Indian-origin couple Bharat Desai and Neerja Sethi have agreed to sell their US-based technology services provider Syntel to French firm Atos for $3.4 billion. Syntel, founded in 1980, employs 23,000 engineers in 30 countries, with over 80 percent of its staff based in India. Syntel earned $924 million in revenues in 2017, of which 89 percent was in North America.
The couple together held 57% stake in the company, which means they receive nearly $2 billion from the deal. The deal “is a very exciting development for Syntel. The Syntel board is committed to maximizing shareholder value and believes that the agreement with Atos achieves that objective and delivers a win-win proposition to our customers and employees,” Desai, the co-founder and co-chairman of Syntel, said, according to Little India.
The cash deal will boost the presence of Atos in North America. “This transaction is a major step in the strategy of Atos to reach a global scale,” Atos said in a statement. “In particular, the highly complementary portfolio, customer base, and geographic footprint of the combination between Atos and Syntel will significantly enhance our presence in North America,” chief executive Thierry Breton said.
Sethi, the 63-year-old vice president of Syntel, has a net worth of $1 billion. Last month, she figured at the 21st spot in Forbes’ list of America’s most successful self-made women entrepreneurs and executives as measured by their net worths.
Desai was born in Kenya, grew up in Mombasa and in Ahmedabad, before doing his electrical engineering from IIT-Bombay. He worked briefly with TCS before moving to the University of Michigan for an MBA. That is where he met Sethi and, in 1980, while they were still studying, the two decided to start a company (they married later).
Courtesy littleindia.com
Thank You For Your Vote!
Sorry You have Already Voted!
