CAD IT has acquired SFB's 30% in order to strengthen its presence in the European software market, with the option to acquire a further 21% in 2018 and existing shareholders selling up to the remaining 49%.
Italy's CAD IT strengthens its position in Spain
Software Financiero Bolsa is a company headquartered in Madrid that develops software for financial institutions and offers consultancy services for front, middle and back office areas.
Software Financiero Bolsa has been included since 2013 in the list of the 500 largest software companies in the world published by Software Magazine and SFB closed the 2015 financial year with revenues of €4.8M, net profit of €1.1M and net assets of €2.4M.
CAD IT (www.caditgroup.com) company listed on the Star segment of the Milan Stock Exchange and leader in the Italian financial software market.
With this agreement, CAD IT strengthens its presence in the European market and offers the Spanish market, together with SFB, a portfolio of products already using the 90% from Italian banks and also customers in Switzerland, Germany, the UK and the Czech Republic.
The price of the transaction will be determined by the company's financial results in 2016-2018.
CadIT already had stakes in companies such as Datafox, Elidata and SMART LINE S.r., but the purchase of Stock Exchange Financial Software is the first acquisition outside Italy.
According to Giuseppe Dal Cortivo, Chairman of the CAD IT Group: "This agreement broadens the horizons of the CAD IT Group to Spain and Portugal. SFB is a unique company in terms of professionalism, product quality and market positioning. These values of seriousness, reliability and know-how are shared by CAD IT".
Luis Poblador, CEO of SFB: "This alliance with CAD IT Group is a great opportunity to increase the portfolio of products that SFB will offer to the Spanish and Portuguese financial sector and later to the Latin American market. I am convinced that CAD IT's expertise in the area of Regulatory Compliance such as T2S, Basel III, MiFID II, EMIR ..., will bring great value to our company. will add great value to our expansion strategy".
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