PARIS & LEINFELDEN-ECHTERDINGEN, Germany--(BUSINESS WIRE)--Regulatory News:
Sopra Group SA (Paris:SOP) and COR&FJA AG, a German consulting and software firm specialising in financial services, have announced the signature of an agreement concerning the acquisition by Sopra Banking Software, a wholly-owned subsidiary of Sopra Group, of 100% of the share capital of COR&FJA Banking Solutions GmbH.
The proposed acquisition would significantly bolster Sopra Banking Software’s international strategy by giving it a foothold in the German market. COR&FJA Banking Solutions’ existing client roster, combined with Sopra Banking Software’s widely recognised expertise, will enable a new segment-specific offering to be proposed to a broader client base.
COR&FJA Banking Solutions covers all the functionalities required by retail and private banks as well as automotive and mortgage finance institutions. The offer is based on locally developed products ideally suited to the German market.
Moreover, this tie-up dovetails with Sopra Group’s 2015 strategy, whose bold aim is to generate 30% of the Group’s revenue in software development.
COR&FJA Banking Solutions GmbH has been operating as a separate entity of COR&FJA AG following an internal restructuring process in the summer of 2013. COR&FJA Banking Solutions GmbH generated revenue of €23.3m for financial year 2012, including €10.3m in maintenance. On a pro forma basis, Sopra Banking Software’s total revenue would thus amount to approximately €240.0m for financial year 2013.
This project, subject to standard conditions precedents, has been approved by the Board of Directors of Sopra Group SA and the Supervisory Board of COR&FJA AG.
The proposed transaction, for a total amount of €13.0m, will be paid in cash.
About Sopra Group
Sopra Group is a leader in consulting, IT services and software development in Europe, providing assistance and guiding its clients to ensure the success of their complex transformation projects. With particular attention to business processes and information systems, combining industrial quality, high-performance services, added-value and innovation to the solutions it provides, Sopra Group is the partner of choice for large enterprises and organisations seeking the best usage of information technology to enhance their development and competitive edge. The Group generated a turnover of 1,217 billion euro in 2012 and today, employs over 16,000 people.
About Sopra Banking Software
Sopra Banking Software is a global leader in software and IT services for banks and financial institutions. Its solutions help over 500 customers in 70 countries be more efficient, agile and responsive to business challenges. The market has long recognized the company's constituent parts - Sopra Group's financial software business, Callataÿ & Wouters, Delta Informatique and Tieto Financial Services UK - as solid players with a wide range of proven products. Worldwide, Sopra Banking Software employs 1,700 skilled experts.
About COR&FJA
The COR&FJA Group is one of the leading software and consulting companies for the European financial services industry, focusing on insurance companies, banks and providers of company pension funds. Its service spectrum ranges from standard software and the provision of consultancy services to the assumption of IT operations (application service providing). The COR&FJA Group, which has its head office in Leinfelden-Echterdingen and offices in Munich, Aachen, Düsseldorf, Frankfurt, Hamburg, Kiel, Cologne and St. Georgen, as well as subsidiaries in the Netherlands, Denmark, Austria, Switzerland, Slovakia, Slovenia, Poland, the Czech Republic, Portugal, Spain and the USA, currently employs nearly 1,200 staff.
