London: The Logica name is set to be "retired" and CEO Andy Green will leave the company when the takeover of Logica, the oldest indigenous UK IT consultancy, by Canada's CGI is confirmed on Monday.
Logica would not confirm the details of an internal memo leaked to The Times, but Green's departure seems inevitable.
Green has been CEO of the company since 2008. Before that he was head of BT's Global Services division. He had said he would stay with Logica after the CGI the acquisition.
Gary Bullard, CEO of Logica's UK operations since September 2011 is expected to leave too. He will be replaced by Tim Gregory, currently head of CGI's European division.
Anthony Miller of research group TechMarketView said that the acquisition of Logica by CGI is "a sad, sad, indictment of what has been allowed to happen to the UK IT industry. When Logica goes, there won't be any UK-owned sizeable IT services companies left, and that's a shame."
Last month CGI reported fiscal 2012 third quarter revenue of $1.1 billion compared with $1.0 billion in the same period a year ago, an increase of 5.1%, driven primarily by strong growth in the company's US operations.
Net earnings were $87.2 million or 8.2% of revenue, and show the impact of the Logica acquisition.
"We continue seeing a positive growth trend particularly in the US which grew by 18.4% year-over-year in Q3," said Michael Roach, President and Chief Executive Officer.
"Our continuing ability to generate significant cash from operations positions us to fully meet our strategic and financial commitments, including the transformational business combination with Logica."