Aurionpro Solutions will acquire a 51% stake in SC Soft Pte Ltd, a Singapore-based smart city solutions provider, for $5 million in cash.
The Mumbai-based enterprise security company will make the investment in tranches through its wholly-owned subsidiary Aurionpro Solutions Pte Ltd.It will buy the majority stake by December 2019.
With this acquisition, Aurionpro will consolidate its leadership in the smart transport system domain. It will use the proceeds from the deal to expand its research and development capabilities. The company will further ramp up the global sales of SC Soft.
Paresh Zaveri, Chairman and Managing Director of Aurionpro, said, "The acquisition of SC Soft will be a strategic milestone as it will help Aurionpro strengthen its leadership in the rapidly growing AFC market."
Founded in 2009, SC Soft specialises in developing end-to-end ticketing and payment solutions for public mass transportation.It has offices in Singapore, Canada, Malaysia and India.
Aurionpro is providing enterprises with business solutions in cybersecurity, digital innovation and banking. It employs more than 1,200 domain and technology experts across North America, Asia and Europe.