Glodyne’s board approves merger with Compulink

By : |October 29, 2009 0

MUMBAI, INDIA: Glodyne Technoserve Limited, a Technology Management Services Company reported today that the board has approved the merger of Compulink Systems Limited, a project management software services player, headquartered in Pune with the company.

Glodyne Technoserve has been expanding its managed services portfolio, and project management space which as per Project Management Institute (PMI) is expected to be worth around $6 billion. The merger offers Glodyne to leverage on Compulink’s strong IPRs and add valuable client relationships.

Compulink is a leader in the Project Management Software Services space, having built the very recognized and respected ‘Whizible’ suite for various sectors. It has over the last decade built strong relationships with more than 200 clients in the Manufacturing, IT services, BFSI and Microfinance sector across India, APAC and USA. Some of the clients that use Compulink’s products and services are Accenture, Wipro, John Deere, ABB, TATA group, ICICI Bank, Barclays Bank, SBI Life, etc.

Sarnaaik, chairman and MD, Glodyne Technoserve said, “Compulink merger is a strategic initiative to add project management offerings to our managed services portfolio. It also offers Glodyne an opportunity to leverage on Compulink’s strong IPR’s across sectors to enhance its client offerings.”

Uday Kothari, co-founder and chairman, Compulink Systems Limited said, “We hope to compliment Glodyne’s Technology Managed Services capabilities with our project management and delivery skills. With Glodyne’s financial strength and presence in the India and US market, we will be able to expand services in these markets.”

The merger would be through a scheme of amalgamation. The appointed date of the scheme will be April 1, 2009, said the release.

The share swap ratio would be 1 share of Rs.10 each fully paid up of Glodyne Technoserve Limited for every 19 equity shares of Rs.10 each fully paid up held in Compulink Systems Limited as on the record date in the Scheme. This swap ratio is based on the valuation report and the recommendations made by independent valuer and fairness opinion of independent merchant banker, added the release.

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