News & Events
Calsoft completes acquisition of WebSpectrum
Chennai, April 18, 2005: - California Software Company Ltd (Calsoft) Chennai based Listed Information Technology company, today announced that it had completed acquiring 100% equity in Webspectrum Software Pvt Ltd. Bangalore .The acquisition agreement was formally signed today by Calsoft after the completion of all procedural &legal formalities. It had earlier signed an initial MOU in Dec 2004 with Webspectrum. Calsoft has nominated 3 Directors onto the Board of Webspectrum All the existing principal promoters of Webspectrum will continue with the company.
Incorporated in 1997, WebSpectrum focuses on Network Management Systems and Networking products. WebSpectrum's customers include Nortel Networks and Symmetricom and have a current strength of 34 employees. Webspectrum's provisional figures reported for the year ended 31st March2005 show turnover of Rs 2.3 crores and net worth of Rs 1 crore. The accounts of Webspectrum will be reported on a consolidated basis with Calsoft from the ongoing fiscal year starting April 1st 2005 as its wholly owned Indian subsidiary. Calsoft plans to enhance the Bangalore facility to at least double the current headcount by the end of 2005.
With this acquisition, Calsoft will be strengthening its Technology Solutions Division besides expanding its operations into Bangalore. Calsoft's Technology Solutions Division has been providing Outsourced Product Development and Network Programming services to its global customers for over 10 years. Webspectrum will be working as an integrated operational part of the Technology Solutions Division in Calsoft In due course of time and subject to legal issues and formalities it is planned to merge Webspectrum with Calsoft.
Dr J K Nair, COO Calsoft said "The completion of this acquisition gives a greater boost, range and depth to our Technology Solutions Division's offerings to customers."
Mr.Rathnakumar Kayyar, CEO of WebSpectrum added, "We are excited to formally join the Calsoft family with its global reach and certified processes. This will provide us more opportunities to grow."
Calsoft plans to grow organically as well through a prudent and focused acquisition strategy that brings synergies to its customer solution offerings.
About Calsoft
California Software Company Ltd (Calsoft) founded in 1992, is a CMMi Level 5 certified software company headquartered in Chennai, India with a global presence. The Calsoft group currently employs over 400 employees. With development centers in Chennai and Bangalore, India and Pleasanton, CA, USA, the group has marketing offices in the US, UK, Japan, Singapore and Dubai . Calsoft is a public limited company, listed in India in NSE (cali.ns) and BSE (cali.bo). For more information visit www.californiasw.com
For further details,
Mr.Glen Baylor
Vice President (Sales and Marketing),
Ph.1-925-249-3003
Email: gbbaylor@californiasw.com
CA, USA