IGate (IGTE) 8-K Results of Operations and Financial Condition

Exhibit 99.1

iGATE Reports Strong Net Income Growth in 2008 Second Quarter

Pittsburgh, Pennsylvania – July 17, 2008 –iGATE Corporation (Nasdaq: IGTE), an integrated technology and operations (iTOPS) company, today announced its financial results for the three months ended June 30, 2008.

Second quarter highlights

• Diluted earnings from continuing operations were $0.15 per share, a 67% increase from last year’s second quarter adjusted for a $2.5 million one-time non-cash charge.

• In the iGATE Global Solutions segment, revenues were $55.6 million, a 15% increase from last year’s second quarter. The segment’s operating income of $8.1 million was up 620% from a year ago.

• Five new customers were added during the quarter by iGATE Global Solutions. Three of these are Fortune 1000 companies.

• iGATE and Royal Bank of Canada, Canada’s largest bank, won the “Best Financial Services” partnership award in the Everest Group’s distinguished 2008 Outsourcing Excellence Awards.

• The proposed spin-off to iGATE shareholders of the Professional Services segment, which will be renamed Mastech Holdings, Inc., is proceeding smoothly, and is expected to be completed during the third quarter. Mastech Holdings, Inc. filed a Form 10 registration statement with the SEC on June 11, 2008, and is currently responding to the SEC’s comments.

“While conditions in the global economic environment were challenging, we maintained our customer acquisition momentum through iTOPS projects,” said Phaneesh Murthy, Chief Executive Officer of iGATE Corporation. “We believe that particularly in challenging economic times like these, our outcome-price based iTOPS model is increasingly more appealing to customers.”

“We are pleased with our margin performance during the second quarter, as better management of SG&A costs has helped offset annual salary increases,” said Ramachandran Natesan, Chief Financial Officer of iGATE Corporation.

Operating results

iGATE Global Solutions

The segment’s revenues for the quarter were $55.6 million, compared to $48.6 million in the corresponding period last year and $54.9 million in the previous quarter. iGATE Global Solutions’ gross profit margin was 36% compared to 31% a year ago. Operating income for the quarter was $8.1 million, compared with $1.1 million in the same period last year and $6.7 million in the previous quarter. The operating margin was 15% of revenue, compared with 2% a year ago. Last year’s second quarter was impacted by a goodwill impairment charge of $1.9 million related to the LoanPro acquisition.

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For the first half of 2008, iGATE Global Solutions revenues were $110.5 million, compared with $96.4 million in last year’s first half. The segment’s operating income was $14.8 million, compared with $5.4 million a year ago.

Key customer wins and significant projects executed

A Fortune 500 entertainment company has engaged iGATE to manage its news, information and entertainment content from production to distribution. iGATE is implementing a Digital Asset Management system to enable the client to search and view content across the organization, reduce the operating cost of distribution and maximize its revenue stream with a rich library of digital assets.

A large pension fund company in Europe has engaged iGATE to provide equity research and data analytics for FTSE100 companies. iGATE is responsible for data collection, data analysis, data input and quality checks.

iGATE won a multi-year deal from one of the largest food and beverage companies in North America to provide data collection, analysis, management and validation services for new applications that are a part of the client’s overall Product Lifecycle Management (PLM) strategy.

iGATE has added another leading Canadian financial services company to its client base and will be implementing a platform that will provide reporting and modeling for global securities holdings across the organization’s various legal entities.

A US-based leading construction material manufacturing company selected iGATE to provide data management to its customer fulfillment division. As part of the deal, iGATE will support the client’s Customer Sales Order organization around areas like inventory, database management and process optimization.

A leading consumer electronics retailer in North America selected iGATE to provide support for its procurement functions. iGATE will provide services around transaction processing, data management and reporting, order and vendor management.

Additional quarterly highlights

• iGATE was named to The Black Book of Outsourcing’s prestigious 2008 list of “50 Best Managed Global Outsourcing Vendors,” and ranked No 6 in The Black Book of Outsourcing 2008 Top 10 Knowledge Process Outsourcers (KPO).

• The company officially began operations in June at its new $2 million Information and Communication Technology facility in Ballarat in the State of Victoria, Australia.

• iGATE announced an expansion of its global delivery facility in Chennai, India. The expanded facility will include a new Media and Entertainment Centre of Excellence.

iGATE Professional Services

Revenues for the quarter declined to $24.4 million compared to $27.0 million in the same period last year and $24.9 million in the previous quarter. The segment’s gross profit

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margin for the second quarter was 19% compared to 22% in the corresponding quarter last year. Operating income declined to $1.7 million from $2.3 million in the same period last year and $1.3 million in the previous quarter.

For the first half of 2008, iGATE Professional Services reported revenues of $49.3 million, compared with $54.1 million in the six-month period last year. Operating income for the first half was $3.0 million, compared with $4.5 million a year ago.

Overall

Consolidated revenues increased 6% to $80.0 million compared to $75.6 million in the second quarter of last year. For the first half of 2008, the consolidated revenues stood at $159.8 million, compared with $150.5 million in last year’s first half.

