SLMsoft.com acquires Design Expo

Toronto-based, SLMsoft.com acquired 70 percent of the equity share capital of Mumbai based Design Expo Network. This move came out of an objective of expanding their base in India and opening up a global development center (GDC). The valuation of the deal is estimated at $ 3 million.

SLMsoft.com is a provider of electronic financial transaction solutions for the e-commerce market, while Design Expo offers complete suite of portal and complete web enablement solution.

Govin Misir, CEO, SLMsoft.com said that this acquisition would provide SLMsoft.com a platform to build a R&D center with cost effective implementation and manpower to support the deployment of their products.

Manu Agarwal, CEO, Design Expo hopes that the deal would add new dimensions to the business. Also added that the deal has made easy their company's products' reach to the global market. Speaking about the investment in the Design expo, Misir said that SLM has plans to invest around $ 2 million to $ 3 million in a span of two years, which will be invested majorly in human resource. This would take the present employee strength in Design Expo, from 100 to 200 by next year.

Presently Design Expo has notched up a turnover of around $ 1.9 million. He expressed the hope of taking the revenue generation to $ 5 million in the span of twelve months. SLM would like to leverage on the technical expertise of the Design Expo and to establish their presence in India.