Four Soft sells IT biz to UK firm for Rs 275 crore

NEW DELHI: Software solutions firm Fore Soft today said it has sold its core business and some investments to UK-based company Transport IT Solutions for USD 43.4 million (about Rs 275 crore).

The Hyderabad-headquartered firm specialises in providing software solutions, IT consultancy and BPO service exclusively for logistics, transportation and supply-chain market space.

In a BSE filing, Four Soft said: "The Board of Directors of the company approved the acquisition of business and certain investments of Four Soft Ltd by Transport IT Solutions Pvt Ltd, a Kewill Group Company, the UK, for an aggregate consideration of USD 43.4 million."

Owing to the pendancy of the deal, Four Soft has made an application to Registrar of Companies, Andhra Pradesh on September 3 for extension of annual general meeting for the 2012-13 fiscal by a period of three months up to December 31, 2013, the filing added.

The Registrar of Companies has granted the firm extension for three months on September 6 to hold the AGM for the last financial year, it said.

According to previous BSE filing, Kewill Group had proposed to acquire the firm's new technology-based software solutions for supply chain and logistics operational process on a slump sale basis.

Transport IT Solutions has also proposed that its parent group acquire Four Soft's entire investment in the share capital of its foreign subsidiaries, Four Soft BV, Four Soft Singapore Pte Ltd and Four Soft USA Inc.

Founded in 1999, Four Soft has ten global offices and eight development centres and employees over 550 people.

Kotak Mahindra Bank managed private equity fund is a key investor in Four Soft, the company's corporate fact sheet said.

Shares of the company today fell by 4.07 per cent to settle at Rs 29.50 apiece from their previous close at the BSE.