Xius merges with Megasoft

CHENNAI: Xius, a telecom products company has merged with Megasoft, a solution provider in the BFSI, government and life sciences segment. The merged entity will be called Megasoft with GV Kumar, CEO of Xius, as its CEO and Jan Erik Boers, Chairman of Xius and Ravindra Sannareddy, Chairman and CEO of Megasoft, as the co-chairman.

According to Kumar, this is a convergence of product and services company and added that, "It is intended to create an IP-driven technology solution source for the global market in the verticals of telecom, BFSI and healthcare. Today customers demand for end to end solutions and not just programming." The merged company will now focus on Europe, Middle East, US and Russian markets.

Following the merger, the existing shareholders in Megasoft will get 60 percent of the shares in the new company and those in Xius will get 40 percent of the shares. The company expects to be rake in revenues of $50 million company in two years time.

In yet another move, Megasoft will be setting up its own technology park in Hyderabad with an investment of Rs60 crore. This park will come up in the six acres of land allotted to the company by Andhra Pradesh Government.

CyberMedia News Service