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<ul><li>Mumbai based-Wadhwani Institute for Artificial Intelligence has received a $2 million grant from Google to create AI-based technologies to reduce crop losses. </li><li>Google Cloud and AI experts will also provide credit and consulting to Wadhwani Institute, which is among 20 recipients of the grant. </li><li>The project by Wadhwani can classify and count pests based on photos of pest traps clicked by farmers.</li></ul>Mumbai based-Wadhwani Institute for Artificial Intelligence has received a $2 million grant from Google to create AI-based technologies that could help reduce crop losses in cotton farming, through integrated pest management. Apart from this, Google Cloud and AI experts will also provide credit and consulting to Wadhwani Institute, which is among 20 recipients of the grant. Called the "Google AI Impact Challenge," Google invited nonprofits, social enterprises and research institutions to submit ideas on how to use AI to help address societal challenges. Around 20 organisations would be sharing a $25 million grant by Google for “changing the world with AI. Wadhwani’s project runs on a basic smartphone. It can classify and count pests based on photos of pest traps clicked by farmers. According to the Institute, the AI program can provide instant and localised advice that would help them in reducing cross loss. 
 <div type="ExtQuote" text="“We received thousands of applications to the Google AI Impact Challenge and are excited that Wadhwani AI was selected to receive funding and expertise from Google. AI is at a nascent stage when it comes to the value it can have for the social impact sector, and we look forward to seeing the outcomes of this work and considering where there is potential for use to do even more.”" auname="Jacquelline Fuller, President of Google.org"></div>



 Indian-American tech billionaire brothers Sunil and Romesh Wadhwani founded the Wadhwani Institute for Artificial Intelligence in Mumbai in February 2018 with an idea to dedicate $3 million each year for the next ten years to develop artificial intelligence (AI) for social good. According to Raghu Dharmaraju, VP Products and Programs, small farmers are dependent on government and other non-profit programs at every step of the crop cycle. We can help millions of farmers by resolving all the systematic challenges in large scale programmes.

This Indian institute just won a $2 million grant from Google to create AI tech for pest control

As many as five US-based law firms are investigating charges of whether <keyword id="20356" type="CITY" weightage="80" keywordseo="igate">IGate</keyword> Board of Directors failed to maximise gains of <keyword id="6376563" type="UNKNOWN" weightage="80" keywordseo="Shareholders">shareholders</keyword> before inking the multi-billion dollar deal with French rival <keyword id="10863" type="COMPANY" weightage="80" keywordseo="CapGemini">Capgemini</keyword>. 
 
These law firms are reaching out to shareholders and investors of IGATE to join their investigation to ascertain if the company's Board violated their mandate, which if proved could lead to class action law suits against the firm. 
Earlier this week, Capgemini agreed to acquire the New Jersey-based company for USD 4 billion in an all cash deal. 
 
The firms -- WeissLaw, Rosen Law Firm, Ryan &amp; Maniskas, Block &amp; Leviton and Faruqi &amp; Faruqi -- are investigating for "possible breaches of fiduciary duty and other violations of law" as well as the fairness with which IGate Board considered and approved the transaction. 
When contacted, IGate declined to comment on the matter. Fiduciary duty is generally termed as a legal obligation of one party to act in best interests of another. The obligated party is typically a fiduciary, that is, someone entrusted with the care of money or property. 
 
Boston-based law firm Block &amp; Leviton said: "Under the terms of the proposal, Capgemini will acquire each IGate share for $ 48 in cash, a paltry premium of approximately 4.7 per cent. 
"Not surprisingly, because it was able to acquire IGate at such a substantial discount to its true value, shares of Capgemini soared as high as $ 85.77 upon the announcement of the proposed transaction, representing double the premium received by IGate shareholders." 
 
Market reports have stated that Capgemini has already secured voting power of 54 per cent to push the deal through, the firm added. "This support is likely underpinned by the nearly 26 per cent of the company held by <keyword id="1042241" type="UNKNOWN" weightage="80" keywordseo="Ashok-Trivedi">Ashok Trivedi</keyword> and <keyword id="1042242" type="PERSON" weightage="80" keywordseo="Sunil-Wadhwani">Sunil Wadhwani</keyword>, the co-founders and co-chairmen of IGate. 
 
"The two co-founders will collect approximately $ 1 billion of the total $ 4 billion in merger consideration expected to be paid in the proposed deal," it added. 
 The <keyword id="2829483" type="POSITION" weightage="80" keywordseo="high-analyst">high analyst</keyword> price target on the investment websiteYahoo! <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">Finance</keyword> was $ 55, about 15 per cent higher than the offer price. 
The value of the company's shares has increased around 35 per cent in just the past four months, it added. 
 <keyword id="2829405" type="UNKNOWN" weightage="80" keywordseo="WeissLaw-LLP">WeissLaw LLP</keyword>, a class action shareholder rights law firm, in a statement said it is investigating "possible breaches of fiduciary duty and other violations of law" by IGATE Board. 
Under the terms of the agreement, IGate shareholders will receive $ 48 in cash for each share they own. 
 
