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IdeaSpace set to merge with Quintant
By siliconindia
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Wednesday, 13 August 2003, 19:30 IST
IdeaSpace set to merge with Quintant
BANGALORE: The Rs 1,400-crore Hyderabad-based GMR Group is all set to exit from all its IT businesses.
It recently sold its 51 per cent stake in Quintant, the business service provisioning firm (BSP), to iGate Global Solutions for $19 million in cash. It now plans to merge IdeaSpace with Quintant.
GMR holds 84.68 per cent stake in IdeaSpace, the Bangalore-based IT services company. Public and private corporates hold 7.84 and 7.48 per cent respectively. This April, IdeaSpace had applied to BSE for delisting its shares.
GMR is said to be exiting IT business to fund its growth in infrastructure space. Company sources said the group is not sure of staying in the IT sector and the delisting option was considered to protect the interest of minority shareholders of IdeaSpace. They, however, declined to disclose the amount they expect their shareholding to fetch.
IdeaSpace offers IT solutions for the financial services industry. Core banking software, data centre service, IT infrastructure outsourcing, and system integration are its offerings. ING Vysya Bank is its prime customer.
It was launched in 2000-01 and has on its rolls 200 employees, including around 30 employees from ING Vysya Bank.