Crédit Mutuel Arkéa acquires 19.5% stake in Vermeg
20 January 2017 | 4403 views | 0
Source: Credit Mutual Arkea
Crédit Mutuel Arkéa is pleased to announce that it has acquired a 19.5% interest in Vermeg.
This investment will enable the financial software provider to speed up its expansion in European and international markets. The deal furthers Crédit Mutuel Arkéa's capacity to pursue its strategy in third party services and perfectly complements the Arkéa 2020 strategic plan.
With renowned expertise and innovation capacity, Vermeg is a European leader in finance and insurance software solutions. It has operations in France, Belgium, Luxembourg, the Netherlands and Tunisia and reported revenues of approximately €53 million in 2016.
In a particularly competitive and highly-regulated market, Vermeg has positioned itself as an ideal partner for businesses looking for innovative solutions. Its 150-strong customer and partner base includes insurers and institutional investors, private equity firms, asset managers, depositories and central banks.
Vermeg will move its European expansion up a gear
The acquisition of a 19.5% interest by Crédit Mutuel Arkéa will allow Vermeg to move ahead with its expansion and innovation plans. Now that it has the backing of a solid banking group, Vermeg is looking to strengthen its foothold in Europe. Its 2014 acquisition of Belgian firm BSB illustrated Vermeg's capacity to grow and create value sustainably through targeted external growth.
Crédit Mutuel Arkéa will be able to further its strategy in third party services
This investment sees Crédit Mutuel Arkéa teaming up with a key partner that will help to fulfil its ambitions in third party services, a strategy that requires sustainable, agile and robust IT infrastructure.
Tarak Achich, Head of Business-to-Business and Specialized Services at Crédit Mutuel Arkéa: “We are thrilled to be able to help Vermeg accomplish its expansion ambitions in Europe. Vermeg is a great success story: it is a leader in commercial development and technology. These are key factors that will give our third party services operations added impetus. This investment will enable us to enhance our business and technological know-how, in keeping with the highest standards. It is fully in line with our Arkéa 2020 strategic plan.”
Pascal Leroy, CEO of Vermeg: “Our path has been guided by that of our customers and the trust they have placed in us for over 20 years. We are therefore very happy to have Crédit Mutuel Arkéa become a shareholder in our company and help us pursue our ambition: to develop solutions and industrial offerings that combine cutting-edge technology and business know-how. This investment also gives us added leeway to embark on further acquisitions going forward.”