%

iGate on Thursday said its revenue in 2013 rose 7.2 percent to $1,150.9 million, while its profit increased 35.5 percent to $129.8 million.

During the fourth quarter of 2013, iGATE revenue increased 10.2 percent to $299.3 million, while its profit shot up 7.5 percent to $33.1 million.

IGate reported marginal sequential growth in the fourth quarter comparing with the third quarter of 2013.

The marginal quarter-on-quarter growth indicates performance of iGate under its new CEO Ashok Vemuri, who joined the firm from Infosys. The growth is despite a number of senior management team leaving iGate.

iGate.

Fourth quarter revenue rose 2 percent quarter-on-quarter, while profit increased by $1.2 million (3.76 percent) quarter-on-quarter to $33.1 million.

The company added nine new customers during the fourth quarter, including five Fortune 1000 companies.

As of December 31, 2013, the company had 29,733 employees with a net addition of 1,450.

Ashok Vemuri, president and chief executive officer, iGate, said, “We have finished regrouping the organization into vertical-based business units that bring in more industry knowledge and solutions, move us closer to the customer, and increase the depth and accountability to the business.”

Q4 client wins

A large North American corporation in the business of international luxury and hotel management signed up with iGate to streamline its back office operations and reduce the SG&A.

iGate will centralize back office operations of the client’s payroll processing across its properties in North America and deliver services on a transaction pricing model. This is expected to provide enhanced financial transparency and flexibility to the client. The back-office centralization is also expected to create significant business benefits due to standardization and process efficiency improvements.

North America based independent financial broking company has selected iGate to increase efficiency and improve the quality of its internal systems and IT applications. iGate will establish and manage the Testing Center of Excellence for the client. Apart from this, iGate is also expected to assist the CIO’s office on its goals of improving throughput, efficiency and availability through process improvements across all software development lifecycles.  The deal was won amidst stiff competition and strong incumbents.

 

A consumer electronics and audio equipment retailer in North America signed up with iGate to transform its point of sale experience with customers. iGate will implement and maintain a “Single Window Clearance” support model for the client’s existing point of sale application and provide help-desk support on a Service Level Agreement basis. This engagement is expected to make ticket resolution quicker as well as decrease the cost of running a retail store while improving the customer’s in-store experience.

North America based corporation providing Information Technology and hardware solutions selected iGate as a strategic partner to develop a product that caters to storage needs across midrange, enterprise, and performance optimized arrays. iGate will work on a product that enhances the end customer experience with next generation storage management capabilities.

American healthcare company providing a range of insurance products and related services selected iGate to provide claims administrative services. iGate will provide claims adjudication services to the healthcare company for their HMO Medicare Advantage line of business. These services will be delivered out of iGATE’s Pensacola facility.

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