Milan
30 June 2017
Reporter: Katherine Brown

SimCorp makes €35 million software acquisition


SimCorp has acquired APL Italiana, a provider of investment and portfolio management software for the Italian insurance market, for €35 million, including €10 million in SimCorp shares.

The purchase price will be adjusted upwards by an expected €3 million by closing of the agreement.

In 2016, APL Italiana generated €16.6 million in revenue and earnings before interest and taxes of €4.8 million.

APL Italiana will be renamed SimCorp Italiana following the purchase, and will be the basis of SimCorp’s new Italian market unit. APL Italiana’s software solution will be renamed SimCorp Sofia.

Klaus Holse, CEO of SimCorp, said: “Following the recent client wins in Italy and Spain, the acquisition of APL Italiana helps us further establish our position in Southern Europe. In addition to a strong development organisation, APL Italiana has a well-developed consulting and services business.”

“This, and more than 100 new employees with IT and asset management knowledge, will be an asset for us, when further building our position in this and other markets. All in all, I see APL Italiana as a perfect match for us and I am proud to welcome their employees and clients to the SimCorp family.”

The purchase is expected to be active on 1 July with the closing of the agreement planned for 1 August.

The SimCorp shares that are part of the purchase price will be based on a lock-up restriction and will be released to APL Italiana’s sellers in three annual instalments. The last shares will be released after SimCorp’s 2019 results.

SimCorp plans to issue new shares totalling €10 million in connection with the purchase.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Tom Carey takes on new role at Broadridge
16 January 2018 | New York | Reporter: Zsuzsa Szabo
Broadridge Financial Solutions has appointed Tom Carey to head up the firm’s new international business Broadridge International
Raymond James selects Red Deer for MiFID II
16 January 2018 | London | Reporter: Jenna Lomax
Raymond James Investment Services has chosen Red Deer’s research valuation management solution to adhere to MiFID II
SWIFT and CSDs join forces on proxy voting DLT
15 January 2018 | Brussels | Reporter: Jenna Lomax
SWIFT and seven CSDs have partnered to explore how distributed ledger technology could be implemented in proxy voting and for digital assets
Saxo Bank appoints CCO
15 January 2018 | London | Reporter: Jenna Lomax
Bunce will begin his new role in February 2018 and will report to Kim Fournais, CEO and founder
HSBC creates head of innovation role for blockchain actions
15 January 2018 | London | Reporter: Jenna Lomax
Nabi will be responsible for establishing and managing initiatives across HSS — focusing on technology as well as digital and data solutions
Northern Trust acquires technology resources from Citadel
12 January 2018 | Chicago | Reporter: Jenna Lomax
Citadel has agreed to give Northern Trust the software development rights for Omnium, a software solution, along with an undisclosed number of development staff
Lombard Risk share prices soars after Vermeg takeover offer
12 January 2018 | London | Reporter: Zsuzsa Szabo
Dutch financial software provider Vermeg has set its sights on acquiring Lombard Risk with a £52.08 million cash for shares offer
More news