Hyderabad, October 15, 2004 -- Four Soft Limited (4S) (NSE: "FOURSOFT" BSE: 532521), a leading provider of transportation, logistics and supply-chain Management software solutions to large enterprises, has acquired CargoMate, a Netherlands based, USD 1.80M, premier transportation and freight forwarding software solutions company.
Under the terms of the transaction, which was approved by both companies' boards of directors, the transaction value will be approximately USD 1.90M. CargoMate stockholders will receive 87.5% in cash and 12.5% in form of common stock of Four Soft. The transfer of shares has been completed and the subsidiary will be renamed as Four Soft B.V.
CargoMate has over 14 years of experience and 50 customers in the Cargo transportation industry, with a strong presence in the Netherlands and other European countries. CargoMate's proprietary software comprises of comprehensive solutions for transportation, freight forwarding and customs compliance. This acquisition enables Four Soft's entry into the small and medium logistics and supply-chain management service providers market in Europe and globally.
"The acquisition of CargoMate fits Four Soft's overall strategy of marketing a suite of related premium enterprise software solutions for logistics and supply-chain management vertical, and will allow synergistic cross selling opportunities for both the companies. It complements both the businesses, in terms of geographical presence and target industry segment," said, Four Soft's Managing Director, Mr. Palem Srikanth. "CargoMate's well-established network and strong presence in European markets and the rich technology of 4S will strengthen the market position of 4S as a leading global SCM solutions provider," he added.
Mr. Gé Pijnappel, CargoMate's President and Chief Executive Officer, said, "CargoMate is excited about this merger representing a significant step forward in our strategic growth plan and enabling us to serve our clients with a much broader scope of services and offerings. Four Soft has a broad suite of products on advanced technology. CargoMate has an excellent sales and support team in Europe with a very wide installed customer base. The merger of these two operations brings the best technology, an established customer base and a powerful management team together. This presents a wider reach and greater opportunities to the joint operation in the global market."
About Four Soft
4S is an enterprise solutions company, providing innovative software products, exclusively for transportation, logistics and supply-chain management market place and also offers IT consultancy services. It has its software development centre in HITEC city of Hyderabad, India with products developed on three-tier web architecture. The Company has large customers including EGL Global Logistics US,Seko Worldwide, US, S-Net Freight ,Singapore,W.T.Limited,UK,Frank-lin Distilleries, US and Century Logistics Berhad, Malaysia, Additional information about Four Soft is available at www.four-soft.com.
About CargoMate
CargoMate is a leading Netherlands based, integrated enterprise solutions and Software Company offering technology for transportation, logistics and distribution companies. With operations in European markets, the Promoters and Founders of the company have extensive experience in several industry groups including transportation, logistics & distribution and in key business areas, including e-business strategy, packaged software development, implementation and marketing. The company currently has 50 customers including UTi, Kintetsu World Express, TNT, DHL, Panalpina, Menlo Worldwide,KLM and Frans Maas in Europe. Additional information about CargoMate is available at www.cargomate.com.
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