(Source: Business Wire)
CDC Software, a wholly-owned subsidiary of CDC Corporation (NASDAQ: CHINA) and a provider of industry-specific enterprise software applications and services, today announced it plans to form a joint venture with Softrax Corporation, a leading provider of billing and revenue management solutions, that would expand CDC Software's compliance solution offerings.
The joint venture, which is expected to be operational in the third quarter, plans to leverage CDC Software's global customer support and product engineering resources in India and China, and Softrax's deep domain and product expertise.
The joint venture is expected to further expand CDC Software's compliance offerings and industry penetration, and to help Softrax accelerate its growth and geographic market expansion. CDC Software and Softrax expect to sell their respective solutions to each other's customer base, potentially opening new markets for CDC Software such as high tech, business services and many other industries which have critical revenue compliance requirements. It is also expected that CDC Software will sell their billing and revenue management solutions globally, and the companies are exploring opportunities to embed their technologies into each other's products to facilitate integration.
Softrax's solutions are expected to help to extend CDC Software's compliance product solutions by offering revenue recognition applications that facilitate compliance with Sarbanes-Oxley and other FASB regulations. CDC Software solutions already support product compliance through the company's Ross Enterprise solutions that support REACH, FDA, HACCP, Track and Trace, Good Manufacturing Practice (GMP), 21CFR Part 11 and other regulatory requirements specific to the Food and Beverage, Life Sciences and Chemical industries; and Environmental Health and Safety through its partnership with 3ECompany.
"We believe this joint venture represents a win-win partnership for both companies and their customer bases," said Bruce Cameron, president of CDC Software. "We believe that this joint venture will once again illustrate the compelling value our global infrastructure provides to companies with its innovative and efficient product engineering, services and support resources. Our joint venture with Softrax is also expected to strengthen our already-comprehensive suite of CRM, ERP and compliance solution offerings, which we believe positions CDC Software strongly in markets with numerous financial regulatory requirements.
