CSC, the UK developer of market leading structural engineering software, has today announced its entry into the Indian market with the acquisition of the structural software division of Pune based SoftTech.
The move, which marks the first acquisition for the Leeds based business, further underlines its ambitious global expansion plans following the organic growth of the company into new continents including the Americas, Africa and Asia.
CSC now employs over 120 staff worldwide with key offices in the UK, Australia, Hong Kong, India, Malaysia, Singapore, South Africa and the USA. It reported a 17 per cent increase in turnover for the year ending March 2011 from £6.4 Million to £7.5 Million.
The acquisition will accelerate CSC’s entry into the burgeoning Indian market via SoftTech’s established STRUDS software product. CSC aims to enhance and market STRUDS in India in line with its own product range under the name CSC SoftTech, providing significant revenue generation opportunities.
Operating for over 35 years, CSC has grown to become the UK’s leading developer of software for structural engineers. It supplies both small independent and large corporate businesses worldwide with engineering calculation software, steel and concrete building design software and general analysis packages under its Tedds, Fastrak, Orion and S-Frame brands.
Mark Robert’s, CEO of CSC said: “We have experienced significant global growth over the last 3 years and it is incredibly exciting that this is our first acquisition and will accelerate us into another strategically important market. India has a buoyant and growing economy with a landscape ripe for development and as such it offers an incredibly attractive expansion opportunity for us.
“SoftTech has a great reputation both with SMEs and within the public sector but our research has shown it is currently only servicing around ten per cent of the available market. Using the global expertise we have developed to date we are confident there is significantly more we can bring to the table, including product enhancements and improved technical support facilities, as well as targeting larger corporates with our own existing product range.”
According to the IMF’s World Economic Outlook India’s growth overtook that of China in 2010, growing 10.4% and reporting a GDP of 9.5 per cent.
Operating since 1995, the structural division of SoftTech generated a 36 per cent increase in turnover for the last financial year from INR25 million to INR34 million. A 30-strong team of engineers and developers including the existing management team will transfer over to CSC as part of the deal.
May 19, 2011
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