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SoftPro chairman Bala Reddy and Cura chief executive Avi Eyal finalized the deal on Wednesday evening.
Cura, established in 2002, provides a smarter software solutions for governance, risk management, compliance and performance management.
Established in 1994, SoftPro is into the banking, finance, insurance, retail, telecom and manufacturing sectors, offering a large package of technology solutions including enterprise portals, application software development and e-learning solutions.
"The Cura team has achieved a remarkable success story, having started with a small seed round of funding, some unique intellectual property, and a vision and passion to grow a global business in a short period of time," said Eyal.
The Cura chairman David Frankel said it had taken months to find a partner which would grow the company's business internationally and inject the funding required for achieving its long-term goals.
The Cura chairman David Frankel said it had taken months to find a partner which would grow the company's business internationally and inject the funding required for achieving its long-term goals.
"After considering approaches by competitors, acquirers and venture capitalists, we settled on SoftPro as their culture, ethics and strategic approach were in line with all our stakeholders' interests," said Frankel.
SoftPro has the intention for growing Cura into a company with over $150 million in revenue by 2014. It will fund the business, set up a second research and development location and start marketing Cura's solutions in India.
Cura will retain its brand, with no changes planned in the management and staffing of the business, except for organic growth from the opportunities presented by the merger.
