2024-02-21 18:04:06
PARIS (Agefi-Dow Jones)–The IT services group Sopra Steria announced on Wednesday its intention to sell most of its banking software division Sopra Banking Software to its former subsidiary Axway Software for 330 million euros including debt .
“Developed since 2012 using banking software assets from Sopra’s history and acquisitions, the software activity of Sopra Banking Software is not at the heart of the strategic priorities of a European digital services company like Sopra Steria”, said the group’s president, Pierre Pasquier, quoted in a press release. The project “corresponds to Sopra Steria’s desire to strengthen its development in Europe in digital services and solutions and to concentrate its investments on consulting and digital in its strategic markets”.
Sopra Steria underlined that the project also provided for the sale to its reference shareholder Sopra GMT of 3.62 million Axway shares currently held by Sopra Steria at a price of 26.5 euros, or an amount of 95.9 million euros.
At the end of the operations, which should be concluded “before the end of the second quarter of 2024 or at the latest by the third quarter of 2024”, Sopra Steria would remain a shareholder of Axway with approximately 11% and “a new strategic partnership between the two companies would also be established.
According to Sopra Steria, the activities being sold concern approximately 80% of the scope of Sopra Banking Software, and represented approximately 340 million euros in turnover for the 2023 financial year.
The group estimates that at the accounting level these operations should enable it to achieve “a slight increase” in the operating margin rate, on an annual basis, a reduction in its net financial debt of at least 425.9 million euros and a strengthening of its investment capacity “in order to pursue the growth strategy”.
-Jérôme Batteau, Agefi-Dow Jones; +33 (0)1 41 27 47 99; [email protected] ed: LBO
FINANCIAL RELEASES FROM SOPRA STERIA:
Agefi-Dow Jones The financial newswire
(END) Dow Jones Newswires
February 21, 2024 1:03 PM ET (6:03 PM GMT)
1708545595
#Sopra #Steria #plans #sell #Sopra #Banking #Software #Axway #million #euros #February #p.m
