VSoft acquires the business of Coopman Consultancy Services

Riding on the technology boom in the banking sector, global financial technology solutions provider VSoft today announced its acquisition of the business of Coopman Consultancy Services, a Bangalore based software development & consultancy firm, founded by Mr. K R Ranganatha, ex RBI DGM.

Hyderabad, July 12, 2007: Riding on the technology boom in the banking sector, global financial technology solutions provider VSoft today announced its acquisition of the business of Coopman Consultancy Services, a Bangalore based software development & consultancy firm, founded by Mr. K R Ranganatha, ex RBI DGM. With this acquisition Coopman's core banking software, a cutting edge product designed for use in Co-operative banks, Regional rural banks and Credit societies will also come under VSoft umbrella. VSoft's Indian operations are headquarted at Hyderabad, Andhra Pradesh, to cater to the growing needs of its parent company in the US - VSoft Corporation Inc.

This acquisition will add 30 banks to its customer base, and also opens up opportunities for VSoft's other products like Cheque Truncation, Document Imaging and MIS tools in this segment. VSoft plans to ramp up operations for servicing development and support activities.

Mr. Murthy Veeraghanta, President, VSoft said, "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 approx Rs 400 crores and VSoft expects to capture at least 25% in the next 3 years. We also see great potential in offering the core banking software as a service (ASP model).

Mr. K.R.Ranganatha, founder of Coopman Consultancy Services will continue to be associated with Vsoft as the Principal Consultant and will play a pivotal role in growing the product further" Murthy added.

For any further information, please contact:

Mr. Satish Kumar
President, VSoft
Email : satish.kumar@vsoftcorp.com
Mobile : 9849057518

George Verghese
Vice President Sales, VSoft
Email : george.verghese@vsoftcorp.com
Mobile : 9849348507

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