Release Date: 24 October 2006
Release ID: 1105
Expected revenue from this acquired operation to be in the range of USD 6.5 million per year.
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 its wholly owned subsidiary Four Soft UK Ltd. 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.
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”
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 can now have access to Four Soft’s proven global delivery capability and wide range of offerings”
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, which can only be good news for our clients.”
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