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Software giant hunts acquisitions
By Zhu Shenshen |
March 21, 2009, Saturday
|
Print Edition
Print Edition
UFIDA Software will continue to acquire domestic software and IT service firms in 2009, despite the global financial crisis, China's biggest seller of business software said yesterday in Shanghai.
Ufida has invested about 500 million yuan (US$73.5 million) annually on acquisitions for the past two years and has 1 billion yuan in cash.
Past acquisitions will earn the company 200 million yuan in revenue this year, or 10 percent of the company's total income, said Ji Xueqing, Ufida's vice president.
"Mergers and acquisitions are a long-term strategy because we have enough cash to buy during the tough times," Ji said during a forum held by Ufida yesterday.
In 2008, Ufida invested about 450 million yuan to acquire several firms that deal with property IT services and the CRM sector.
Ufida is the country's biggest business software provider with a 28-percent market share, followed by foreign giants such as SAP and Oracle, according to CCID Consulting, a Beijing-based research firm.
Ufida has invested about 500 million yuan (US$73.5 million) annually on acquisitions for the past two years and has 1 billion yuan in cash.
Past acquisitions will earn the company 200 million yuan in revenue this year, or 10 percent of the company's total income, said Ji Xueqing, Ufida's vice president.
"Mergers and acquisitions are a long-term strategy because we have enough cash to buy during the tough times," Ji said during a forum held by Ufida yesterday.
In 2008, Ufida invested about 450 million yuan to acquire several firms that deal with property IT services and the CRM sector.
Ufida is the country's biggest business software provider with a 28-percent market share, followed by foreign giants such as SAP and Oracle, according to CCID Consulting, a Beijing-based research firm.
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