Fidelity National Financial, has signed a definitive agreement to acquire a 74.9% stake in Kordoba, a provider of core processing software and outsourcing services to the German banking market, from Siemens Business Services.
Under the deal, Siemens Business Services will retain a 25.1% stake in the Kordoba business.
Formed in 1979, Kordoba provides both outsourced and in-house core banking technology to German banks, including core transaction processing, ATM network systems, accounting and reporting software, and securities processing systems. For its fiscal year ended September 30 2003, Kordoba generated revenue of EUR85.7 million and EBIT of EUR23.8 million. The firm has more than 300 employees.
William Foley, chairman and CEO, FNF, says: "This acquisition positions FNF to benefit from the growth opportunity in the German core processing market and provides FNF a significant foundation in this key European economy to assist in the realisation of our overall expansion plans throughout Europe."
The transaction is expected to close by September 30 2004.