Indian software solutions provider SoftPro Systems is investing $19 million in SA through its purchase of Cura Software Solutions.
The deal, to be officially signed this evening, will see the Indian company buy 100% of the local firm.
SoftPro, headquartered in Hyderabad, wants to grow Cura's revenue to over $150 million by 2014. No indication is given of current revenue.
The Indian company will also market Cura's solutions in India, introduce a second research and development location, and seek other bolt-on acquisitions.
Cura chairman David Frankel says: “It has taken us months of searching to find a partner that will help us grow our business internationally and inject the funding we require to achieve our long-term goals.”
The company went through a process that included considering approaches from competitors, acquirers and venture capitalists, Frankel notes. “We settled on SoftPro as their culture, ethics and strategic approach was in line with all our stakeholders' interests.”
Cura was established in 2002 and provides software solutions to enable businesses globally to improve governance, risk management, compliance and performance management.
Its clients include Anglo American, Xstrata, Kellogg's, Old Mutual, Transnet, Oil Search, Standard Bank, Nedbank, MTN, GlaxoSmithKline, Westfield, Johnson & Johnson, Eskom, Vodacom, and the Australian and South African governments.
SoftPro was established in 1994 and provides business solutions to the banking, finance, insurance, retail, telecoms and manufacturing industries. It offers a range of technology solutions, including enterprise portals, application software development and technology integration, enterprise resource planning, business intelligence and e-learning solutions.
Cura CEO Avi Eyal says the company has 100 staff in four countries, distributors in another 10 countries and serves over 200 customers. He says it has “achieved year-on-year revenue and profit growth for the past four years”.
Share
