IEC Softwares Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 18, 2008, has considered and approved the proposal for acquisition and merger of VEF Information Systems Pvt Ltd, a Company providing various educational and support services to certain private educational institutes in North India, providing engineering and management education to students at graduate and post-graduate levels.

IEC is keen in exploring the organic as well as inorganic initiatives to expand in the field of Education and thus is willing to acquire VEF since VEF already has a good client base. The acquisition shall be done by way of merging VEF with IEC.

The Scheme shall be subject to requisite consent / approval of the requisite majority of the shareholders and creditors of the Companies, the Hon’ble High Court of Delhi the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.