"WeissLaw is investigating whether IGate’s Board acted to maximise shareholder value prior to entering into agreement. Notably, the offer price represents a premium of less 5 per cent over the company stock's April 24, 2015 trading price of $ 45.93.

Did IGate's Board wrong its shareholders? Law firms are examining

<keyword id="10863" type="COMPANY" weightage="80" keywordseo="CapGemini">Capgemini</keyword> announced yesterday that it would acquire <keyword id="20356" type="CITY" weightage="80" keywordseo="igate">IGate</keyword> for a whopping $4.04bn. A lot of you must have been wondering, where and to whom does all this money go to? In fact, some of you must have also wondered how one arrives at this mind boggling amount! Well, the company’s valuation based on its market capex aside, we at Business Insider have put together a list of names who will benefit the most from this deal. 
 
We have created a list of 9 people, entities, who will pocket several millions just by way of shareholding, which will give you a fair idea into how ne arrives at the $4 bn deal figure. 
 
<keyword id="218609" type="COMPANY" weightage="80" keywordseo="Apax-Partners">Apax Partners</keyword>, PE Firm, and largest stakeholder: $1.1 bn from 2,33,84,095 shares 
 
<keyword id="1042242" type="PERSON" weightage="80" keywordseo="Sunil-Wadhwani">Sunil Wadhwani</keyword>, Founder: $504.2mn from 1,05,06,075 shares 
 
<keyword id="1042241" type="UNKNOWN" weightage="80" keywordseo="Ashok-Trivedi">Ashok Trivedi</keyword>, Founder: $497.2mn from 1,03,59,175 shares 
 
<keyword id="376348" type="PERSON" weightage="60" keywordseo="Ashok-Vemuri">Ashok Vemuri</keyword>, CEO: $19.7mn from 4,00,000 shares 
 
Derek Kemp, EVP, Global Head Strategic Deals Team: $7.2mn from 1,50,000 shares 
 
Sanjay Tugnait, Head Americas: $7.2mn from 1,50,000 shares 
 
Sujit Sircar, CFO: $6.9 mn from 1,45,142 shares 
 
Srinivas Kandula, Global Head, HR: $6.9mn from 1,44,573 shares 
 
Satish Joshi, EVP and CTO: $6mn from 1,26,660 shares 
 
The IGate journey IGate was founded by Sunil Wadhwani and Ashok Trivedi in 1996. It went public on NASDAQ the very same year. Post a stellar few years of growth, IGate made a bid for its first major acquisition, acquiring majority stake in <keyword id="46908" type="COMPANY" weightage="80" keywordseo="patni-computers">Patni Computers</keyword> in 2011, delisting the firm a year later. Wadhwani and Trivedi roped in Apax Partners to complete the Patni acquisition, making the private equity firm a key stakeholder in the merged entity with 28.9% stake valued today at close to $1.5 bn. 
 
Given the strong growth momentum, it didn’t take long before IGate breached the $1bn revenue mark in 2012, soon after the Patni acquisition. Around May 2013, the company was riddled by an internal controversy that blew out of proportions and seriously threatened its reputation as a ‘well-governed’ company in the market. It was then that Phaneesh Murthy, its former CEO was fired over failure to disclose his personal relationship with a subordinate in the company. 
 
After several months of scouting, Wadhwani and Trivedi zeroed-in on Ashok Vemuri to takeover as IGate’s new CEO, in September 2013. Vemuri, then Infosys' board member who was also head of Americas besides chief of the manufacturing and engineering vertical, as president and chief executive officer, was known to harbour aspirations of taking over Infosys as its CEO. Once offered, Vemuri didn’t think twice before making the move. 
 
In fact, when Vemuri had quit Infosys, he was already one of the top contenders to become the firm’s first CEO, who wasn’t a co-founding member. Within the IT circuit it is said that Vemuri had had enough with the wait and watch game and decided to take on IGate’s offer almost as soon as it was made to him. 
 
In 2013, IGate also reached the $ 2bn market capex mark and completely reorganised the company in 2014 into vertical-based business units.

