Sopra Steria plans Cassiopae tie-up
Chairman of Cassiopae, Emmanuel Gillet
Paris-based Sopra Steria plans a tie-up with Cassiopae, a developer of specialised finance management software.
Sopra Steria plans to acquire, through its subsidiary Sopra Banking Software, about 75% of KSEOP, Cassiopae’s holding company.
The founder and his family, and certain managers including the current chairman of Cassiopae, Emmanuel Gillet, 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, Cassiopae is now France’s 16th largest independent software developer (according to the 2015 ‘Truffle 100’ ranking). It has operations in 40 countries, and posted revenue of €50.2 million in 2014 and serves more than 300 clients.
Banking is one of Sopra Steria’s largest markets and a “strategic growth priority”. Its subsidiary Sopra Banking Software is aiming to double its 2014 revenue of €271 million over the next five years.
With that in mind, Sopra Steria says this proposed acquisition would be an “important step forward” and “consolidate” its position in the banking and financial sector.
It would also give Sopra Banking Software a range of solutions in such areas as distribution, account-keeping, lending, payments and compliance.
Gillet says the partnership will “generate synergies” and adds that “this business combination will also provide stimulating career opportunities for our employees”.
This proposed transaction is subject to the usual conditions precedent. If it is approved, Sopra Steria could consolidate Cassiopae in its accounts in the Q2 2016.
Sopra, so good
Sopra Banking Software is itself a conglomerate of a number of companies acquired by Sopra Steria over the years. It was created in 2012 as a merger of three banking software entities: Evolan, Calltay & Wouters and Delta Informatique. It offers a range of front-to-back office software for banks and lending companies, including two core banking systems (Sopra Banking Platform and Amplitude).
The vendor had a successful 2015 with its Amplitude core system (formerly Delta-Bank from Delta Informatique) getting some attention in its traditional stronghold markets of French-speaking Africa.
Banque Nationale d’ Investissement (BNI) Madagascar signed to replace its legacy core banking system with Amplitude.
François Hoffman, MD of BNI Madagascar, says the agreement is “the start of a strong partnership between the two companies”.
Ivory Coast-based NSIA Bank (previously BIAO Bank) chose Amplitude to replace Capital Banking Solution’s CapitalBanker (also known as Orion). Sopra Banking Software was chosen after a lengthy selection process.
Finally, Mauritius-based Banque des Mascareignes is rolling out Amplitude as part of its parent group’s ongoing “Harmonisation of Information Systems” scheme.
Banque des Mascareignes is owned by France-based BPCE group. The group, a result of the merger between CNCE and BFBP in 2009, is France’s second largest.
