Axway (Paris:AXW) says it has completed the acquisition of Sopra Banking Software for an enterprise value of €330 million. The deal was previously revealed this past February.
Axway said the acquisition was enabled by the support of investors who supported a share capital increase of €131 million along with new credit facilities of €200 million.
The transaction has received the approval of the relevant regulatory authorities, and the integration of the two firms has commenced. The deal is described as creating a top French enterprise software provider – a “birth of a new major player” in the sector.
The newly combined group is targeting 2024 revenue of around €460 million and an operating margin of between 13% and 17% for 2024. Expectations for 2025 are pegged at €700 million in revenue and an operating profit of around €100 million.
Patrick Donovan, Chief Executive Officer, said they are a pivotal point for the company and their combined brands are among the best in the industry.
“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.”
The Group will share its medium-term strategic plan at a Capital Markets Meeting to be held in Q1 2025. Q3 2024 revenue will be published before market opening on Thursday, October 24, 2024.
