Date:31/01/2006 URL: http://www.thehindubusinessline.com/2006/01/31/stories/2006013101740400.htm

Back Cranes Soft Q3 net rises 54 pc; to buy 2 cos

Our Bureau

Bangalore , Jan. 30

CRANES Software has reported a 54-per cent rise in consolidated net profit for the third quarter ended December 2005 at Rs 15.44 crore, over the corresponding quarter last year's Rs 10.06 crore.

Revenues for the quarter were up by 40 per cent to Rs 51.23 crore as against Rs 35.48 crore in corresponding quarter last year. The board of directors on Monday approved the acquisition of Texas-based InventX, Inc and Karna Softek India Pvt Ltd.

Mr Asif Khader, Managing Director, Cranes Software International Ltd, said "While InventX adds to our portfolio a comprehensive and cost-effective suite of integrated project management applications at the enterprise level, the Karna India acquisition gives us a head start within the banking and financial services vertical, a key focus area for our enterprise-focused products." he said in a press release.

Cranes is paying a million dollars in cash and issuing a million shares of face value Rs 2 each to InventX in a phased manner on or before October 2006. Cranes would be paying a consideration of Rs 4.2 crore in cash towards the acquisition of Karna Softek, the subsidiary of Delaware-based Karna Global Technologies.