|
| SoftPro plans two buyouts in US, UK |
| K Rajani Kanth / Chennai/ Hyderabad Dec 21, 2009, 00:23 IST |
|
Sets $10-million revenue target by end of FY10
Hyderabad-based software provider, SoftPro Systems Limited, is looking at acquiring two companies by the end of the next financial year. The move is aimed at strengthening its position in the governance, risk and compliance (GRC) solutions space through both organic and inorganic growth.
“Footprint-wise, we currently have over 250 customers in the GRC space globally. However, to get on top of the charts, we might make two acquisitions if we get a right fit. US and the UK will be our major focus this time,” K Vijay Rao, vice-chairman of SoftPro, told Business Standard.
The company will actively pursue the buyouts from the second quarter of 2010-11 for acquiring complementary technologies like business intelligence, gaining market access and getting new customers into its fold, he said, while declining to quantify the size of the acquisitions that it was proposing to make.
In June 2009, SoftPro had acquired South Africa-based Cura for a structured consideration of $19 million (Rs 90 crore) in an all-cash deal, which includes earnouts over the next three years. Globally, GRC as a market (software, advisory, consulting and services) is pegged at $30 billion, which is projected to touch $50 billion over the next five years.
SoftPro’s scrip ended the trade at Rs 244 on the BSE on Friday.
“With every multinational now looking at adopting GRC as a key management practice, we are developing Version-IV of Cura’s software to be ahead of the curve. We plan to roll it out in the next 16 months,” Rao said. The 150-strong company would hire 50 more professional at its global product development centre in Hyderabad, which was created at an investment of $3 million (Rs 14.1 crore), by March 2010.
SoftPro, which has set an internal target of achieving consolidated revenues of $200 million (Rs 940 crore) in the next five years, projects its revenues to touch $10 million (Rs 47 crore) this financial year, as against $7 million (Rs 33 crore) last fiscal.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
