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V. Sajeev Kumar
Vipin V. Nair

Ms Joseph, founder of Soft Systems, who wrote the basic code of the product, stays with the new entity as Chief Technology Officer

Kochi , Aug. 22

ISMART Group, a Mumbai-based infotech company, has taken over Soft Systems Ltd, the Kochi-based software developer, which shot into limelight with its ERP package for plantations.

Financials of the deal were not available, but company officials and a venture capital fund that has invested in Soft Systems confirmed that the firm has now been acquired by iSmart, a part of Zoom Developers Group.

Officials of iSmart could not be contacted, but a recruitment advertisement put out by the company says that Soft Systems has had a "strategic merger" with the iSmart Group. Consequent to this development, Soft Systems Ltd has now been renamed iSmart Business Solutions.

The domain name, www.ismartbusinesssolutions.com also takes one to the Web site of Soft Systems, which had a turnover of Rs 6.5 crore and 200 people in 2002.

Soft Systems gained global recognition for its `Harvest IT' enterprise resource planning package for plantations.

Another significant aspect of Soft Systems has been that it was founded and nurtured by Ms Achamma Joseph, one of the very few women entrepreneurs in the IT industry.

Industry sources say that Ms Joseph, a former HCL employee who wrote the basic code of the software product, is continuing with the new entity as its Chief Technology Officer.

In 2002, Soft Systems was on a high growth trajectory with 100 clients and successful implementations at over 550 sites in 12 countries.

The company set up subsidiaries abroad and invested in a research and development centre in Bangalore. It had received a Rs 5-crore venture funding from SIDBI.

However, the decline in the fortune of the plantation sector affected Soft Systems as the company found itself in severe financial crunch, industry sources said.

According to a top official with SIDBI Venture fund, the take-over by iSmart is being carried out to "revive" the company.

More Stories on : Mergers & Acquisitions | Software | Plantations

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