Sopra Steria announced plans for a tie-up with Cassiopae, a developer of specialized finance and real estate management software.
Sopra Steria plans to acquire, through its subsidiary Sopra Banking Software, about 75% of KSEOP, Cassiopae’s holding company. Cassiopae’s founder and certain managers including the Emmanuel Gillet, the current chairman, will retain about 25% of the share capital. A subsequent acquisition of that 25% is envisioned for 2020 at the latest.
Initially a vendor of real estate leasing software, founded by Guy Gillet in 1987, Cassiopae is currently France’s 16th largest independent software developer (according to the 2015 ‘Truffle 100’ ranking). With operations in 40 countries, Cassiopae posted revenue of €50.2 million ($54.6 million) in 2014 and serves more than 300 clients.
“I will be very happy to have Sopra Steria accompanying us for the next stage of our development,” said Gillet. “I am convinced that this powerful strategic partnership, with the capacity to generate synergies, will enable us to create even more value for our clients and enhance our growth potential in the market for specialized finance and real estate management.”
The acquisition falls into line with Sopra Steria’s goal for its Sopra Banking Software subsidiary to double its 2014 revenue of €271 million ($295.08 million) over the next five years.
Eric Pasquier, Sopra Banking Software’s CEO, who is also a member of Sopra Steria’s Board of Directors, concluded, “I am very excited at the idea of a tie-up between Sopra Banking Software and Cassiopae that will enable us to address all of our clients’ digital transformation needs. This is a demonstration of our commitment to robust business development in the banking and financial industries.”
This proposed transaction is subject to the usual conditions precedent. If it is approved, Sopra Steria could consolidate Cassiopae in its accounts in Q2/16.
Sopra Steria provides aportfolios of end-to-end service offerings including consulting, systems integration, software development and business process services.
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