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Hyderabad, Oct. 11

IT services companies Locuz Enterprise Solutions Ltd and Choice Solutions Ltd today announced merger in an all stock transaction. With the necessary regulatory approvals, Locuz stock will be converted into Choice stock at a fixed ratio of two shares of Choice common stock for each outstanding share of Locuz common stock. Addressing a press conference here today, the Managing Director of the combined entity, Locuz Choice Solutions, Mr K.V. Jagannath, said that following thi s development, the board of the combined entity would be reconstituted by drawing from both the companies. “While Locuz has revenues of Rs 42 crore, Choice ended last fiscal with revenues of Rs 53 crore and together we expect to log in a turnover of Rs 150-170 crore during the fiscal ending March 31, 2008. The emphasis will be on IT infrastructure management services,” Mr Jagannath said. —

Our Bureau

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