MUMBAI: US-based customer service and tech support company Stream International, has entered into an arrangement with Mumbai-based Infowavz, whereby the management of Stream's Indian operations has been taken over by the management team of Infowavz.
According to available information, Infowavz CEO, Zia Sheikh will also double up as the CEO of Stream India. Similarly, all other top executives of Infowavz-MD and CTO, Vineet Mittal, training and quality head, Diana Christina and business development head Washim Sheikh -will oversee the same functions in Stream India as well.
However, the details of partnership, the financial stakes if any, and whether the arrangement will finally lead to a merger of the two entities, was not immediately known.
While Sheikh, CEO of both the companies, confirmed the news about the partnership, he declined to give any further details.
It may be recalled that Stream India, previously known as Stream Tracmail was a joint venture of Stream with Tracmail. In a management buyout in July 2003, HIG Capital, a private equity firm, bought out Stream from Solectron that had acquired it in 2001.
While industry sources confirmed that HIG Capital is close to announce a financial stake in Infowavz, the news could not be confirmed till the time of filing of this report.
CyberMedia News