Flextronics to Acquire FutureSoft
Chennai, India--August 31, 2004 -- FutureSoft, a leading provider of communication software and services today announced that it has signed an agreement to be acquired by Flextronics, the worlds leading Electronic Manufacturing Services (EMS) provider.
FutureSoft is a leading provider of communication software products, services and solutions, such as IP Switching/Routing, Broadband access, and Wireless/Wireline applications, to the global communications industry. The companys customers include several leading communication companies and network equipment manufacturers.
In addition to providing its customers with a single-point solution any stage in the product development process, FutureSofts product portfolio includes a range of protocol stacks for technology domains including LAN, WAN, IP, Internetworking, ATM, Telecom Signaling and Network Management.
The convergence of hardware and software expertise that this acquisition brings both companies will open up significant opportunities to cross-sell respective products and services to a complementary customer base.
The integration of FutureSofts datacom and networking products and services into Flextronics established Design Services group will move us another step forward in strengthening the design services and ODM products we offer our customers, stated Ash Bhardwaj, President of Flextronics Design Services and ODM Products Group.
K. V. Ramani, Chairman and CEO of FutureSoft said, We are excited to be joining a leader in communication equipment design services and manufacturing. Being part of a nimble, aggressive, global leader will provide tremendous opportunities and growth. Additionally, we will be able to deliver greater customer value, enabling us to scale and grow the business globally.
FutureSoft employs 524 software engineers and is expected to generate about 23 million in revenues for its fiscal year ending March 31, 2005.
The terms of the deal is not disclosed due to regulatory reasons. The acquisition is subject to customary regulatory approvals and is expected to close before the end of 2004.
About FutureSoft:
FutureSoft is a leading provider of Communications Software Services, Products and Solutions. Because of its singular focus on communications software, its significant development experience and large portfolio of products, FutureSoft is able to offer its customer a complete suite of products and services, with the ability to engage at any point in the product development cycle. Areas of expertise include Internetworking, Broadband, Telecommunications, Wireless, Network Management and Embedded Systems. Its current customer base includes several leading communication companies, network equipment manufacturers and leading-edge start-ups. FutureSoft is headquartered in Chennai (Madras), India with subsidiaries in the U.S. and the U.K. For more information, please visit www.futsoft.com.
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