The Shanghai-listed Beijing UFIDA Software has acquired a 100% stake in Beijing Founder Chunyuan Technology Development Company a financial information software company, for CNY380 million in cash.
UFIDA Software has reportedly signed an acquisition framework agreement with 18 shareholders of Founder Chunyuan, including top shareholders Yang Ying and Yang Yan, as well as the Peking University Founder Investment Company. The acquisition was approved by all six directors of UFIDA Software's board of directors. Before the acquisition, Founder Chunyuan was 85% owned by the 18 shareholders and 15% owned by Founder Investment. Of these shareholders, Yang Ying, the founder of the company, owned a 39.7% stake and Yang Yan, 9.09%.
With registered capital of over CNY11 million, Founder Chunyuan is mainly engaged in the research, development and sales of government resources planning software. According to the statistics released in UFIDA Software's latest financial report, by December 31, 2007, Founder Chunyuan had total assets of CNY114.31 million and its revenue of main businesses was about CNY126 million with net profits of CNY41.15 million.
Apart from the acquisition of Founder Chunyuan, UFIDA Software has also recently announced the acquisition of TurboCRM, a Chinese customer relationship management software company, for CNY45 million.