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Our Bureau

Hyderabad , Feb. 24

STI Knowledge, a US-based healthcare business process outsourcing services provider, has announced the acquisition of Symphony Data Corporation, in a cash-cum-stock deal valued at about $8 million.

The company plans to synergise these operations across locations in the US and India, reverse merge the US company and possibly take the initial public offer route in the next 18-24 months.

Addressing a press conference here today, the founder and Chief Executive Officer of STI Knowledge, Mr Satish K. Sanan, said that this would be a win-win situation for both the companies. "While we would get the Indian offshoring advantage, Symphony Data would benefit from the strong presence in the US".

"Since both have businesses complement one another in the area of healthcare-related services, this would become a right strategic fit for both the companies. We are also considering two more acquisitions during this year," said Mr Sanan, who was responsible for founding IMR Global and taking it public with a market capitalisation of $1.6 billion.

The Chief Operating Officer of Symphony Data, Mr Ram Davaloor, said: "We have grown to about 400 people across centres in India with marketing operations in the US. Together, we will be close to about 1,000 people shortly and plan to ramp up significantly".

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