SoftPro Systems, a Hyderabad-based IT solutions provider, has acquired 100% equity stake in South Africa based Cura Risk Management Software, for US$ 19 million in all cash deal.

Under the arrangement, SoftPro would pay $16 million as upfront payment while the balance amount would be paid in the next three years based on performance of the acquired company.

The move is aimed at making SoftPro as global leader in the governance, risk and compliance (GRC) space.

Further, SoftPro, with a market cap of Rs. 140 crore, expects the deal to ensure six-fold growth in its revenues to over Rs. 60 crore by the end of this fiscal.

Cura is $8 million company which provides integrated software solutions addressing the Governance Risk & Compliance (GRC) requirements. The company's products are used by over 150 organizations that include Global 1000 enterprises, government agencies and consulting firms.

Cura Risk Management Software was targeting to achieve $200 million revenues in the next five years and SoftPro would complement Cura's efforts and aggressively pursue the Indian market place.

The shares of SoftPro closed on Tuesday at Rs 220 on BSE, up 5% compared to previous close of Rs 212.