Net income from continuing operations for the second quarter was $8.5 million, or $0.15 per diluted share, compared with $2.3 million, or $0.04 per diluted share a year ago. For the first six months of 2008, net income from continuing operations was $15.9 million, or $0.29 per diluted share, compared with $6.9 million, or $0.13 per diluted share, in last year’s first half.

The company’s operating cash flow for the first half of 2008 was $23.1 million. As of June 30, 2008, the company’s balance sheet remained strong, with $61.3 million in cash and short-term investments, no debt, and $155.9 million in shareholders’ equity.

Mr. Murthy concluded, “With the impending sale of our Clinical Research business and the expected spin-off of Professional Services in the immediate future, we are well on our way to completing the restructuring of iGATE as a ‘pure play’ in the higher-margin IT services and solutions arena. In particular, in the years ahead we believe iGATE is increasingly well-positioned to carve out a leadership role at the intersection of business process outsourcing (BPO) and traditional IT services with our unique iTOPS business model. Looking ahead, while we are satisfied that our cost containment measures are working and that we have strong fiscal practices, we will continue to press to enhance top-line growth through active marketing of our iTOPS model.”

Conference Call and Webcast

iGATE will host a telephonic conference call to discuss the company’s second quarter financial results at 8:00 a.m. Eastern Time (USA) on Friday, July 18, 2008. A live webcast of this conference call will also be available in the Investor Relations section of the company’s website (www.igate.com). The webcast will remain available for replay through July 25, 2008.

About iGATE Corporation

Pittsburgh, Pennsylvania-based iGATE Corporation (Nasdaq: IGTE) is the first fully integrated technology and operations firm with a global service model. iGATE Corporation, through its subsidiary, iGATE Global Solutions Ltd., enables clients to optimize their business through a combination of process investment strategies, technology leverage and business process outsourcing and provisioning. Services

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include consulting, enterprise data management and data warehousing, business intelligence and analytics, design, development, systems integration, package evaluation, and implementation, re-engineering and maintenance. iGATE Corporation also offers IT Professional Services in the areas of packaged application implementation, custom development, web services and business intelligence. The company services more than 300 clients across the globe. Clients rely on iGATE because of the high quality of service, responsiveness, and cost-effective global reach. More information about iGATE is available at http://www.igate.com/investors.html.

Forward-Looking Statements

Some of the statements contained in this news release that are not historical facts are forward-looking statements. These forward-looking statements include the company’s financial, growth and liquidity projections as well as statements concerning the company’s plans, strategies, intentions and beliefs concerning business cash flows, costs and the markets in which it operates and the proposed divestiture of its Professional Services business. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects” and similar expressions are intended to identify certain forward-looking statements. These statements are based on information currently available to the company and it assumes no obligation to update the forward statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from the forward-looking statements. These risks include, but are not limited to, the company’s ability to predict its financial performance, the level of market demand for its services, the highly-competitive market for the types of services offered by the company, the impact of competitive factors on profit margins, market conditions that could cause the company’s customers to reduce their spending for its services, the company’s ability to create, acquire and build new businesses and to grow existing businesses, attract and retain qualified personnel, reduce costs and conserve cash, currency fluctuations and market conditions in India and elsewhere around the world, political and military tensions in India and South Asia, changes in generally accepted accounting principles and/or their interpretation and other risks that are described in more detail in the company’s filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2007.

Media Contact:

Subramanyam Rathnam

+1 510-402-7354

subramanyam.rathnam@igate.com

Investor Contact:

Salil Ravindran

+1 510-896-3015

salil.ravindran@igate.com

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iGATE CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(dollars in thousands)

	June 30, 2008			December 31, 2007
	(unaudited)			(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	27,606		$	49,632
Short term investments		33,724			25,295
Accounts receivable, net		58,565			51,616
Prepaid and other current assets		5,428			10,248
Prepaid income taxes		—			894
Deferred income taxes		722			696
Current assets of discontinued operations		1,945			1,119
Total current assets		127,990			139,500
Investments in unconsolidated affiliates		60			1,005
Deposits		2,995			2,148
Land, building, equipment and leasehold improvements, net		35,216			34,663
Deferred income taxes		4,458			—
Goodwill		33,912			35,989
Intangible assets, net		2,998			1,003
Noncurrent assets of discontinued operations		1,643			1,627
Total assets	$	209,272		$	215,935
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,405		$	6,090
Accrued payroll and related costs		18,062			18,502
Accrued income taxes		848			631
Other current liabilities		25,919			18,555
Restructuring reserve		575			1,058
Deferred revenue		387			536
Current liabilities of discontinued operations		1,486			510
Total current liabilities		51,682			45,882
Other long term liabilities		738			536
Deferred income taxes		961			7,114
Noncurrent liabilities of discontinued operations		—			—
Total liabilities		53,381			53,532
Minority interest		—			6,437
Shareholders’ equity:
Common Stock, par value $0.01 per share		548			546
Additional paid-in capital		169,221			165,757
Retained earnings (deficit)		9,790			(6,026	)
Common stock in treasury, at cost		(14,714	)		(14,714	)
Accumulated other comprehensive income		(8,954	)		10,403
Total shareholders’ equity		155,891			155,966
Total liabilities and shareholders’ equity	$	209,272		$	215,935

iGATE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars and shares in thousands, except per share data)

