Mumbai: Scandent Solutions Corp Ltd. today announced that its mergr with Cambridge Holdings LLC., a knowledge-based business processing outsourcing firm, has been approved by the Karnataka High Court.
The resultant company, to be named Cambridge Solutions Ltd., will be one of the leading knowledge-based IT and BPO firms with expertise in insurance and financial services.
The combined turnover of the new entity will be close to $275 million (Rs1,230 crore).
"With this merger, Cambridge Solutions Ltd. will be uniquely positioned to offer clients a synergistic combination of IT and BPO solutions through an integrated global delivery model," said Chris Sinclair, executive chairman and CEO of Cambridge Solutions Ltd. "The larger global footprint and an enhanced portfolio of services combined with a higher combined turnover, gives us the leverage to target a larger base of customers across segments."
The management team of Cambridge Solutions Ltd. will be led by Sinclair, executive chairman and CEO; Satyen Patel, executive vice chairman; Richard Gros, executive vice president, global human resources; Pradeep Chaudhry, senior vice president / financial controller; and Dilip Keshu, chief strategy and corporate development officer.
The merged company's international business model will launch the next generation of strategic global outsourcing.
A recent study by the Indian National Association of Software and Service Companies (NASSCOM) and McKinsey, estimates that the Indian IT and BPO industry will continue its rapid growth at the rate of 25 per cent a year, reaching $300 billion by 2010. Forrester Research predicts that 64 per cent of companies going offshore will adopt an indirect engagement approach, hiring firms like Cambridge Solutions which provide all the benefits of off-shoring while minimising any risks. Cambridge's combination of knowledge-based process improvement and lowered costs can save companies up to 60 percent.
As a company focused in knowledge process putsourcing (KPO), 93 per cent of Cambridge's services are high-end knowledge-based processes in verticals that include insurance and financial services. With in-depth knowledge of their client's business, Cambridge's employees are empowered to make more than $3 billion in payout decisions for clients annually.
With Cambridge's integrated global delivery network, companies can scale up or down depending on market needs, keeping costs low while achieving higher quality levels in services and productivity. Cambridge is also the outsourcing company to offer a strong presence in the client's home country. Consequently, communication and efficiency is improved and the risks associated with outsourcing are minimized.
Cambridge Solutions Ltd. will be traded publicly on the Indian stock exchanges and will have revenues of close to $275 million a year, more than 3,500 employees, 82 offices on four continents, and more than 2,000 clients. Cambridge Solutions says that it is due to be listed in Fortune Magazine's 'Offshore 100' list.
An integrated brand and corporate identity programme will be launched to communicate Cambridge's positioning to a wide range of audiences in all corners of the globe. A new logo and marketing materials, international advertising campaign, and global public relations outreach communicates both visually and verbally how Cambridge is the bridge for companies to realise their vision for success. The company's brand promises to take companies where they need to be by bridging the gap between finite resources and superior performance.
International headquarters of Cambridge Solutions Ltd. will be in Bangalore, India and the US. headquarters in Greenwich, Connecticut. Regional offices will be in the United Kingdom, India, Australia, and Singapore.
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