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Indian firm buys local IT company

3 July 2009

Indian IT company SoftPro Systems has acquired Johannesburg-based Cura Software for approximately US$19-million (about R150.6-million), as it bids to become a global market leader in the governance, risk and compliance technology industry.

Cura, a leading provider of integrated software solutions addressing GRC requirements globally, has offices in South Africa, the USA, UK and Australia, and operates through exclusive distributors in 16 countries in Asia and South America.

"We are excited with the opportunity of partnering with SoftPro," Cura CEO Avi Eyal said in a statement this week.

"We established Cura as an emerging firm in an exciting space, and with SoftPro's expertise, access to markets and industries, and infrastructure in the Indian market, we believe that together we have a great partnership to leverage and succeed."

GRC market leader

The GRC technology industry comprising software, consulting and related services is slated to grow from $2.6-billion (about R20.6-billion) in 2009 to over $24-billion (about R190.3-billion) in the next five years, according to Forrester Research, and the industry is experiencing growth rate of over 24% annually.

Cura has 75% market share in South Africa and a leadership position in Australia. Cura partners with Big Four consulting firms, insurance companies and specialists in focused areas of GRC.

Its products are used by over 150 organisations that include Global 1 000 enterprises, government agencies and consulting firms, and key clients include Vodafone, Johnson & Johnson, GSK, Allianz, Kellogg's, Xstrata, Virgin Blue, MTN, First Rand, and Dubai Holdings.

Top priority

SoftPro MD Bala Reddy said that by reducing risk and uncertainty while ensuring high levels of corporate governance and performance in a rapidly changing glogal environment, GRC had become a top priority for corporates across the globe.

"We are bullish on this segment and see great strategic benefits in acquiring a global player with an established GRC solution suite, proven technology, marquee client base coupled with a strong management team," he said.

"We also intend to combine the strong delivery capabilities of SoftPro with the India off-shoring advantage to leverage the positioning of Cura to offer a complete suite of solutions in the GRC segment."

SAinfo reporter