Press Release: Four Soft acquires Freight and Shipping Software Business of FWL Technologies
Press Release Four Soft acquires Freight and shipping software business of FWL Technologies Expected revenue from this acquired operation to be in the range of Rs.30 crore per year Mumbai, October 23, 2006 - Four Soft Limited (4S) (NSE: "FOURSOFT" BSE: 532521), a global leader in software solutions for transportation and logistics vertical, has entered into an Agreement to acquire the assets of the freight and shipping software business of FWL Technologies, UK through it wholly owned subsidiary Four Soft UK Ltd. Under the terms of the agreement, which was approved by the companies' boards of directors, the cumulative purchase consideration will be approximately Rs. 10-12 crores based on certain performance parameters in an all cash transaction. The acquisition of business includes IP, staff, customer contracts and business assets. With this acquisition, 4S expands into the Shipping liner software business while further consolidating its coverage in the transportation and logistics vertical. It adds strong domain and technology teams based out of UK, India, Singapore and USA to Four Soft's current operations. The customer base will expand significantly to add shipping liner customers and take the employee strength to over 900. Dr. Kal Gangavarapu, COO at Four Soft explained "In line with our domain centric strategy, this acquisition helps us further consolidate our leadership position in the transportation and logistics domain. This expansion enables us to offer a greater depth of domain and technology experience and expertise, which can only be good news for clients." Speaking on the acquisition, Mr. Dave Pickburn, VP, UK & Scandinavia said, "4S has been the pioneer in bringing next generation technologies and products to the global logistics markets over the last few years. FWL's established shipping liner and freight forwarding clients will now have access to Four Soft's proven global delivery capability and wide range of offerings" Paul Griffin, outgoing-CEO of FWL Technologies commented that "existing FWL clients get benefited by the global reach and new generation technologies of Four Soft" About Four Soft Four Soft is an enterprise solutions company providing innovative software products, exclusively for the freight, transportation, logistics and supply-chain management market place and also offers IT consultancy services. It is among the leaders in the transportation and logistics segment with a large international client base including the majority of the top transportation & logistics companies in the world. The Company adopts a global development and delivery model leveraging the engineering talent of India and the account management and delivery skills of its regional offices. The Company has large customers including DHL, Kuehne+Nagel, Eagle Global Logistics (EGL), Schenker, Mastushita, Panasonic Logistics, UTi and Geodis. Additional information about Four Soft is available at <http://www.four-soft.com/> http://www.four-soft.com Warm Regards Joysmita Chakraborty, Junior Account Executive, Adfactors PR Pvt. Ltd., Raj Mahal, 4th Floor, 84, Veer Nariman Road, Churchgate. Mumbai - 400020. Tel: 022- 22871361 Fax: 022-22871365 Mobile: (0) 9867195612