VSoft buys Coopman Consultancy

Hyderabad-based VSoft, a provider of financial technology solutions, has acquired Coopman Consultancy Services, a Bangalore-based software development and consultancy firm, for an undisclosed amount.

Following the acquisition, Coopman's core banking software, a product designed for use in cooperative banks, regional rural banks and credit societies, will come under the VSoft umbrella. It will add 30 banks to VSoft's customer base besides opening up opportunities for its other products such as cheque truncation, document imaging and management information system tools in this segment.

"VSoft sees substantial growth in the cooperative banking sector and this acquisition is part of the growth strategy. The potential business in the cooperative banking segment is approximately Rs 400 crore and VSoft expects to capture at least 25 per cent of this in the next three years,"company's president, Murthy Veeraghanta, stated in a press release here on Thursday.

Coopman's founder, K R Ranganatha, will continue to be associated with VSoft as a principal consultant.