9 people who pocketed millions all because of the
Capgemini-IGate deal. Here’s how much each of them made

The fastest way to expand the existing business is by acquiring another company. And it appears that Europe's biggest IT services company <keyword id="10863" type="COMPANY" weightage="20" keywordseo="CapGemini">Capgemini</keyword> is likely to acquire NASDAQ-listed <keyword id="20356" type="CITY" weightage="20" keywordseo="igate">Igate</keyword>, which was founded by <keyword id="1042242" type="PERSON" weightage="20" keywordseo="Sunil-Wadhwani">Sunil Wadhwani</keyword> and <keyword id="1042241" type="UNKNOWN" weightage="20" keywordseo="Ashok-Trivedi">Ashok Trivedi</keyword>. This was revealed by multiple sources in a Times of India (TOI) report. 
 
According to the news daily, if the deal gets striked, it will be one of the biggest M&amp;As in the IT services arena. 
 
The TOI futher reported that in 2014, Igate had $1.27 billion as revenue. And now, its market capitalization stands at $3.6 billion. 
 The speculation about Igate being sold started soon after <keyword id="34499" type="POSITION" weightage="20" keywordseo="private-equity">private equity</keyword> giant Apax Partners, which financed much of Igate's $1.2-billion acquisition of <keyword id="46963" type="COMPANY" weightage="20" keywordseo="Patni-computer">Patni Computer</keyword> in 2011, converted its debt into equity four months ago to become Igate's largest shareholder in the company. 
 
Currently, Apax owns 29% stake in Igate, while Igate founders together hold 25% of the shares. According to the TOI report, Capgemini is looking at acquiring the 54% stake held by the promoters and Apax initially. However, it may later take Igate private by buying out the shares of other shareholders, sources told TOI. 
 Capgemini told TOI, "We do not comment on market rumours or speculation." Igate had not responded to queries at the time of going to print. There had been talk of French IT company <keyword id="327292" type="COMPANY" weightage="20" keywordseo="Atos">Atos</keyword> and <keyword id="6380915" type="COMPANY" weightage="20" keywordseo="BPO">BPO</keyword> <keyword id="6556311" type="POSITION" weightage="20" keywordseo="Major">major</keyword> <keyword id="25698" type="CITY" weightage="20" keywordseo="Genpact">Genpact</keyword> looking at acquiring Igate, but Capgemini is said to have nearly sealed the deal. 
 Peter Bendor Samuel, CEO of <keyword id="107837" type="CITY" weightage="20" keywordseo="Everest-Group">Everest Group</keyword>, said Igate would make an excellent acquisition for Capgemini. "Th<keyword id="267073" type="ORGANIZATION" weightage="20" keywordseo="EY">ey</keyword> are the right size to absorb, not too small so it does not move the dial, but not so big that they will struggle. Igate will be accretive to margins. Capgemini has a large net operating loss in the US from their failed acquisition of EY's consulting practice, and the large <keyword id="1472170" type="UNKNOWN" weightage="20" keywordseo="iGate-US">Igate US</keyword> presence will allow them to use it," he said. 
(Image:

Capgemini eyeing Igate?

<ul><li><keyword id="328347" type="ORGANIZATION" weightage="20" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> has closed its fundraising for the <keyword id="6129174" type="UNKNOWN" weightage="20" keywordseo="IAN-Fund">IAN Fund</keyword> after raising at ₹375 crore.</li><li>The fund over exceeded its target by ₹25 crore. </li><li>It currently has 34 companies in its portfolio, including the recently turned unicorn startup Druva.</li></ul>Seed and early stage investment platform Indian Angel Network closed its capital raising activity for the IAN Fund as it overshot its target by ₹25 crore. The fund raised ₹375 crore in all. “The fact that we have achieved and exceeded our capital target underlines our impressive growth trajectory and highlights the faith that investors have in our vision. Moving ahead, we aim to scale newer heights and play a bigger role in transforming and nurturing India’s entrepreneurial landscape,” said Padmaja Ruparel, founding Partner of the IAN Fund. Some of the fund’s participants include Institutional investors like SIDBI’s Fund of Funds for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">Startups</keyword>, IIFL, Wadhwani Foundation, Yes Bank, Max Group, Gray Matters Capital, and Hyundai. Individual investors like Kris Gopalakrishnan, Sunil Munjal, Rajan Anandan, Kanwal Rekhi too invested in the fund. IAN fund was founded in 2017 and since then it has been an active angel investor. It has 34 companies in its portfolio, including Druva which recently turned a unicorn. The other startups it funded includes the QSR chain Wow Momo, wedding platform WedMeGood. The sector agnostic fund primarily invest in AI and machine learning, augmented and virtual reality, biotech, cleantech, fintech, agritech and healthtech.

You Searched For "Sunil Wadhwani" and got 5 results

This Indian institute just won a $2 million grant from Google to create AI tech for pest control

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9 people who pocketed millions all because of the Capgemini-IGate deal. Here’s how much each of them made

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Capgemini eyeing Igate?

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Indian Angel Network closes its fund after raising ₹375 crores

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