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Nucleus Software eyes buys to boost financial services

April 29, 2013 | The Hindu business line


Noida-based Nucleus Software Exports is eyeing for two acquisitions over the next one year to strengthen its offering for the banking and financial services.

“Out of Rs. 260 crore of cash, we have kept a budget of Rs. 25-50 crore for the acquisitions. We would like to do the first acquisition by March 2014,” Vishnu R. Dusad, Founder, Chief Executive Officer and Managing Director, Nucleus Software Exports, told Business Line.

The mid-size information technology company said it is looking at acquiring companies with intellectual property in the financial services area, which will enable Nucleus to deal with loan origination and loan servicing applications.

Nucleus already offers such services to various banking and financial companies in 50 countries including the US, Europe, Asia Pacific and Africa with its flagship product called FinnOne.

The company is also looking at acquiring players that have capabilities in the mobile banking space. Simultaneously, Nucleus is developing its own mobile applications for financial services.

“We have some offerings that are on test phases and we will introduce them next month. This is one space which is exploding, so we will identify companies which can do creative products in the mobile space and help leverage our understanding of the domain,” he said.

To hire 250

Dusad said the company is looking at hiring around 250 people this financial year, from which 150 would be freshers for developing new products. Nucleus has around 1,500 employees currently.

Dusad said Nucleus is investing Rs. 20 crore to develop newer versions of its products, which will be released over the next two quarters.

The company invests similar amount every year on new products development.

Q4 profit rises 19%

Meanwhile, the company on Monday reported a consolidated net profit of Rs. 10.45 crore for the fourth quarter ended March 31, up 19 per cent from Rs. 8.79 crore in the corresponding quarter last year.

Revenue for the quarter stood at Rs. 73.44 crore from software products and services, up 5 per cent compared with Rs. 70.07 crore in the same quarter last year.

Earnings per share for the quarter stood at Rs. 3.23 against Rs. 2.72 in the corresponding quarter last year, the company said.

Shares of the company closed at Rs. 75.70 on the BSE on Monday, up 2.02 per cent from the previous close.