Softpro Systems to have new management

Hyderabad: Softpro Systems, the-Hyderabad-based IT services company, will now have a new management and board members with the ownership change in the company.

This follows a meeting of the new owners here and formal change over of ownership as per SEBI norms.

The Chairman of Softpro Systems, Mr G. Bala Reddy, said “we have taken over the reins of the company with effect from today after the conclusion of open offer. Myself and through an investment company Sahasara Investments have acquired about 46.5 per cent of the company’s Rs 6 crore equity.”

The company’s 46.5 per cent equity was acquired for Rs 41.85 crore at about Rs 150 per share of Rs 10 each at premium.

The rest of the equity is held by the public. The open offer yielded barely 2,000 shares, he said.

Mr Bala Reddy is the promoter and founder of ICSA (India) another listed entity engaged in energy audit technology solutions.

However, this investment was made in his individual capacity through Sahasara Investments.

“Softpro provides IT services and considering diversification into embedded technology solutions complimenting the ICSA business. While ICSA addresses energy sector, we are looking at expanding the services portfolio to other segments such as oil and gas, and water supply systems.,” he said.

This acquisition brings not just the company business, skilled manpower and the infrastructure owned by it in the Hitec City software layout.

Softpro corporate building would also become the corporate headquarters for ICSA, Mr Reddy said.

“The company acquisition was self funded and we are looking at next phase of growth. We may also consider couple of strategic acquisitions that compliment the company business,” Mr Reddy said.