22 January 2018, India:
US based Bentley Systems has acquired Software products company S-Cube Futuretech Pvt Ltd. The deal size has not been disclosed. S-Cube staff has joined Bentley’s teams in India, the company said in a press release.
This deal gives IDFC-Parampara Early Stage Opportunities Fund its first exit. In 2015, S-Cube had raised $1 million from IDFC-Parampara Capital. This was the first investment of the fund. A signficant minority stake in S-Cube Futuretech was acquired by Parampara.
MK Sinha , CEO of IDFC Alternatives said, “IDFC Parampara was floated with the objective to explore investing into businesses with intellectual property and the technology as barrier to entry. The exit from the investment at healthy IRR validates our return expectation from this asset class.”
As a part of deal, S-Cube’s software products have become part of Bentley’s structural analysis and design portfolio.
S-Cube technology will continue to be developed and supported as it always has been, the company said in a press release.
On “Why did Bentley Systems acquire S-Cube” the company said in a press release, “S-Cube technology, with its niche structural concrete design, detailing, and documentation capabilities, uniquely compliments the STAAD and RAM structural analysis and design software. In particular, Bentley is now able to offer a complete solution for the structural design of buildings to Indian standards, including reinforced concrete detailing and documentation integrated with STAAD and RAM. Further, this acquisition brings valued expertise.”
S-Cube was founded by Sajit V R Nair and Vishwas Date in 2004. It offers software solutions to the structural and civil engineering industry. The company has developed off-the-shelf products for automating structural planning and design.
(Image – Betley, MeetCareer)