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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.
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Publication:Computergram International
Article Type:Brief Article
Geographic Code:9SING
Date:Dec 24, 2003
Words:105
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