Intelligroup to spin off its ISG to its shareholders

By : |November 7, 1999 0

BANGALORE: Intelligroup Inc., the parent company of Hyderabad-based Intelligroup Asia Pvt. Ltd., intends to spin off its Internet Solutions Group (ISG) to its shareholders, to address the e-business services market and to position the company for enhanced shareholder value.

The company has also announced a shift in focus of its core business into the broader application service provider (ASP) opportunity for customized e-commerce and enterprise applications implementation, management, support and hosting. The company expects to complete the spin-off by the first quarter of 2000, subject to regulatory approvals. This transaction is expected to be tax-free to shareholders.

“Intelligroup is now strategically positioned to take advantage of the enormous opportunities in e-business and the emerging ASP space. We believe that we can leverage our core strengths in these markets to deliver real value to customers, as well as our shareholders,” said Intelligroup co-CEO Raj Koneru.

ISG helps its clients achieve time-to- market through a lifecycle suite of Internet solutions services, from strategy, through design and implementation, to support and hosting. The company’s recently announced Internet Development Center in Hyderabad becomes part of this unit. Intelligroup’s ASP Plus solutions include the implementation, management and hosting of e-commerce solutions and enterprise applications, as well as myADVISOR(sm) offering that provides web-based customer-specific user support.

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