COPENHAGEN, Denmark, June 29: SimCorp has entered into a contract
to procure all shares in APL Italiana S.p.A. (APL Italiana) for an overall business
worth of EUR 35m. This comprises EUR 10m in SimCorp shares. The procuring expense
will be tweaked upwards with projected EUR 3m upon concluding of the contract.
APL Italiana is a top contributor of investment and
portfolio administration software for the Italian insurance market. The enterprise
is centered in Milan and has nearly 120 workers. In 2016, APL Italiana produced
returns of EUR 16.6m and EBIT of EUR 4.8m.
The procurement will be operational on 1 July, 2017, as well
as concluding of the contract is scheduled to be 1 August, 2017. SimCorp anticipates
the procurement to boost its profits by 2% and have no material effect on EBIT
margin in 2017.
Subsequent to the procurement, APL Italiana will be retitled
SimCorp Italiana as well as create the foundation of SimCorp's new Italian
market component with the objective of fortifying SimCorp's status in the
Italian market. SimCorp anticipates to achieve collaborations from consistent expansion
and consulting facilities across the two companies. Further, SimCorp anticipates
the procurement to offer cross-sales prospects with SimCorp Dimension.
APL Italiana's software solution, SOFIA, will persist to
exist to tackle the precise requirements of the Italian insurance market. The
solution will be retitled SimCorp Sofia. The administration group of APL
Italiana will continue and are devoted to persist with their effort in the
company progressing onward.
Remarking on the procurement, SimCorp CEO, Klaus Holse revealed:
"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 organization, 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 SimCorp shares that are component of the procurement cost
will be conditional on a lock-up limitation. They will be distributed to the venders
of APL Italiana with 1/3 per year throughout the three years subsequent to concluding,
with the last shares being distributed subsequent to the proclamation of
SimCorp's 2019 outcomes.
SimCorp will in association with the procurement issue fresh
shares with an overall worth of EUR 10m.
No comments:
Post a Comment