iGATE Corporation announced that its board of directors has decided to terminate the employment of President and CEO Phaneesh Murthy. Concurrently, the board has appointed Gerhard Watzinger as President and CEO on an interim basis. All changes are effective immediately. Gerhard Watzinger was previously served as an executive at iGATE from 1998 to 2003 in a number of roles, including CEO of the iGATE Solutions business. Previously, Watzinger also served as CEO of both SafeBoot and APT International, Partner and Managing Director at Price Waterhouse and Managing Director at CapGemini.

iGATE Corporation is looking to smaller acquisitions of about $25-$50 million. "We are looking for smaller acquisitions, something like a tuck-in acquisition, in the range of $25-$50 million. The acquisition should help us strengthen our platforms and operations, especially in the banking, financial services and insurance space," Phaneesh Murthy, Chief Executive Officer of iGate told Press Trust of India.

iGATE Corporation reported unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company’s revenues were increased by 4% to $274.9 million from $263.3 million in the first quarter 2012. Income from operations was $52.62 million compared to $48.13 million last year. Income before income taxes was $49.72 million compared to $39.41 million last year. Net income was $34.76 million compared to $28.54 million last year. Net income attributable to the company was $34.76 million or $0.34 per diluted share compared to $24.07 million or $0.22 per diluted share last year. Net income attributable to the company common shareholders was $27.15 million compared to $16.98 million last year. Adjusted EBITDA was $65.5 million compared to $68.3 million last year. Non-GAAP net income was $39.9 million or $0.51 per diluted share compared to $29.0 million or $0.38 per diluted share last year. GAAP EBITDA was $61.9 million. Cash generated from operating activities was $11 million net of interest payout. CapEx was $6 million as of March 31, 2013.