AppLabs, eSolutions to merge with VisualSoft

AppLabs Technologies Private Limited and Chennai-based eSolutions Private Limited will be merged with Hyderabad-based VisualSoft Technologies Limited on stock swap basis.

The board of directors of VisualSoft on Thursday in-principle approved the amalgmation with the two companies. The move is part of the company's growth strategy.

According to a press release, the VisualSoft board has authorised the managing director to appoint a legal counsel and a chartered accountant for submission of the scheme of amalgamation and valuation report.

AppLabs Technologies, headquartered in Philadelphia, US, is a privately held company specialising in software testing and certification services, while eSolutions is an IP based software company located in Chennai.

Meanwhile, D V S Raju has resigned from the board of directors of VisualSoft owing to his preoccupation with the development of Gangavaram port project near Vizag.

The board has appointed AppLabs CEO Sashi Reddy as the CEO of VisualSoft with effect from November 1, 2005.

This year, the company has initiated a strategic tie-up with the Victorian University and the University of Melbourne to induct fresh graduates into Satyam's entry-level training programme.