  We study scalar excitations of high spin operators in N=4 super Yang-Mills
theory, which are dual to solitons propagating on a long folded string in AdS_3
x S^1. In the spin chain description of the gauge theory, these are associated
to holes in the magnon distribution in the sl(2,R) sector. We compute the
all-loop hole S-matrix from the asymptotic Bethe ansatz, and expand in leading
orders at weak and strong coupling. The worldsheet S-matrix of solitonic
excitations on the GKP string is calculated using semiclassical quantization.
We find an exact agreement between the gauge theory and string theory results.
