Cura Risk Management to invest $5 Million in Hyderabad

Cura Risk Management to invest $5 Million in Hyderabad

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Bangalore: South Africa-based Cura Risk Management Software is likely to invest $5 million (approximately 24.5 crore) for setting up a facility in Hyderabad that would take up research and development (R&D), business development and offer back-end support.

In the month of June 2009, the company was acquired by Hyderabad based business solutions provider, SoftPro Systems, for a structured consideration of $19 million (93.1 crore) in an all-cash deal, which includes earnouts over the next three years.

On this move, G Bala Reddy, Chairman and Managing Director, SoftPro Systems said, "The move is part of our strategy to bring Cura's governance, risk and compliance (GRC) software to India. We will be hiring 90 professional for the Hyderabad centre, which will be funded through internal resources. The centre will be ready in a month's time."

Cura's GRC platform consists of five key modules and the company is in the process of rolling it out into the Indian market through its Hyderabad office and through a partner ecosystem in the next 30 days. Avi Eyal, Chief Executive Officer, Cura GC said, "Our focus is on banking, financial services and insurance (BFSI), power utilities, oil and gas, telecom and IT sectors. We have already started setting in motion initiatives like giving proofs-of-concept to companies as well as regulators. Our products would be offered in India in an installed environment as well as through the software-as-a-service model."

Cura Risk Management's revenue on a standalone basis is expected to touch $12 million (58.8 crore) in this financial year, as against $8 million (39.2 crore) last year, on the back of the headway it is making into newer geographies.

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