Mastech to split into 9 units, change name, symbol
PITTSBURGH, March 7 (Reuters) - Mastech Corp. (NasdaqNM:MAST - news), a provider of information technology, said on Tuesday it would change its name and and split its business into nine separate operating companies focused on building e-services companies.
Mastech will be called iGATE, and its stock symbol will be replaced by the new symbol ``IGTE' beginning today on the Nasdaq stock market. No financial transactions are associated with the formation of iGate, the company said. Company officials were not immediately available to elaborate.
IGATE said it will be a holding company that is focused only on e-services. It will be composed of five existing units and four new units. Its largest will be Emplifi Consulting, which helps companies integrate current computer systems with their Web and e-commerce systems.
The e-services market is expected to grow to nearly $80 billion by 2003, up from $13 billion in 1999, the company said.
"Our new structure will enable us to leverage our core strengths, and give us the ability to acquire and build additional companies in order to penetrate emerging e-services
markets quickly and with strategic focus," Sunil Wadhwani, chief executive of iGATE Capital, said in a statement.
The company also will start a new $75 million venture fund, iGate Ventures, to identify new opportunities for investment.
He also said his goal was to double the number of iGate operating companies by the end of this year, by acquiring new companies and starting others. |
