SimCorp makes €35 million software acquisition
30 June 2017 Milan
Image: Shutterstock
SimCorp has acquired APL Italiana, a provider of investment and portfolio management software for the Italian insurance market, for €35 million, including €10 million in SimCorp shares.
The purchase price will be adjusted upwards by an expected €3 million by closing of the agreement.
In 2016, APL Italiana generated €16.6 million in revenue and earnings before interest and taxes of €4.8 million.
APL Italiana will be renamed SimCorp Italiana following the purchase, and will be the basis of SimCorp’s new Italian market unit. APL Italiana’s software solution will be renamed SimCorp Sofia.
Klaus Holse, CEO of SimCorp, said: “Following the recent client wins in Italy and Spain, the acquisition of APL Italiana helps us further establish our position in Southern Europe. In addition to a strong development organisation, APL Italiana has a well-developed consulting and services business.”
“This, and more than 100 new employees with IT and asset management knowledge, will be an asset for us, when further building our position in this and other markets. All in all, I see APL Italiana as a perfect match for us and I am proud to welcome their employees and clients to the SimCorp family.”
The purchase is expected to be active on 1 July with the closing of the agreement planned for 1 August.
The SimCorp shares that are part of the purchase price will be based on a lock-up restriction and will be released to APL Italiana’s sellers in three annual instalments. The last shares will be released after SimCorp’s 2019 results.
SimCorp plans to issue new shares totalling €10 million in connection with the purchase.
The purchase price will be adjusted upwards by an expected €3 million by closing of the agreement.
In 2016, APL Italiana generated €16.6 million in revenue and earnings before interest and taxes of €4.8 million.
APL Italiana will be renamed SimCorp Italiana following the purchase, and will be the basis of SimCorp’s new Italian market unit. APL Italiana’s software solution will be renamed SimCorp Sofia.
Klaus Holse, CEO of SimCorp, said: “Following the recent client wins in Italy and Spain, the acquisition of APL Italiana helps us further establish our position in Southern Europe. In addition to a strong development organisation, APL Italiana has a well-developed consulting and services business.”
“This, and more than 100 new employees with IT and asset management knowledge, will be an asset for us, when further building our position in this and other markets. All in all, I see APL Italiana as a perfect match for us and I am proud to welcome their employees and clients to the SimCorp family.”
The purchase is expected to be active on 1 July with the closing of the agreement planned for 1 August.
The SimCorp shares that are part of the purchase price will be based on a lock-up restriction and will be released to APL Italiana’s sellers in three annual instalments. The last shares will be released after SimCorp’s 2019 results.
SimCorp plans to issue new shares totalling €10 million in connection with the purchase.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
.jpg)