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Igate CORPORATION iGATE CORPORATION iGATE Corporation (Nasdaq: IGTE) is the first iGATE services more than 300 clients across fully integrated technology and operations five continents. Clients rely on iGATE for high firm with a global services model. We enable quality service, responsiveness and cost- clients to optimize their business through a effective global reach. combination of process investment strategies, technology leverage and business process Quality: outsourcing. Services include consulting, CMM Level 5, Sig Sigma, BS 7799 enterprise data management and data and COBIT certifications warehousing, business intelligence and Value: analytics, system design, system Through our Global Delivery Centers development, system integration, package in India, China and North America evaluation and implementation, re-engineering Expertise: and maintenance. iGATE Corporation also 6,900 Business and IT Professionals offers IT Professional Services. Experience: 2,000+ Projects Completed iGATE CORPORATION FINANCIAL HIGHLIGHTS Employees World-wide Employees Offshore Total Revenues (as a % of total number of employees) (Dollars in millions) 7,000 70% $300 6,000 60% $275 5,000 50% 4,000 40% $250 3,000 30% 2,000 20% $225 1,000 10% 0 0% $200 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Year ended December 31 2002 2003 2004 2005 2006 Dollars in thousands, except per share data Revenues $ 250,851 $ 240,634 $ 264,585 $ 275,992 $ 283,588 Gross Profit 77,604 68,980 67,008 70,882 73,376 (Loss) income from Operations (25,036) (4,560) (17,261) 3,880 6,818 Net (Loss) income (27,491) (9,020) (18,211) 6,969 8,704 Diluted Net (loss) income per Share $ (0.54) $ (0.17) $ (0.35) $ 0.13 $ 0.16 Cash and Cash Equivalents $ 56,793 $ 36,133 $ 28,201 $ 45,837 $ 52,154 Investments 51,188 39,582 35,863 30,798 31,826 Total Assets 188,940 180,940 180,232 177,474 190,774 Long-Term Debt — — — — — Total Shareholders’ Equity $ 117,149 $ 122,135 $ 111,700 $ 117,672 $ 133,351 Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: Some of the statements in this publication that are not historical facts are forward-looking statements. These forward-looking statements include statements concerning our plans, strategies, intentions and beliefs and are sometimes indicated by such words as believes, plans, hopes, expects, anticipates, or similar expressions. These statements are based on the information currently available to iGATE and the company assumes no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward-looking statements. These risks include, but are not limited to, the level of market demand for the services of iGATE and our partner companies, the highly-competitive market conditions that could cause our customers to reduce spending for our services, our ability to create, acquire, and build new businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks that are described in more detail in our filings with the Securities and Exchange Commission. Front cover: iGATE’s Bangalore Campus 2006 ANNUAL REPORT 1 STOCK PERFORMANCE CHART The following graph shows a comparison of the cumulative total return on the Company’s Common Stock during the period commencing on December 16, 1996, the date of the Company’s initial public offering and ended December 31, 2006, with the cumulative total return during such period for (i) the NASDAQ Composite Index and (ii) the Russell 2000 Index. The comparison assumes $100 was invested on December 16, 1996 in the Company’s stock and in each of the foregoing indices and assumes reinvestment of dividends, if any. Shareholder returns over the indicated period are based on historical data and should not be considered indicative of future shareholder returns. In prior year’s proxies and from the date of the Company’s initial public offering, the Russell 2000 Technology Index (“Technology Index”) was utilized as a comparative benchmark. As of December 31, 2006, the Technology Index was no longer published. As a result, the Company has included performance benchmarks for the Russell 2000 Index to replace the Technology. The Technology Index performance will be included through December 31, 2005 for comparative purposes. Total cumulative return for the Russell 2000 Index has been included commencing from the date of the Company’s initial public offering through December 31, 2006. $400 iGATE Corporation NASDAQ Composite $350 Russell 2000 Technology Index Russell 2000 $300 $250 $200 $150 $100 $50 $0 12/16/96 12/31/96 12/31/97 12/31/98 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 The Common Stock is currently traded in the NASDAQ NATIONAL MARKET tier of THE NASDAQ STOCK MARKET under the SYMBOL “IGTE”. NASDAQ Russell 