Acquisition aimed at strengthening Aurionpro's presence in AFC systems
Aurionpro Solutions announced that its subsidiary Aurionpro Solutions, has entered into an agreement for acquisition of majority stake (51%) in SC Soft (SC Soft) a Singapore headquartered Automated Fare Collection (AFC) and smart city solution provider.Aurionpro will make investment in tranches by subscribing to the fresh equity shares to be issued by the SC Soft and will acquire majority stake by December 2019 and will have a right to acquire balance 49% stake thereafter.
Currently, Aurionpro is subscribing to 619,500 number of new equity shares issued by SC Soft which will take effective holding of Aurionpro to 26.70% of the total equity of SC Soft. The total investment for 51% will be US$ 5 million. The investments by Aurionpro will be used to expand R&D capabilities and ramp up global sales of SC Soft.
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