SimCorp procures Italian software enterprise APL Italiana S.p.A.



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.

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