Sopra acquires COR&JFA Banking Solutions
18 February 2014 | 1600 views | 0
Sopra (SOP.PA) (NYSE Euronext: SOP) announced today the acquisition of the German company COR&FJA Banking Solutions GmbH thereby strengthening the international development of its subsidiary Sopra Banking Software.
As stated in the press release issued on 14 November 2013 announcing the proposed acquisition, Sopra has acquired 100% of the share capital of COR&FJA Banking Solutions GmbH.
This acquisition significantly bolsters 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 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.
COR&FJA Banking Solutions GmbH activities are consolidated in the Group's financial statements from 1 January 2014.
The all-cash transaction was concluded for a total amount of €13.0m.