COREOBJECTS ANNOUNCES AGREEMENT TO ACQUIRE JOPASANA SOFTWARE & SYSTEMS
Acquisition will offer CoreObjects access to new industry segments and new geographies
LOS ANGELES, California, April 04, 2007 – CoreObjects Software, Inc., a software development partner specializing in bringing commercially deployable software to market, today announced a definitive agreement to acquire Jopasana Software and Systems Ltd. of Pune, India. Jopasana is a product engineering and software solutions company with a proven track record in developing hardware and software solutions in the real-time and embedded space.
Both CoreObjects and Jopasana plan, research, prototype and engineer customer’s seed ideas into commercially deployable products. To date, CoreObjects has been primarily serving commercial software vendors in the US. Adding Jopasana to the CoreObjects family will provide new reach to customers in India and Western Europe, and additional expertise in embedded systems including both software and hardware product development.
"As we build on our vision of becoming a hub for the market changing ideas and a thought leader in the product engineering space, we were fortunate to find an organization that shares the same values and will help us realize our vision a lot faster,” said Girish Venkat, CEO, CoreObjects. “Their expertise and reputation is well known in the embedded software space and we are proud to have them becoming a part of our family”, added Venkat.
“We are excited to be gaining access to areas of CoreObjects’ business model, including their Entrepreneurs and Executives Network™ (EEN™)”, noted Ajay Phatak, CEO of Jopasana. “We will now have in-roads to early stage companies and be able to offer them one-stop access for converting their ideas into commercially deployable products. Both parties are confident that this partnership will generate benefits for our customers and partners", added Phatak.
The acquisition is subject to various standard closing conditions, including applicable regulatory approvals, and is expected to close in the first quarter of CoreObjects’ fiscal year 2007. The terms of the deal were not disclosed. Ajay Phatak, will continue to head Jopasana, as a CoreObjects group company.
About Jopasana
Jopasana is product engineering and software solutions company with a focus on real-time and embedded systems helping customers outsource their complete product development, R&D, and application engineering needs. With over 16 years of product and solution development experience, Jopasana has evolved processes and capabilities to build mission critical systems and products for its customers, from start-ups to Fortune 500 worldwide. Jopasana currently services the Automotive & Aerospace, Networking & Telecom, Consumer Electronics, Energy & Environment, Industrial Automation, Life-Sciences, and Semiconductor Equipment.