Lenovo says quarterly profit up 90 percent

BEIJING - Computer maker Lenovo Group says its latest quarterly profit rose 90 percent as sales of smartphones and mobile computing technology expanded.Lenovo Group said Thursday it earned $127 million, or 1.22 cents per share, in the three months ending March 31. Revenue rose 4 percent over a year earlier to $7.8 billion.Lenovo ranks a close second behind Hewlett-Packard Co. as the biggest ...

Phaneesh Murthy scandal iGate to face tough time

It has been a tough two days for IT services firm iGate, which fired its chief executive Phaneesh Murthy for not disclosing a relationship with his ...

Start and sell India’s new Valley success stories

Abheek Anand is no ordinary product manager working out of Facebook's California headquarters. The 32-year-old, along with fellow IITian Sohan Majumdar, sold the mobile-based customer loyalty startup Tagtile, which they had jointly launched, to Facebook last year. Anand and Majumdar represent the new generation of tech entrepreneurs in Silicon Valley. This breed thrives by soaking up the ...

PEs may look at CEO penalty clause in deals

Private equity and entrepreneurs form a heady mix. While private equity firms look for individuals with cracker business ideas, the latter look for capital to back their dreams. And so in their attempt to strike gold, private equity takes risks on the entrepreneur as well as on the project. London-based Apax Partners, which manages assets worth $35 billion globally, also did the same. ...

$1.2bn Patni buyout still a drag on iGate

acquisition for $1.2 billion. The now-ousted iGate CEO had previously tried to acquire Satyam, but failed. Acquiring Patni involved a long and hard battle with other bidders, and he, in association with private equity firm Apax Partners, eventually emerged victorious. Today, two years after the acquisition, it's far from clear whether the acquisition will pay off. iGate had to take a $700 ...