FourSoft buys UK's FWL Tech

HYDERABAD: Four Soft, a transportation and logistics software products company, has acquired the freight and shipping business of UK-based FWL Technologies for Rs 14 crore to Rs 16 crore.

This all-cash performance-based deal brings to the table revenues of Rs 30 crore and manpower of 150 along with customer contacts. Four Soft has paid Rs 4 crore and would pay the remaining amount of Rs 10-12 crore over the next 15 months.

“This company brings in the shipping line software, which we currently do not have and also customers like PIL in Singapore, China Shipping Line is the US and Europa Logistics in the UK, among others,” said Four Soft chief executive officer and managing director Palem Srikanth.

With this acquisition, the company would have 900 employees globally. FWL Technologies has operations in the UK, India, Singapore and the US.

The company had told ET in August that it was in talks with two European companies for acquisitions. FourSoft has been looking at companies with two to three customers and acquisition size in the range of $5-10 million.

FourSoft is also looking to expand its presence in Japan and set up an office to service its customers — Panasonic and Yusen.

The company has registered the office under 4S Japan and would begin operations there from November 1. A country manager has been appointed and currently consultants from Singapore and India would handle the office. Over the next one year, the company would hire about 10 employees.