Axway has completed the acquisition of Sopra Banking Software.
Takeaway Points
- Axway has completed the acquisition of Sopra Banking Software.
- The acquisition was first announced at the end of February.
- The group will be headed by Patrick Donovan, as CEO, and Eric Bierry, who will take on the role of Deputy CEO.
Why did Axway Acquired Sopra Banking Software?
Axway on Monday announced the successful completion of the acquisition of Sopra Banking Software, establishing one of France’s top enterprise software publishers with leading positions in banking and financial services. This major step in the company’s development not only marks a change in dimension but also initiates a transformative alliance project aimed at delivering substantial value to all its stakeholders.
The acquisition was first announced at the end of February, and the proposition was made possible by the successful execution of several critical operations in recent months. With strong support from its shareholders and the addition of new investors, over the summer the company carried out a share capital increase with preferential subscription rights for a gross amount of c.€131m, which it combined with the securing of new credit facilities (c.€200m) from partner banks in order to finance the acquisition for an enterprise value of €330m, Axway said.
Patrick Donovan, Chief Executive Officer of Axway, said, “We are at a pivotal moment in our company’s history. The completion of the tie-up between Axway and Sopra Banking Software embodies a unique development opportunity, and the ambitious industrial project we have been working towards can finally come to life. We will be fully committed to this project and I am convinced that, together, our teams will achieve outstanding success. Our brands are strong, our flagship products are recognized among the best in their markets, and our customer-centric business model, refined over several years of transformation, has proven its effectiveness. The operational work begins now, with the unwavering priority for both Axway and Sopra Banking Software remaining, as always, the success of our customers’ projects.”
Eric Bierry, Deputy Chief Executive Officer of Sopra Banking Software, commented, “We are incredibly excited to be part of creating a new global powerhouse in enterprise software. Our industry-leading technology platforms and business software have a long and successful track record of driving the transformation of some of the world’s largest banking and financial institutions, and this alliance significantly strengthens our positions, offerings, technologies and perspectives. This operation provides a major opportunity to accelerate our value creation for all our stakeholders through a new Group of critical size with tenfold capabilities. I am particularly pleased that our 5,000 employees, from 26 countries around the world, are seeing our entrepreneurial culture thrive through a project filled with compelling opportunities.”
According to the report, the acquisition of Sopra Banking Software by the company has received approval from relevant regulatory authorities, and the integration of the two entities is beginning.
The Group will be headed by Patrick Donovan as CEO and Eric Bierry, who will take on the role of Deputy CEO, and Q3 2024 revenue will be published on Thursday, October 24, 2024, before market opening, Axway said in a statement.
About Axway
Axway enables enterprises to securely open everything by integrating and moving data across a complex world of new and old technologies. Axway’s API-driven B2B integration and MFT software, refined over 20 years, complements Axway Amplify, an open API management platform that makes APIs easier to discover and reuse across multiple teams, vendors, and cloud environments. Axway has helped over 11,000 businesses unlock the full value of their existing digital ecosystems to create brilliant experiences, innovate new services, and reach new markets.
About Sopra Banking Software
Sopra Banking Software (SBS) is a global financial technology company that is helping banks and the financial services industry to reimagine how to operate in an increasingly digital world. SBS is a trusted partner of more than 1,500 financial institutions and large-scale lenders in 80 countries worldwide. Its cloud platform offers clients a composable architecture to digitize operations, ranging from banking, lending, compliance, to payments, and consumer and asset finance. SBS is recognized as a Top 10 European Fintech company by IDC and as a leader in Omdia’s Universe: Digital Banking Platforms.