(unaudited)

	Three Months ended						Six Months Ended
	June 30, 2008			June 30, 2007			June 30, 2008			June 30, 2007
Revenues	$	80,047		$	75,612		$	159,844		$	150,529
Cost of revenues		55,446			54,501			109,943			107,975
Gross margin		24,601			21,111			49,901			42,554
Selling, general and administrative		13,342			15,200			28,819			29,457
Depreciation and amortization		2,783			2,698			6,057			5,321
Goodwill impairment		—			1,950			—			1,950
Income from operations		8,476			1,263			15,025			5,826
Other income, net		931			2,509			2,256			4,019
Minority interest		(78	)		(418	)		(371	)		(1,313	)
Loss on venture investments		—			(600	)		—			(600	)
Equity in (loss) income of affiliated companies		(16	)		78			(25	)		127
Income before income taxes		9,313			2,832			16,885			8,059
Income tax expense		768			527			942			1,145
Income from continuing operations		8,545			2,305			15,943			6,914
Loss from discontinued operations, net of income taxes		(137	)		(233	)		(127	)		(515	)
Net income	$	8,408		$	2,072		$	15,816		$	6,399
Net earnings (loss) per common share, Basic:
Earnings from continuing operations	$	0.16		$	0.04		$	0.30		$	0.13
Loss from discontinued operations		—			—			(0.01	)		(0.01	)
Net earnings—Basic	$	0.16		$	0.04		$	0.29		$	0.12
Net earnings (loss) per common share, Diluted:
Earnings from continuing operations	$	0.15		$	0.04		$	0.29		$	0.13
Loss from discontinued operations		—			—			—			(0.01	)
Net earnings—Diluted	$	0.15		$	0.04		$	0.29		$	0.12
Weighted average common shares outstanding, Basic		53,774			53,178			53,717			53,125
Weighted average dilutive common equivalent shares outstanding		55,359			53,754			55,254			53,704

iGATE CORPORATION

OPERATING SEGMENT RESULTS

(dollars in thousands)

(unaudited)

Three Months Ended June 30, 2008	iGate Solutions		iGate Professional Services		iGate Shared Services			Total
External revenues	$	55,621	$	24,426	$	—		$	80,047
Cost of revenues		35,781		19,665		—			55,446
Gross margin		19,840		4,761		—			24,601
Selling, general and administrative		11,744		3,086		1,295			16,125
Income (loss) from operations	$	8,096	$	1,675		(1,295	)		8,476
Other income, net						931			931
Minority interest						(78	)		(78	)
Equity in loss of affiliated companies						(16	)		(16	)
(Loss) income before income taxes					$	(458	)	$	9,313
Six Months Ended June 30, 2008	iGate Solutions		iGate Professional Services		iGate Shared Services			Total
External revenues	$	110,496	$	49,348	$	—		$	159,844
Cost of revenues		70,292		39,651		—			109,943
Gross margin		40,204		9,697		—			49,901
Selling, general and administrative		25,413		6,700		2,763			34,876
Income (loss) from operations	$	14,791	$	2,997		(2,763	)		15,025
Other income, net						2,256			2,256
Minority interest						(371	)		(371	)
Equity in loss of affiliated companies						(25	)		(25	)
(Loss) income before income taxes					$	(903	)	$	16,885
Three Months Ended March 31, 2008	iGate Solutions		iGate Professional Services		iGate Shared Services			Total
External revenues	$	54,875	$	24,922	$	—		$	79,797
Cost of revenues		34,511		19,986		—			54,497
Gross margin		20,364		4,936		—			25,300
Selling, general and administrative		13,669		3,614		1,468			18,751
Income (loss) from operations	$	6,695	$	1,322		(1,468	)		6,549
Other income, net						1,325			1,325
Minority interest						(293	)		(293	)
Equity in loss of affiliated companies						(9	)		(9	)
(Loss) income before income taxes					$	(445	)	$	7,572
Three Months Ended June 30, 2007	iGate Solutions		iGate Professional Services		iGate Shared Services			Total
External revenues	$	48,573	$	27,039	$	—		$	75,612
Cost of revenues		33,425		21,076		—			54,501
Gross margin		15,148		5,963		—			21,111
Selling, general and administrative		12,074		3,672		2,152			17,898
Goodwill impairment		1,950		—		—			1,950
Income (loss) from operations	$	1,124	$	2,291		(2,152	)		1,263
Other income, net						2,509			2,509
Minority interest						(418	)		(418	)
Loss on venture investments						(600	)		(600	)
Equity in income of affiliated companies						78			78
(Loss) income before income taxes					$	(583	)	$	2,832