Oslo, Norway - June 3, 2010 : CAMO AS announces today, the divestment of its wholly owned subsidiary Proteans Software Solutions Pvt Ltd (Proteans) , Bangalore India to Symphony Services Corp India Pvt Ltd, a global software product engineering services company.
Proteans, a Bangalore (India) based Outsourced Product Development (OPD) player that provides software engineering services to ISVs, SaaS companies, internet businesses and R&D organizations of global companies, was acquired from the founding partners spring 2007, and has grown by more than 100% since the time of acquisition. Proteans has more than 40 clients in North America and Europe with 345 employees in Bangalore (India).
"CAMO AS chose to sell its highly successful and growing subsidiary to another professional player in the OPD market both in order to focus only on growing the other subsidiary, the CAMO Software group, and also to strengthen the financials situation and provide working capital for the group" says Sverre Stange, CEO of CAMO AS.
“Proteans is a perfect fit for Symphony Services. We continue to strengthen our presence in the small to medium ISV space which is estimated at $ 25 Bn and growing at a rate higher than the rest of the market. The acquisition will bolster our offerings, especially in Product Lifecycle Management and Total Quality” said Dr. Pallab Chatterjee, Chairman & CEO, Symphony Services.
“We are pleased to integrate our core expertise and capabilities with the industry leader in the OPD space. Being a part of Symphony Services, we look forward to strengthen our excellent track record of having delivered several successful applications and products and our footprint in the global market”, says Sudhakar Gorti, CEO of Proteans
The divestment was done at a total Purchase consideration with a gross value of USD 8,5 mill.
After the payment of capital gains tax in India and other transaction related costs the net proceeds from the divestment will be applied for early redemption of 75% of the CAMO bond falling due in December this year. Repayment of the remaining 25% of the bond has been extended to 15 th of May 2012.
The remaining proceed from the divestment will be used to settle short term debt and strengthen working capital in CAMO.
Headquartered in Oslo, Norway, CAMO Software is a leading scientific software development company offering a complete range of multivariate data analysis and design of experiments solutions. These tools can be used in applications ranging from product development, spectroscopic analysis of agricultural or petrochemical products and pharmaceutical/ biopharmaceutics applications. CAMO Software's specialist in-house experts can also provide assistance with the implementation of Process Analytical Technology (PAT) and Quality by Design (QbD) tools into their facilities, through our various solutions.
For further press information, please visit www.camo.com