SSI and Scandent Merge Services Arms.
Indian software and services firm SSI Ltd is to merge its IT
services business with that of Singaporean rival Scandent Group. In a
bid to compete against larger offshore rivals, Chennai-based SSI will
spin off its software services business as a separately listed company on the stock market, and ScandentEs IT services division will then be
merged into the unit. Following the deal, SSI and Singapore-based
Scandent will each hold an equal stake in the merged firm, which will
have annual revenue of $60m and a workforce of 1,100 people. The new
company will be headed up by ScandentEs founder and CEO Ramesh Vangal.