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Scandent Solutions set to list next week

V. Rishi Kumar

Hyderabad , March 4

SCANDENT Solutions Corporation is all set to list on four stock exchanges of Mumbai, Ahmedabad, Chennai and the National Stock Exchange.

The company management has sewn up plans for organic growth that would see it scaling up its manpower from about 1,200 now with the addition of about 500 more people this year and possibly invest about $1.5 million in the Chennai facility.

The Chief Executive Officer of Scandent, Mr Dilip Keshu, who is based out of the US, spoke to Business Line during his visit to India ahead of the company's listing.

"We have received all necessary approvals and expect to list on these four stock exchanges within a week. The company has grown over the years with an average growth rate of over 40 per cent and we expect to achieve similar strike rate this year, if the performance of last quarter is any indication."

Explaining the company's plans for expansion and growth, Mr Keshu said Scandent Solutions built on frameworks centre around three key verticals of banking, financial services and insurance (BFSI) — manufacturing and logistics and Government. Manufacturing and logistics account for 43 per cent of the business, followed by Government (28 per cent) and BFSI (27 per cent). The company is set to close by about $60 million in revenues this year.

"We have embarked on a process to incubate three more key verticals of legal services, education services with focus on corporate segment and high-tech space that addresses software development tools. Together these six verticals will form the key areas of growth for the company," he said.

Scandent acquired the IT services business of SSI Ltd. Following court approvals, the IT services arm of SSI was demerged and has since become part of Scandent. The SEBI has since accorded Scandent the necessary approvals for listing on these four bourses. While Scandent promoters own 42 per cent of the total equity, SSI promoters 13 per cent and the rest 45 per cent is with the general public. Every SSI share will now be a Scandent share.

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