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The information provided by the vendors can be considered as highly reliable due to their long experience in the software industry and outsourcing business as well as senior position in the company.
The subject over here is "information". So "their" seems to be referring to the information and information having a long experience sounds ridiculous.Am I correct? If so can anybody give me suggestions as to how i should restructure the sentence keeping in mind the latter part of the sentence."as well as ? senior position in the company"
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No. Pronouns needn't refer to the subject of a sentence at all. They normally refer to the nearest (preceding) noun, which in this case is vendors.
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Information is a singular noun so "their" can not be referred to "information IMO. But the long experience described the vendors not the information. So to make more sense of it, the sentence needs to be restructured to something like this:

The information provided by the vendors can be considered as highly reliable as these vendors have long experience in the software industry and outsourcing business as well as senior position in the company. (I am not following this part)
The sentence in question is not well constructed. It can be re-written as follows to make it more easily understandable:-

The information provided by the vendors can be considered as highly reliable as these vendors who hold senior positions in the company have long experience in the software industry and outsourcing business.