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December 24, 2009

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Ufida aims for growth by investing in 5 firms

UFIDA Software Co plans to spend 100 million yuan (US$14.7 million) to acquire and increase investment in five companies as it competes with overseas giants like Oracle and SAP, China's biggest enterprise-software vendor said yesterday.

The money will be used to expand its business in the retail, government and medical software sectors and comes on the heels of the 500 million yuan spent by the vendor on mergers and acquisitions last year - its biggest spending on takeovers since it was founded in 1988.

"It's a tough time for the economy but we have seen a huge opportunity now," Wang Wenjing, Ufida's chairman and president, said during a conference recently. "We have to expand, then we will win when the economy recovers."

Beijing-based Ufida plans to pay 43 million yuan to acquire Beijing Space Time Science & Technology Co, which provides software in pharmaceutical distribution and retail industries. In 2008, Space Time's revenue was 7.79 million yuan and it had a net profit of 2.71 million yuan, according to a Ufida's statement to the Shanghai Stock Exchange.

Meanwhile, Ufida will raise investment worth over 57 million yuan in four firms, whose scope covers business intelligence and e-government.

Ufida will use 24.85 million yuan to purchase 10.5 percent of Beijing Ufida Government Affairs Software Co to boost its stake to 78.5 percent in the company. It also plans to pump in an extra 30 million yuan in Beijing Ufida Huabiao Software Co.

Ufida will expand into the high-end enterprise software sector to compete with SAP and Oracle, analysts said.

China's software industry revenue is expected to grow 20 percent next year, said the Ministry of Industry and Information Technology.



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