9 people who pocketed millions all because of the Capgemini-IGate deal. Here’s how much each of them made
Debdatta DasApr 28, 2015, 12.07 PM
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We have created a list of 9 people, entities, who will pocket several millions just by way of shareholding, which will give you a fair idea into how ne arrives at the $4 bn deal figure.
Apax Partners, PE Firm, and largest stakeholder: $1.1 bn from 2,33,84,095 shares
Derek Kemp, EVP, Global Head Strategic Deals Team: $7.2mn from 1,50,000 shares
Sanjay Tugnait, Head Americas: $7.2mn from 1,50,000 shares
Sujit Sircar, CFO: $6.9 mn from 1,45,142 shares
Srinivas Kandula, Global Head, HR: $6.9mn from 1,44,573 shares
Satish Joshi, EVP and CTO: $6mn from 1,26,660 shares
The IGate journey
IGate was founded by Sunil Wadhwani and Ashok Trivedi in 1996. It went public on NASDAQ the very same year. Post a stellar few years of growth, IGate made a bid for its first major acquisition, acquiring majority stake in
Given the strong growth momentum, it didn’t take long before IGate breached the $1bn revenue mark in 2012, soon after the Patni acquisition. Around May 2013, the company was riddled by an internal controversy that blew out of proportions and seriously threatened its reputation as a ‘well-governed’ company in the market. It was then that Phaneesh Murthy, its former CEO was fired over failure to disclose his personal relationship with a subordinate in the company.
After several months of scouting, Wadhwani and Trivedi zeroed-in on Ashok Vemuri to takeover as IGate’s new CEO, in September 2013. Vemuri, then Infosys' board member who was also head of Americas besides chief of the manufacturing and engineering vertical, as president and chief executive officer, was known to harbour aspirations of taking over Infosys as its CEO. Once offered, Vemuri didn’t think twice before making the move.
In fact, when Vemuri had quit Infosys, he was already one of the top contenders to become the firm’s first CEO, who wasn’t a co-founding member. Within the IT circuit it is said that Vemuri had had enough with the wait and watch game and decided to take on IGate’s offer almost as soon as it was made to him.
In 2013, IGate also reached the $ 2bn market capex mark and completely reorganised the company in 2014 into vertical-based business units.