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Promoters buy back equity and now have 100% stake in Gloscon
1 December 2009
Ahmedabad, India.
Gloscon, a leading Open Source solutions company specializing in Drupal and Ruby on Rails has been doing a lot of restructuring in its operations.
Our Operating Margins were 68% which were very high and there was a serious need to bring down the costs. With few resources making lateral moves outside organization, company did not fill those headcounts.
In the latest move, promoters have bought back 100% equity for an undisclosed amount and now have complete control of the company.
"Gloscon always wanted to be a product company. With this move of having 100% control of equity and decision making, we are in better position to get into some bigger deals. We will continue to grow services business but our core focus will certainly be products and now with 100% control of company, the push will be lot more stronger." - Roshan Shah - CEO Gloscon Solutions.
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