Scandent Solutions and SWIFT Report Success Of First Service Bureau

Bangalore, India – May 10, 2006: Scandent Solutions, one of the largest knowledge-based IT and BPO firms in the world with expertise in insurance and financial services, reported today the success of the first SWIFT (Society for Worldwide Interbank Financial Telecommunication) Service Bureau that supplies secure messaging services and interface software to financial entities worldwide.

“With 200% growth in the revenues since the formal launch last year and 14 banks in 5 countries signing up for services within the last three quarters, the Service Bureau is very successful and significantly contributes to the growth of the SWIFT business unit,” said Charles Legrand, regional head, SWIFT. “Scandent Solutions’ Service Bureau offering is a critical addition to the SWIFT connectivity platform that strengthens our overall SWIFTNet based service offering.”

The Service Bureau is an extension of the ongoing business and service partnership Scandent has with SWIFT.  Through this partnership, Scandent has provided sales support and education services across a wide range of SWIFT products to over 150 banks. By leveraging its strong SWIFT expertise and customer relationships, Scandent commissioned the first-ever ‘SWIFT Service Bureau’ with the approval from the board of directors of SWIFT, Belgium.

The SWIFT Service Bureau aims at increasing the operational efficiency and global cost savings through the outsourcing of connectivity and data processing. The development of facilities management services and integrated banking solutions have reinforced the need for such platforms which enable smaller groups of users to share the hardware and operating costs of their SWIFT connections.

About Scandent Solutions Corporation Ltd.
Scandent is a broad based IT services company that offers business consulting, application implementation, software engineering, maintenance and support services.  It is promoted by Scandent Group, which has in its fold IT (Scandent Solutions) and BPO (Cambridge) companies that collectively employ over 3,500 professionals serving customers on 4 continents through over 70 locations worldwide. Scandent strives to deliver differentiated solutions with impeccable quality.

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. 

With offices in the U.S.A., U.K., India, Singapore and Australia, Scandent serves Fortune 500 firms, insurance and financial services companies, and public entities around the world.  The company’s BPO subsidiary, Cambridge Integrated Services, was named one of the top three performing BPO companies by Global Services media and neoIT, a leading offshore outsourcing advisory firm, in 2006, and was recently ranked as the 28th leading outsourcing company in the world in the International Association of Outsourcing Professionals (IAOP)’s “2006 Global Outsourcing 100” list, that appeared in a special advertising section in Fortune Magazine.

On March 13, 2006, the Honorable High Court of Karnataka approved the merger between Scandent Solutions Corp. Ltd., and Cambridge Services Holdings, LLC. The resultant merged entity is being renamed as Cambridge Solutions Ltd.

For more information, visit: www.cambridgesolutionsltd.com.

Safe Harbor
Certain statements in this release are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. 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, 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.

About SWIFT
SWIFT is the industry-owned co-operative supplying secure, standardized messaging services and interface software to over 7,800 financial institutions in more than 200 countries. The SWIFT community includes banks, broker/dealers and investment managers, as well as their market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have been reduced over 70%, and system availability approaches 5x9 reliability — 99.999% of uptime.

Media Contacts:

Melissa Arulappan
Corporate Voice|Weber Shandwick
Phone: (91)-98450-22389
melissa@corvoshandwick.co.in

Scandent Solutions Corp Ltd.
Pradeep Chaudhry, CFO
Phone: (91)-98860-10174
pradeep.chaudhry@scandent.com

Scandent Solutions Corp. Ltd.
Satyen Patel, Exec Vice Chairman
Phone: (91)-99456-89631
satyen.patel@scandent.com

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