Board of directors approves name change, shareholder approval expected.
HYDERABAD, India – 27 March 2014 – Infotech Enterprises Limited (NSE: INFOTECENT) today announced that its board of directors has approved a resolution to change the company’s name to Cyient Limited. The resolution is now being proposed to the shareholders via a postal ballot for their approval and other regulatory clearances. The approval process is expected to last 30 days.
“For more than 20 years, we have collaborated with our customers to provide innovative solutions for a better future,” BVR Mohan Reddy, chairman and founder, shared with employees. “With increasing global recognition of our services, we needed a unique identity that we can own and a brand promise we can live every day. The name Cyient has connotations to the words client and science, two important ingredients of our company’s success. The “ient” references Infotech Enterprises and reflects the company’s heritage and continuity. Our new brand promise will help further our commitment to creating innovative, forward-looking solutions with our customers to design tomorrow together.”
The company is expected to make an official announcement and reveal the new brand in early May 2014.
Infotech Enterprises provides leading-edge solutions, including product development and life-cycle support, process, network design and optimization, and data management solutions to major organizations worldwide. The company helps its clients design innovative products faster, optimize R&D costs, increase market share, enhance operational efficiency and maximize their return on investment.
Infotech Enterprises had a revenue of US$345 Million in 2012-13 and has over 12,000 associates operating across 38 global locations. It is a public limited company and listed on the NSE and BSE stock exchange in India.
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