A part of the purchase price is subject to the continued employment of the founders and key employees of Equipos Ltd. The acquisition will be effective on 1 March 2014.
Based in the UK, Equipos Ltd. is a leading provider of reporting software capabilities. Its main product – the Coric Client Communications Suite – is already utilized by some of SimCorp’s clients. Since 2008, Equipos Ltd. has enjoyed rapid growth in both revenue and staffing.
It is SimCorp’s expectation that many existing as well as new SimCorp Dimension clients will adopt the Coric reporting solution under SimCorp’s full ownership.
The acquisition will result in an accounting gain of approximately EUR 1.1m in Q1 2014, which is the difference between the carrying value of the 20% ownership and the purchase price.
For the full year the acquisition of Equipos Ltd is expected to increase SimCorp’s total revenue by two % points measured in both local and reported currency. Due to certain non-recurring costs associated with the acquisition it is expected that the acquisition will impact SimCorp’s EBIT margin negatively by 0.5% points measured in both local and reported currency.
Enquiries regarding this announcement should be addressed to:
Klaus Holse, Chief Executive Officer, SimCorp A/S (+45 3544 8802, +45 2326 0000
) or
Georg Hetrodt, Chief Technology Officer, SimCorp A/S (+45 3544 8900, +45 2713 1212
) or
Thomas Johansen, Chief Financial Officer, SimCorp A/S (+45 3544 6858, +45 2811 3828
)
About Equipos Ltd.
Equipos Ltd. is a leading international supplier of specialist document management, business process management, and client reporting solutions for investment and wealth management firms. Its flagship product is the multi-award-winning Equipos Coric™ Client Communications Suite. Founded in 1999, the private limited company employs around 50 with office locations in London, UK, Boston, USA, Toronto, Canada, as well as a technology center in Wolverhampton, UK. For more information about Equipos Ltd., please visit www.equiposgroup.com.
About SimCorp
Since 1971, SimCorp has been providing investment and portfolio management software and services to the world’s leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds and wealth managers. SimCorp’s advanced software provides global financial organizations with the tools they need to mitigate risk, reduce cost and enable growth. SimCorp is a global company, regionally covering all of Europe, North America and Asia Pacific. Listed on the NASDAQ OMX Nordic, SimCorp is dedicated to supporting the global investment management industry, its clients and its investors. For more information about SimCorp, please visit www.simcorp.com.
Company Announcement no. 10/2014