On Tuesday, Pittsburgh-based Mastech announced it has renamed itself iGate Capital, with a new "IGTE" ticker symbol replacing the old "MAST". The company also said it has formed a $75 million fund, iGate Ventures, for investing in Web companies.
The move creates nine businesses. In order of size: Emplifi Consulting, for corporate Web integration; Mascot Systems, for offshore Web services; iGate Europe, for Web integration in that region; eJiva, for customer support and Internet trading servies; Enterprise Network Solutions, a network consultant; Symphoni, for Web marketing; IRG, specializing in business intelligence and data management services; and two start-ups, iProcess and Extranet.
iGate will not record any charges related to the move.
Company executives said the change creates focused, more agile businesses, and will lead to greater shareholder value. iGate plans to take all nine companies public eventually, including three or four this year, company spokesman Will Graves said. The first IPO could happen within three to six months, Graves said.
iGate wants to double the number of operating companies in its portfolio by year's end.>