Softpro systems acquires 100% stake in SA's firm

HYDERABAD: IT solutions provider Softpro Systems has acquired 100% equity stake in South Africa based Cura Risk Management software for $ 19 million in an all cash deal. The move is likely to help the Indian company grow six fold to over Rs 60 crore by the end of this fiscal.

���The acquisition is our first step towards the turnaround of our fledgling company. We hope to become a $ 200 million company in the next five years,��� said G Bala Reddy, Chairman& Managing Director, SoftPro.

Cura is a $ 8 million company which provides integrated software solutions addressing the Governance Risk & Compliance (GRC) requirements. Soft pro will pay $ 16 million upfront and the rest in the next three years based on performance of the acquired company.

The Hyderabad based company has posted Net Sales of Rs. 6.3 crore for FY09. The net profit for this period stands at Rs. 1.77 crore.

The Company had announced last week that it would raise Rs 43.20 crore through preferential issue of convertible warrants.