VSoft buys Coopman Consultancy

Hyderabad-based VSoft, a provider of financial technology solutions, has acquired Coopman Consultancy Services, a Bangalore-based software development and consultancy firm, for an undisclosed amount.

Following the acquisition, Coopman’s core banking software, a product designed for use in cooperative banks, regional rural banks and credit societies, will come under the VSoft umbrella. It will add 30 banks to VSoft’s customer base besides opening up opportunities for its other products such as cheque truncation, document imaging and management information system tools in this segment.

VSoft sees substantial growth in the cooperative banking sector and this acquisition is part of the growth strategy. The potential business in the cooperative banking segment is approximately Rs 400 crore and VSoft expects to capture at least 25 per cent of this in the next three years.

(Source: Business Standard)

iLabs invests Rs 42 cr in VSoft

iLabs Private equity fund, a $300 million India-centric fund promoted by former COO of Satyam Computer Systems Srini Raju, has invested Rs 42 crore (over $10 million) in VSoft Corp.

VSoft is a global information technology and solutions provider of cheque imaging and data management software. Founded by former consultants with Unisys, VSoft has expertise in the financial services industry and has a reputation for providing cost-effective, functional technology and services. VSoft started operations in 1996, and is based in Atlanta, US. The offshore development center at Hyderabad was set up in 2004.

(Source: Business Standard)