Scandent Solutions Corporation Limited Now Named Cambridge Solutions Ltd.

Company Ranks as the Largest Listed BPO-Centric Company on the Indian Stock Exchange
Leads Industry in Knowledge-Based Outsourcing with a Strong Focus in IT

Bangalore – June 30, 2006: Scandent Solutions Corporation Limited today announced that the company will now be known as Cambridge Solutions Ltd. This name change is a result of the merger between Scandent Solutions Corporation Ltd., an information technology solutions firm, and Cambridge Holdings LLC., a knowledge-based business processing outsourcing firm that was approved on March 12, 2006. The new entity, Cambridge Solutions Ltd., is now one of the leading knowledge-based BPO and IT firms with an unparalleled expertise in insurance and financial services.

“Cambridge Solutions offers firms the comprehensive mix of onshore and offshore options that bridge the gap between where they are today, and where they need to be tomorrow,” said Chris Sinclair, executive chairman and CEO of Cambridge Solutions Ltd. “Cambridge Solutions has now become one of the few firms that can offer companies a single source for both BPO services and IT through an integrated global delivery model.”

Cambridge’s specialization in knowledge-based BPO and depth in insurance, banking and financial services pushes the company to a market position as the second largest BPO revenue generator, and the industry leader in the outsourcing of more complex, knowledge-based services.

The company has formed an innovative knowledge partnership with Standard Chartered subsidiary, Scope International, for the banking and financial sector worldwide. The partnership combines Cambridge’s onshore presence in the banks’ host country and expertise in strategic global outsourcing with Scope International’s mature offshored operations and experience, know-how and credibility in financial services BPO. The liaison provides an ideal solution for banks to increase their profitability and focus their resources on growth and continued success.

Cambridge Solutions Ltd. will be traded publicly on the Indian stock exchanges with revenues of close to $267 million, more than 3,500 employees, 82 offices on four continents, and more than 2,000 clients (including Fortune 500 companies).

The members of the board of Cambridge Solutions Ltd, lead by Chris Sinclair, executive chairman and CEO; include Satyen Patel, executive vice chairman; Dilip Keshu, corporate strategy and development officer; Shobhan Thakore; Kunal Kashyap; Sunil Kolangara; David Greenberg and Gene Beard (see profiles below for additional information).

An integrated brand and corporate identity program has been launched to communicate Cambridge’s positioning to a wide range of audiences worldwide. Cambridge’s brand promises to take companies where they need to be by bridging the gap between finite resources and superior performance.

About Cambridge Solutions Ltd.
Cambridge Solutions Ltd. (HQ: Bangalore, India; USHQ: Greenwich, CT.) is a strategic global outsourcing firm with deep expertise in:

IT business consulting, application implementation, software engineering, maintenance and support services
Business process outsourcing (BPO) for insurance, banking and financial services companies; process consulting; transaction processing, finance and accounting back office support; claims and risk management services; inbound and outbound contact centers to support all of these activities; and other processes that require knowledge-based decision making.

With offices in the USA, UK, India Singapore, and Australia, Cambridge will serve Fortune 500 firms and international financial services companies. Cambridge 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. For more information, visit: www.cambridgeworldwide.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.

Cambridge Solutions Ltd. Board of Directors

CHRIS SINCLAIR, Executive Chairman and CEO
Chris Sinclair is a founder and chairman of Scandent Group, the executive chairman and CEO of Cambridge Solutions and Cambridge Integrated Services. Mr. Sinclair was instrumental in building PepsiCo’s international franchise as chairman and chief executive officer of Pepsi-Cola Company, as well as PepsiCo Food and Beverage International. Through his various executive roles at PepsiCo, from 1984 to the mid 1990s, he orchestrated the global brand success, building significant shareholder value and increasing market share.

