Symphony Service Acquires US Based CoreObjects Software
Bangalore-based Symphony Service Corporation has acquired CoreObjects Software Inc, a Los Angeles-based new product development services provider, that specialises in bringing commercially deployable products to market.
With CoreObjects’ engineering delivery centers in Bangalore and Pune, India and its team of highly skilled full-time product engineers and deep vertical market expertise, Symphony Services will expand its offerings in the product development and embedded product development space.
This acquisition also provides Symphony Services access to additional re-usable components and frameworks for product development, including CoreObjects' Smart Objects suite of software assets designed to speed clients' products to market.
Transaction Reference: BS
CoreObjects has 55 active client contracts in the US, Europe, and India. CoreObjects has a deep presence in providing services to Los Angeles startups; the firm has provided its services to such firms as Stamps.com, Xoova, Practice Technologies, and many others, and reportedly has taken warrants and equity stakes in a number of local startups as part of their development deals. CoreObjects has received venture funding from Palomar Ventures.
CoreObjects 'Smart Objects' suite includes Smart Machines, a web-based solution for real-time asset performance management, enabling continuous monitoring and management of industrial equipment, and 'smart vitals', an early response system to improve patient safety and optimize occupancy in hospitals.
Symphony Services was founded in 2002 with initial funding from Romesh Wadwhani, Chairman and CEO of Symphony Technology Group and then in 2003 Symphony Services raised growth capital from TH Lee Putnam Ventures.
Symphony Services provides software product engineering outsourcing services to Independent Software Vendors (ISVs), software enabled businesses and companies whose products contain embedded software.. Presently, Symphony services to around 150 clients.
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and being a partner in building great software and services companies.
TH Lee Putnam Ventures is a technology-focused private equity firm affiliated with Thomas H. Lee Partners, a leading buyout firm, and Putnam Investments, a leading global money management firm.
This year in June, Symphony acquired Bangalore-based outsourced product development firm Proteans Software Solutions.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 09/09/10 | CoreObjects Software - Symphony Service Corp | M&A | Symphony Services Corporation India Private Limited | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 06/02/12 | M&A | Agni Property Services Private Limited | Looking For | - | Planned |
| 02/02/12 | M&A | Persistent Systems Limited | Location business | - | Completed |
| 31/01/12 | Private Equity | Tiger Global Management LLC | Flipkart Online Services Private Limited | 150.00 | Completed |
| 31/01/12 | M&A | Dell Inc | Looking For | 1007.05 | Planned |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Symphony Services Corporation India Private Limited | Romesh Wadhwani | #13/1,Outer Ring Road, Kaadubeesanahalli, Varthur Hobli, Bangalore-560087. | www.symphonysv.com | |
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