* creates one of top outsourced product development firms * all-share deal, changes group name to Symbio * eyes Nasdaq listing, ready to look at it in early 2011
By Tarmo Virki, European technology correspondent
HELSINKI, Sept 23 (Reuters) - Privately-held Finnish mobile software firm Flander said on Wednesday it has agreed to buy China’s Symbio expanding its offering and creating one of the largest outsourced product development firms in the world.
As part of the deal, Flander will change its name to Symbio.
Flander and Symbio declined to give any financial details of the all-share deal, but said the new firm will be among five largest vendors in the over $3 billion global market for outsourced product development.
Symbio said it would have workforce of 1,400 working for its clients, including IBM (IBM.N), Microsoft (MSFT.O) and Nokia NOK1V.HE. Its main rivals are Indian IT services firms like Wipro (WIPR.BO) and HCL (HCLI.BO).
Jacob Hsu, chief executive of the new Symbio, said the company aims to go public.
“We clearly could go public any time in Hong Kong or Taiwan. For Asian market our revenue and size is already there, but our aim is to shoot for Nasdaq,” he said.
“Realistically we are ready in early 2011 timeframe to look at it,” Hsu said. (Reporting by Tarmo Virki)