Vienna's update software has acquired German banking CRM specialist Orgaplan for a maximum EUR5.5 million, including a two-year earn out.
Twenty-year old Orgaplan claims 200 customers, including more than half of the savings banks and public-sector credit institutions in Germany and a third of the big commercial and agricultural credit cooperatives. Besides its headquarters in Cologne, Orgaplan operates a branch in Hanover and has approximately 60 employees.
Orgaplan's two founding partners Hans-Ulrich Krauss and Burkhard Demming will remain with the firm in 'key positions'. They say that update software will pursue a two-product strategy for the financial services market - with life-time support for both Orgaplan and update software products.
Update CEO Thomas Deutschmann says the deal gives the firm the largest customer base in the German banking market.
"The acquisition is a further step in our strategy of growth through sector focussing. At the same time, update is playing an active part in the consolidation process in the CRM market," he says.