UFIDA Software Co, a major provider of management software solutions, announced a 491 million-yuan ($72 million) takeover plan Thursday in the hope of jumping on the bandwagon of China's fast-growing automotive industry.

UFIDA said in a statement that it will pay 486.09 million yuan for a 99 percent stake in Shanghai InfoService Technology Co, a management software provider for the auto industry, while its wholly owned subsidiary in Jiangxi province will take the remaining 1 percent for 4.91 million yuan.

UFIDA wants to grab opportunities accompanying the growth in demands for management software solutions and consulting services spurred by the rapid development of China's auto industry, the company said.

UFIDA is set to sign an equity transfer accord with InfoService, it said, without giving a specific date.

If successful, the deal would mark the highest ever price for any acquisition in China's management software industry, according to China Securities Journal.

Zheng Yulin, vice president of UFIDA, told the paper that the price is reasonable given that InfoService has a bright prospect as a leading provider of management software solutions for the auto industry.

In 2009, China overtook the United States to become the world's largest auto market, with 13.6 million vehicles sold.

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