infoTECH News

[December 01, 2009]

AFS Technologies Buys Softrax Assets

Dec 01, 2009 (Close-Up Media via COMTEX) -- AFS Technologies, a provider of enterprise software solutions, announced that it has acquired certain assets of Softrax, based in Canton, MA.

Softrax's assets, which will be managed by AFS Financial Solutions, a subsidiary of AFS, were acquired for cash, and funded by AFS's own cash balances.

Softrax is a provider of revenue management and billing solutions to over 200 customers in a variety of industry sectors, including software, SaaS, information providers, internet, research, eLearning, BPO's, and other high technology sectors. Customers manage billions of dollars with Softrax billing and revenue management solutions.

The Softrax acquisition is the first phase of a planned expansion by AFS, which it said is to broaden its enterprise technology platform and SaaS applications into other industry sectors. Currently, over 1,000 customers in the food, beverage, logistics, and supply chain sectors utilize AFS's enterprise software solutions.

AFS said it has acquired core competencies in ERP, Financial Management, BI, Databases, WMS, OMS, Logistics, and Supply Chain. AFS enterprise solutions were built in a modular fashion, utilizing service oriented architecture (SOA) with re-usable components, and the Microsoft .NET platform.

AFS's Financial Statements and Business Intelligence solutions will be integrated with Softrax's Billing and Revenue Management solutions. Currently, AFS maintains a software development and technical support facility in Bangalore, India, and should be able to complete these integration objectives rapidly, according to the company.

"For the past eleven years, Softrax has been focused on developing industry leading billing and revenue management solutions for the demanding needs of software and other high technology customers," said Softrax Vice President Jay Waldron. "AFS's technology platform and modular solutions will enable us to offer an improved and broader range of integrated solutions to these markets." "We understand that Softrax solutions provide mission-critical billing and revenue management capabilities to hundreds of innovative, high growth enterprises from start-ups to global enterprises," said Kurien Jacob, CEO of AFS. "We are committed and are looking forward to providing advanced solutions and superior technical support to Softrax's esteemed customers." "We are excited that AFS is executing on its planned expansion into a new industry sector, financial management. AFS's newly created 'AFS Financial Solutions' division will be effective at managing the Softrax assets as well as the rapid integration of the Financial and BI modules with Softrax solutions," said Walter Barandiaran, Chairman of AFS and a Managing Partner of The Argentum Group. "The acquisition of Softrax should accelerate the growth of AFS, and we are looking forward to evaluating other opportunities that might fit the AFS Financial Solutions growth and product strategy." ((Comments on this story may be sent to newsdesk@closeupmedia.com))

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