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Cybernet to hive off division

By Our Staff Correspondent

CHENNAI, JUNE 23. Cybernet Software Systems (CSS) Group has decided to spin off its $ 5 million software products division, Synaptris Decisions, into a wholly owned subsidiary. The objective is to make it a pure-play product company. Synaptris Decisions, at present has a portfolio of three products in the reporting and business intelligence space.

It may be recalled that ING Bearing had initially invested $ 1 million in CSS and will have the first right option to invest in Synaptris Decisions. ING Bearing had also invested $ 6 million in one of CSS group companies, Slashsupport. CSS had also hived off two companies within the group, Slashsupport, an advanced tech support company, and ReadyTestGo (RTG), a software testing services company.The Founder of CSS Group, Shiv Kumar, told the press that Synaptris was planning to appoint a CEO within 3-6 months. As part of the spin off exercise, 90 employees from CSS would move into Synaptris, he added.

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