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 Scandent’s 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. Scandent’s founder and CEO Ramesh Vangal will head the new company up.
This article is based on material originally produced by ComputerWire.
