Mascon Global has decided to call off its proposed merger with the Chennai-based Maars Software International.
In a notice to the Bombay Stock Exchange, after its board meeting, Mascon Global said that taking into consideration the prevailing market condition, it has been decided by the board to call off the proposed merger with Maars Software Inrternational.
The board has also agreed that both the companies could explore the possibility of a business arrangement synergising their respective strengths.
Mascon Global officials were unavailable for comments. The proposed merger was supposed take place on the share-swap basis of 1:9 (one share of Mascon for every nine shares held by Maars).
The advantage of the merger was that Mascon would get access to Maars' strong UK market and the latter would get access to Mascon's US markets.
On the revenue front too, Mascon expected the Maars acquisition to add revenues of around $25 million in the current fiscal as against $16 million last year.
