Date:06/06/2006 URL: http://www.thehindubusinessline.com/2006/06/06/stories/2006060603170400.htm

Back Patni buys ZAiQ Tech

Our Bureau

Mumbai , June 5

Patni Computer Systems has acquired a US-based company ZAiQ Technologies through an asset purchase transaction for $ 425,000 (around Rs 2 crore).

Patni will be buying the following assets: hiring an eight-person Application specific integrated circuit (ASIC) design team headed by a delivery leader; intellectual property in the ASIC design and validation space' active customer contracts, business pipeline and a sales head; and trademarks and other capital assets such as hardware and software.

Outsourced design services

ZAiQ Technologies is a principal provider of outsourced design services and software products to companies that develop complex, high-performance systems and integrated circuits, said a statement issued by Patni to the stock exchanges.

The company believes that overtime this intellectual property will prove a valuable edge to open new doors and differentiate against competition, said the statement.