Software solutions provider SoftPro Systems, headquartered in Hyderabad, India, is to acquire 100% of South African software solutions provider Cura Software Solution for a total transaction value of $19-million.
Cura, established in 2002, provides software solutions designed to enable businesses around the world to achieve bottom-line benefits in governance, risk management, compliance (GRC) and performance management quickly. It achieves this through fast implementation and easier configurability, coupled with true enterprise architecture.
Cura is rated as a global leader in the GRC field by Forrester Research and Gartner Research.
Established in 1994, SoftPro is a business solutions provider in the banking, finance, insurance, retail, telecom and manufacturing industries. It offers a wide range of technology solutions, including enterprise portals, application software development and technology integration, ERP, business intelligence and e-learning solutions.
“The Cura team has achieved a remarkable success story, having started with a small seed round of funding, some unique IP, and a vision and passion to grow a global business in a short period of time,” says Avi Eyal, CEO of Cura Software Solutions.
“Today, Cura has 100 staff members in four countries, distributors in another 10 countries, serves over 200 customers and has achieved year-on-year revenue and profit growth for the past four years. We have a strong technology platform and a dedicated and competent team to help our customers achieve their goals.”
David Frankel, chairman of Cura Software Solutions, adds: “It has taken us months of searching to find a partner that will help us grow our business internationally and inject the funding we require to achieve our long-term goals. After considering approaches by competitors, acquirers and venture capitalists, we settled on SoftPro as their culture, ethics and strategic approach was in line with all our stakeholders’ interests.”
SoftPro's intent is to grow Cura into a company with over $150-million in revenue by 2014. SoftPro will fund the business, introduce a second R&D location and start aggressively marketing Cura’s solutions in India. SoftPro will also bolt on additional acquisitions.