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Scandent Solutions Receives US$ 30 Million Funding From Merrill Lynch Subsidiary Investment to fund growth and expansion Bangalore, India – March 16, 2006: Scandent Solutions today announced that it has received an investment of US$30 million (Rs. 133.65 crores) from Indopark Holdings Limited, a wholly owned subsidiary of Merrill Lynch & Co. The investment is in the form of Convertible Bonds (CB) carrying a coupon of 5.22 % per annum. The CBs will be converted into common shares of Scandent Solutions at a price of Rs. 217 per share. Post the imminent merger of Scandent Solutions with its BPO arm, Cambridge Integrated Services, (and the conversion of the CB's) Indopark Holdings' stake in the merged entity will be around 5.55%. “We are very pleased to have a global leader like Merrill Lynch invest in our company,” said Chris Sinclair, Executive Chairman and CEO of Scandent Solutions. “This investment is vindication of the potential that our merger with Cambridge holds for the company and will fund our growth in an exciting and expanding outsourcing market-place.” Post its merger with Cambridge , Scandent will have combined revenues of close to $275 million a year, more than 3500 employees, 80 offices on four continents, and more than 2,000 clients. Among the company's clients are Fortune 500 firms including Bally Total Fitness, Corporate Express, DHL, John Deere, NASDAQ, Southwest Airlines and SWIFT; both U.S. and international state governments including the State of Tennessee, and Victoria and New South Wales (Australia) Work Cover Authorities; and international financial services companies including American Express, Bank of America, Citibank, J. P. Morgan and Lehman Brothers. The company was recently named one of the top three performing BPOs by Global Services media and neoIT, a leading offshore outsourcing advisory firm. About Scandent Solutions Corporation Ltd. The IT services of the firm include strategy, application implementation, software engineering and support solutions. BPO services focus on process consulting; transaction processing including mortgage application and renewal; medical billing; finance, accounting, and banking back office support; insurance claims administration and processing; inbound and outbound contact centers to support all of these activities; and other transaction processes that require knowledge-based decision making. On September 6, 2005 , the Board of Directors of Scandent Solutions decided to merge the company with Cambridge Services Holdings LLC. The merger is subject to the requisite regulatory and shareholder approvals. The resultant entity will be renamed as Cambridge Solutions Ltd. For more information about Scandent, visit www.scandentsolutions.com. Safe Harbor The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services and BPO, including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns in fixed price, fixed time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, etc. The company does not undertake to update any forward looking statement that may be made from time to time by or on behalf of the company. Media Contacts: Scandent Solutions Corp Ltd. Scandent Solutions Corp Ltd. Melissa Arulappan |
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