Following his tenure at PepsiCo, Mr. Sinclair was president and chief executive officer of Quality Food, Inc. (NYSE), a U.S. west coast supermarket chain backed by Sam Zell’s Equity Group. Through Mr. Sinclair’s 18-month acquisition / growth strategy, Quality Food expanded rapidly and was successfully sold to Fred Meyer, Inc. More recently, Mr. Sinclair also led the financial restructuring of Caribiner International, Inc. (NYSE) as chairman and CEO of this Warburg Pincus sponsored global business communications company. Mr. Sinclair currently serves as a board member of Mattel

SATYEN PATEL, Director
Satyen Patel is a founder and vice chairman of Scandent Group, and the executive vice chairman and of Cambridge Solutions and Cambridge Integrated Services. Mr. Patel was the former managing director of Nike / South East Asia, former director international business development for Pepsi-Cola International, director strategic business development for Grand Met / Pillsbury in Minneapolis and a former board member of 3i plc Asia Pacific.

DILIP KESHU, Director
Dilip Keshu is Chief Strategy and Corporate Development Officer for Cambridge Solutions Ltd. Prior to this role he was the CEO of the IT division of Cambridge Solutions. Mr. Keshu has been an entrepreneur; former president of DACG Asia Pacific; Far East vice president and managing director of Baan Asia Pacific, and managing director of Cincom Systems in Asia.

EUGENE BEARD, Director
As the current chairman and CEO of Westport Asset Fund, and the retired vice chairman of Interpublic Group, Mr. Beard brings a deep financial expertise to Cambridge Solutions’ already impressive board. He is on the Board of Directors for Catalina Marketing Corporation and Mattel, Inc. Mr. Beard is also on the Board of Brown Brothers Harriman 59 Wall Street Funds and Bessember Trust Old Westbury Funds. He has been featured in Global Finance’s CFO Superstars, Investors Relations, Treasury Magazine, Forbes, Corporate Finance, Institutional Investor and Business Week.

DAVID GREENBERG, Director
As the current Chief Financial Officer and head of the Americas Operation Center for the Global Large Corporate Unit of Aon, the second largest insurance broker in the world, Mr. Greenberg’s experience and industry relationships will be invaluable to Cambridge Solutions Ltd. He is also a general trustee of the Lincoln Academy of Illinois, to which he was appointed by the Governor of Illinois. Mr. Greenberg practiced transactional law at Gardner Carton & Douglas and spent a year as managing director with C.B. Campbell & Associates, an Investment Banking boutique. Greenberg graduated with a BA in Economics from the University of Illinois/Champaign-Urbana, and obtained a JD with honors from IIT/Chicago Kent College of Law, in 1991.

KUNAL KASHYAP, Director
Mr. Kashyap was ex-managing partner of Arthur Andersen and CFO (APAC) of Digital Corporation. He has more than 15 years of experience in building and managing large organizations. Mr. Kashyap is a member of the board for major Companies such as, GlaxoSmithKline, MetLife India, Duphar Interfran, and Corporate Voice Shandwick. He has expertise in corporate finance and the Indian tax and legal system. Mr. Kashyap has been involved in key transactions for MetLife, Biocon, Alstom, Nicholas, and GlaxoSmithKline.

SUNIL KOLANGARA, Director
Mr. Kolangara has over 12 years of professional experience in the areas of asset management and capital markets. He is currently a director with UTI Ventures, working with them for eight years where he was responsible for project finance, credit rating, primary market investments, equity research and as an offshore fund manager of the "India IT Fund". He was previously with Infosys Technologies, where he was a principal consultant in the financial securities domain.

SHOBHAN THAKORE, Director
Mr. Thakore has advised in the establishment of several leading Indian companies on corporate law and related legislations and technology agreements for more than three decades. He is currently a senior partner with AZB & Partners and has held positions at Bhaishanker Kanga & Girdharlal and Advocates & Solicitors. Mr. Thakore is a solicitor, Supreme Court of England and Wales; solicitor, High Court, Bombay; advocate, India.

Media Contacts:

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

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

Cambridge Solutions Ltd.
Tracy Mock
Phone: (1) 847-543-1681
tracy.mock@cambridge-na.com

Back to Press Releases