2000 iGATE Russell 2000 Composite Technology Corporation Index December 16, 1996 $ 100 $ 100 $ 100 $ 100 Year ended December 31, 1996 102 102 127 103 Year ended December 31, 1997 125 103 212 125 Year ended December 31, 1998 174 115 382 120 Year ended December 31, 1999 323 237 330 144 Year ended December 31, 2000 196 141 38 138 Year ended December 31, 2001 155 109 55 139 Year ended December 31, 2002 106 59 35 109 Year ended December 31, 2003 159 96 105 159 Year ended December 31, 2004 173 92 54 186 Year ended December 31, 2005 175 90 65 178 Year ended December 31, 2006 192 — 92 181 2 iGATE CORPORATION DEAR iGATE SHAREHOLDER: We are very pleased to report another successful year, building on last year’s solid performance improvement. After returning our Sunil Wadhwani Ashok Trivedi Co-Chairman and Co-Chairman business to profitability in 2005, we established Chief Executive Officer and President goals of accelerating revenue growth, increasing the number of large corporate had 29 clients that generated clients, improving gross and at least one million dollars in operating profit margins and Operating profits annual revenue, compared with controlling our discretionary for 2006 reached their 19 at the end of 2005. costs. During the year, we highest level in more made significant progress on Gross profit margin for the year each of these goals. than seven years… improved, despite implemen- tation of FAS 123R related to Consolidated revenues for the the expensing of stock options and an year ended December 31, 2006, increased annual wage increase at our iGS subsidiary. 15% to $283.6 million, excluding revenues from our Canadian staffing operation that was sold in Operating profits for 2006 reached their highest November 2005. This was our strongest annual level in more than seven years and operating revenue growth rate in more than 7 years. profit margins improved more than 70% The revenue growth was driven largely by a compared to last year. Consolidated operating 23% revenue increase at our offshore services income increased 76% to $6.8 million in 2006 subsidiary, iGate Global Solutions (iGS), to compared with $3.9 million in 2005. $169.6 million from $138 million in 2005. Our iGS subsidiary reached an all-time high The improvement was principally the result of revenue level in the 2006 fourth quarter, making containing discretionary costs and realizing the the period its eighth consecutive quarter of significant operating leverage created by our sequential revenue growth. Our offshore subsidiary added 27 new clients during the year, of which 13 were large Global 2000 companies. At the end of the year, iGS The President of Carnegie Mellon addressing employees at our Bangalore campus. 2006 ANNUAL REPORT 3 solid revenue growth. We have become a more at year-end 2006 compared with 73 days efficient organization as our selling, general at year-end 2005. and administrative costs are at their lowest A hallmark of our business strategy has always levels in many years, despite our accelerating been to maintain a strong balance sheet. As of revenue growth. December 31, 2006, we had Net income for 2006 increased $84 million in cash and short- …we have added 68 new 25% to $8.7 million compared term investments and no with $7.0 million in 2005, our iGS clients, 39 of which outstanding borrowings. highest reported annual net are among the 2000 largest During the year, we continued income level since 1999. companies in the world. to add the resources Our cash flow remained strong necessary to sustain our in 2006, as we generated $14.5 million in cash revenue growth. As such, our total employee flow from operations, due largely to better base grew 17% to 6,900 at the end of 2006 working capital management as we reduced compared with 5,900 at the end of 2005. Days Sales Outstanding (DSOs) to 67 days 4 iGATE CORPORATION iGATE GLOBAL SOLUTIONS (IGS) Working with large global companies is a core compared with $2.0 million in 2005. In addition element of iGS’s strategy because these to the significant growth in operating profits, this companies offer significantly greater revenue business segment also generated $10.9 million growth opportunities. Over the past two years, in cash flow from operations during the year. we have added 68 new iGS clients, 39 of which We continue to invest in both are among the 2000 largest …quarterly revenue infrastructure and resources companies in the world. growth rate accelerated to meet the growing demand This strategy led to the steady for our offshore services. in each quarter and financial performance Our iGS subsidiary recently improvements at iGS during averaged nearly completed Phase III of its the year.
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