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Updated on: Monday, October 11, 2021, 03:13 PM IST

Federal Soft Systems acquires multiple technology products for $15 mn

The acquisition will lead to the strengthening of FSS' position in IT Products/ Representative Image |

The acquisition will lead to the strengthening of FSS' position in IT Products/ Representative Image |

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Federal Soft Systems (FSS), a People Resourcing & IT services has acquired multiple technology products for $15 mn to strengthen its position in IT Products. FSS unveiled the range of products during an event at the Grand Ridge Hotel, Tirupati on October 1.

Federal Soft Systems (FSS) has been working on various development products which are very useful in multiple aspects and across industries. MD-NBMSME Prof Rajesh Sharma stated that the organization will strictly promote the initiatives of FSS under the Make in India programs.

Some of the initiatives to be worked upon are- MyTalkingTree that brings Artificial Intelligence right to school via three mantras of visual, aural and verbal interaction and Magik Mat,an interactive activity-based gaming and learning medium for enhancing the holistic development of a child and more.

Participating in the event, Chairman of AP State Skill Development Corporation (APSSDC) Konduru Ajay Reddy, said that the skill training will be acting as a vital bridge between academic and industry.

To further support this, the Andhra Pradesh government will be establishing 25 skill colleges and one non-IT University and IT university in the state to hone skills for better employability and innovation.

Kishore Yedam, CEO Federal Soft Systems, said, "The acquisition puts a stake in the ground around FSS commitment to providing our customers with end-to-end technology products across the domains."

FSS has also collaborated with AP Skill Development for recruiting 500 resources batch-wise.

Kishore K, Managing Director Federal Soft Systems, said, "We are excited to expand our product portfolio in the Asia and Global markets with enhanced product offerings that advance our objective to offer an effortless experience to our consumers and customers."

The acquisition is anticipated to be completed in the third quarter, subject to customary closing conditions and necessary regulatory approvals.

Kalyan Krishna C, Director Federal Soft Systems, said,"FSS is also onboarded new Directors after acquiring as Hari Babu N, Rayala Satya, Naresh Kumar M." Total consideration for the transaction is approximately $15 million, subject to customary adjustments.

(With inputs from ANI)

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Published on: Monday, October 11, 2021, 03:13 PM IST
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