An integrated technology and operations firm, iGate Corporation announced that its subsidiary iGate Solutions has reported revenue of $54.9 million, an increase of 15 per cent in its first quarter of 2008.

While announcing its first quarter financial results under US GAAP for the three months ended March 31, 2008, Phaneesh Murthy, iGate Corporation CEO stated that the revenues for the quarter stood at $54.9 million as against $47.9 million during the corresponding period of the last year and $52.8 million in the previous quarter.

The company’s consolidated revenue from continuing operations stood at $79.8 million, which showed an increase of 7% from the same period last year.

The company also said that it appointed 307 new employees during the quarter taking the total to 6,566 as of March 31, 2008 in iGATE Solutions segment and taking the company total to 7,317.

Mr. Murthy said, “iGATE Solutions business reported another good growth quarter. We added seven new customers this period.”

He also said that the margin improvement is mainly because of increase in contribution from higher margin customers, improved bill rates and decrease in attrition rates.

Besides, iGate Corporation, which recently delisted from the Indian bourses, has decided to divest it professional services business.

During the Jan-March quarter, iGATE repurchased 1.6 million shares of its subsidiary—iGATE Global Solutions—for $15.8 million as part of delisting it from Indian stock exchanges. Since the announcement in October, 2007, of its intention to delist the subsidiary, iGATE has purchased 5.6 million shares for $58 million, increasing its total shareholding in the company to 98.2%.