Four Soft today said in view of the volatile market situations, the company has decided to shelve the proposed merger with Take Solutions, technology-enabled business solutions firm.
In a filing to the Bombay Stock Exchange, the company said at its meeting held on February 6, the board has decided to shelve the intended merger with Take Solutions, citing volatility market situations.
Earlier in March 2008, Hyderabad-based Four Soft and Chennai-head quartered Take Solutions, had announced their intent to merge.
The board of directors of the two companies had given their in-principle approval for considering the merger.
Four Soft has over 300 customers across 120 nations and 50,000 users in the supply chain domain.
A total of 60 per cent of Four Soft's revenues flow in from Europe, whereas the US and Asian markets account for 25 per cent and 15 per cent, respectively.
Shares of Four Soft settled at Rs 14.50, 3.57 per cent on the BSE.