Silverline Technologies, previously known as Silverline Industries, is an international software development and integration services firm, with over 1,800 software professionals world-wide. Silverline provides a comprehensive set of eBusiness consulting and IT services, including strategic consulting, creative design, technology integration and implementation, as well as management and maintenance of Internet and legacy applications. Silverline focuses primarily on Global 2000 clients in key industry sectors, such as automotive/discrete manufacturing, financial services, healthcare/insurance, technology and telecommunications. The Company also has extensive experience in technologies such as mobile and wireless applications, ePayments and enterprise information portals, as well as in business processes such as customer relationship management (CRM), eProcurement and online marketplaces, channel management and employee enablement. Silverline delivers its services through a global network of software development centers. At the heart of the network are core offshore centers in Chennai, Hyderabad and Mumbai, in India, and Cairo, Egypt. These centers support regional development facilities located close to clients throughout North America, Europe and Asia Pacific. With SEI CMM Level 4 and ISO 9001 certified processes, Silverline uses this Global Delivery Model to provide superior service, accelerated delivery and significant cost savings to clients around the world. Silverline Technologies, Inc., a subsidiary of Silverline Technologies Limited announced on 20th Sep. 2002 that it has received an offer from Cognizant Technology Solutions US Corporation to acquire certain assets of a business unit of Silverline Technologies Inc. that provides information technology services to a fortune 100 financial services company. This business unit was acquired as part of the acquisition of SeraNova, Inc., an eBusiness consulting services company that was acquired by Silverline in March 2001. Cognizant's proposal is non-binding and is subject to, among other things, satisfactory completion of due diligence, negotiation and execution of mutually satisfactory definitive agreements and the approval of Cognizant's Board of Directors. The proposed transaction is part of Silverline's overall financial restructuring plan. Earlier, Silverline Technologies appointed Dr.Nirmal Jain as the new Vice Chairman and CEO for the company. The company also announced the reconstitution of the board wherein Dr. Nirmal Jain and Mr. Prem Rajani have been added while replacing Mr.Kulathu Subramanian, Mr.S.V Mony, Mr.George Zoffinger and Mr.Shankar Iyer. This announcement is in line with its earlier decision to shift operational management function to India to enable it to more effectively position its services, better manage its costs, and enhance profitability. Silverline plans an expansion program to address emerging opportunities in the areas of IT Software Solutions and Information Technology Enabled Services. New initiatives in the areas of Business Process Outsourcing (BPO), Enterprise Solutions among others are planned in the immediate future through Business Combinations, Joint Ventures, strategic alliances etc with established players in the international arena. Silverline had made a public offering in the US during Jun.'00. The company had issued 4.35 million American Depository Shares (ADSs), representing 8.7 million equity shares, at a price of US $ 25 per ADS. The company raised a sum of $ 108.75 million (Rs 500.25 crore). The ADSs were listed on the New York Stock Exchange (NYSE) in Jun'00. Silverline was the first Indian software services company to use its American Depository Receipt (ADR) issue proceeds for a high-value acquisition in the US. It had acquired Seranova Inc, a US based eBusiness consulting and integration services company in Oct.'00 for a consideration of $ 99 million (Rs 455.4 crore). Silverline has a technical alliance partnership with BEA for e-business infrastructure. The company has also tied up with Siebel Systems, a leading provider of eBusiness applications and software, as a consulting and implementation partner. Clarify, a Nortel Networks company is a consulting partner of Silverline for services in customer relationship and virtual Internet marketplaces. Silverline is also a developer partner of Sun Microsystems. In line with company's business expansion plan in US, the company had issued 45,00,000 ADRs for acquisition of CTC Corp and its subsidiaries. The company had raised its Authorised Share Capital by Rs.25.00 crores during the year 2002.Also the paid up Equity of the company has been increased by Rs.22.20 crores and as a result of this increase in Paid up Equity,the total Paid up Equity stood at Rs.107.85 crores at the end of financial year 2002.