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Mastech Holdings Inc. is now an independent company after spinning off from iGate Corp. in September.
Since 2000, the IT staffing services company had been a subsidiary of Findlay-based global technology company iGate.
Mastech is now a separately listed company (AMEX:MHH) with revenue close to $95 million. iGATE (NASDAQ:IGTE) distributed one share of Mastech common stock for every fifteen shares of iGATE common stock outstanding as of the close of business on Sept. 16. Shareholders will receive a cash payment in lieu of fractional shares of Mastech, according to an iGate statement. The new company will have about 3.6 million shares outstanding.
The Robinson-based company will remain in Pittsburgh.
The separation is “the last stage” in the restructuring iGate began four years ago, according to a statement by iGate CEO Phaneesh Murthy. There were no longer synergies between the two businesses, and having a staffing division “dilut(ed) the overall brand of iGate.”
In a statement, Mastech CEO Steve Shangold said while the current economy “presents challenges for the industry during the balance of 2008, we believe that our company is well-positioned to take advantage of favorable long-term trends in the markets that we serve, through our talented professionals, unique global recruitment engine and strong heritage as an industry leader.”
Interview with CEO:
http://recordings.talkshoe.com/TC-26344/TS-154677.mp3
