Last week, ASP Intelligroup announced that it completed the spin-off of SeraNova Inc., its Internet professional services business.
Under terms of the spin-off, Intelligroup shareholders will receive one share of SeraNova stock for every share of Intelligroup owned as of the May 12, 2000 record date. SeraNova will be traded separately on NASDAQ under the symbol SERA.
According to Intelligroup, Inc.
, this action will allow the company to focus on its ASP strategy.
There will be no operational executive or board changes resulting from the spin-off.
According to Arjun Valluri, chairman and chief executive officer , the company is pleased that the SeraNova spin-off has been successfully completed.
“The market can now evaluate Intelligroup and SeraNova as separate and unique offerings that target very specific business segments,” Valluri said. “We believe this spin-off will help unlock value in our respective companies that until now has remained hidden.”