Scandent Group Signs a Definitive Agreement to Buy Cambridge Integrated
  Services from Aon
 

Singapore, October 5th, 2004 – Scandent Group has signed a definitive agreement to buy Aon Corporation’s claims administration business, Cambridge Integrated Services Group, Inc. (www.cambridgeintegrated.com). Aon will retain a minority financial interest. Terms of the sale were not disclosed.

Patrick G. Ryan, chairman and CEO of Aon Corporation, said, “Clients will benefit from a combination of claims services skills and process management expertise, and we will continue to refer insurance brokerage clients to Cambridge. The sale also fulfills Aon’s objective of refocusing on its core businesses.”

Chris Sinclair, chairman of Scandent Group, said, “Scandent’s purchase of Cambridge, a world-class claims services provider, is a major step in the growth of our company. We look forward to expanding our franchise in this exciting field, and to adding our worldwide capabilities to support Cambridge and its clients.”

Sinclair added, “The potential for claims processing in the U.S., U.K., Australia and other international markets is immense.”

Scandent Group has experience in Health-Care Claims Processing, Insurance and Financial Services Business Process Outsourcing (BPO) as well as Information Technology Services through its group companies Scandent Solutions and ProcessMind. ProcessMind will be folded into Cambridge to expand the company’s BPO capabilities. The strategy is to expand the business while bringing best practices from each company to operations. Cambridge
employees will transfer to the new company.

For Scandent Group, the resultant combination of Cambridge and ProcessMind creates one of the largest market-facing BPO companies with US and Asian presence.

Standard Chartered Bank advised Scandent Group on this transaction.

About Scandent Group


Scandent Group (SG) is a leading innovator in providing technology-enabled solutions and services to a wide array of Corporate and Government clients around the world. SG and its partners and affiliates employ several thousand employees, with offices in 10 countries, and delivery teams in 20 locations (www.scandentgroup.com).

SG, with its global headquarters in Singapore, is privately held and was formed in 2001 by a group of accomplished business leaders with extensive experience in building and spearheading large global businesses across a variety of industries and markets. SG seeks to build a global IT services and Business Process Outsourcing (BPO) business by seeking to acquire existing, profitable, operating companies in key growth markets.

SG is among a select list of elite firms to be granted the prestigious designation of 'International Headquarters Status' by the Government of Singapore. More information on Scandent Group's current business activities is available onwww.scandentsolutions.com (IT consulting and services) and www.processmind.com (Business Process Outsourcing services).

About Aon

Aon Corporation (www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 52,000 professionals in its 600 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical
expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.

Scandent Group Safe Harbor Statement


Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to
integrate acquired assets in a cost effective and timely manner, our ability to manage growth, intense competition including those factors which may affect our cost advantage, our ability to attract and retain highly skilled professionals, our ability to manage our international operations, the success of the companies in which Scandent Group has made strategic investments, political
instability, unauthorized use of our intellectual property and general economic conditions in the countries where we operate. Scandent Group does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.

Contact for Media and Press:

Alessandra Mazzanti
Executive Assistant
Phone : (44) - 1344 - 297 900
Fax : (44)-1344 - 297 920
alessandra.mazzanti@scandentgroup.com

Contact for Investor Relations:

Satyen Patel
Vice – Chairman, Scandent Group
Phone : (44) - 1344 - 297 901
Fax : (44) - 1344 - 297 920
satyen.patel@scandentgroup.com


Siddharth Mathur
Corporate Advisory, M&A
Phone : (44) - 1344-297 903
Fax; (44) - 1344 - 297 920
siddharth.mathur@scandentgroup.com

 

 

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