iGate Corporation announced the inauguration of Phase IV of its Global Delivery facility at its corporate campus in Whitefield, Bangalore, India. The new facility provides 115,000 square feet of additional workspace in iGATE's green 13.5 acre campus. Significant investments have been made to make the facility green by introducing LED and solar powered lighting, an ozone-friendly air conditioning system, organic waste convertor and a wastewater recycling system. In addition, special efforts were made to procure green IT equipment.

iGate Corporation reported unaudited consolidated earnings results for the third quarter and first nine months ended September 30, 2009. For the quarter, the company reported net income from continuing operations of $8.9 million, or $0.16 per basic and diluted share compared to $8.5 million or $0.15 per basic and diluted share in the third quarter of 2008. Revenue for the quarter was $49.1 million, an 11.5% decrease from the $55.4 million reported in the same period a year ago. Operating income for the quarter was $9.1 million, a 22.5% jump over $7.4 million reported in the same period last year. Operating margin increased to 18.6% of revenue from 13.4% in the corresponding quarter last year. Income before income taxes for the period was $9.16 million compared to $8.41 million for the same period previous year. Net income for the period was $8.9 million compared to $8.3 million for the same period previous year. For the nine months ended September 30, 2009, the company generated operating cash flow of $31.8 million. The company reported net income from continuing operations of $19.94 million, or $0.36 per basic and diluted share on revenues of $140.69 million compared to $22.32 million or $0.42 per basic and $0.40 per diluted share on revenues of $167.29 million for the same period in 2008. Income from operations for the period was $21.89 million compared to $20.04 million for the same period in 2008. Income before income taxes for the period was $20.19 million compared to $22.87 million for the same period in 2008. Net income for the period was $19.94 million compared to $24.11 million for the same period previous year.

IGate Corporation plans to make acquisitions. Phaneesh Murthy, CEO of iGate Corporation said, “I think a combination of many things. The first thing is we are not planning to buy back any shares. We are actually trying to increase the liquidity in the market place. At one point of time, we were thinking about buying back shares. We didn't move on that. Finally -- so the buyback of shares is not under any concentration or plan right now. The second thing is acquisitions; we have clearly articulated that we are looking for acquisitions. Based on the target we find, based on the size of the target that we find, it could be a combination of cash, stock, whatever, etc., etc. So that is number two. We just don't have a target yet. But clearly some of this money is being viewed as something essential for acquisitions and partly also for capital expansion, though we are actually generating cash anyway every quarter so we can take care of the capital expansion in terms of expansion of (inaudible) etc.”