The company said in a press release that newly formed company will exclusively focus on helping clients rapidly develop, manage and support software for emerging cloud and enterprise mobility solutions in the connected world.

The transaction, which is approved by the boards of directors of both companies, will build upon the complementary strengths of each company to create a truly global leader in the transformation of software, connected devices and enterprise mobility.

The primary drivers of the combination are the growing influence of mobility and the cloud on software and software-enabled product development, and the rising adoption and enormous market opportunity of enterprise mobility.

“The strategy driving this merger is compelling,” said Dr. Romesh Wadhwani, founder, chairman and chief executive officer, Symphony Technology Group. “Enterprise software, cloud and mobile technologies are at the beginning of a significant convergence and transformation, changing the way products are built, commercialized and operated across service-provider networks, enterprise networks and an array of personal devices.

According to Wadhwani, this merger presents extraordinary opportunities for the combined company to accelerate its growth and creates a formidable industry competitor with the most comprehensive solution portfolio available.