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NUESTRA

HISTORIA

CAD IT Group, leader in the Italian financial software market and listed in the STAR segment of Borsa Italiana (www.caditgroup.com ), further strengthens its presence on the European market by acquiring 30% of the capital of Software Financiero Bolsa (SFB) (www.sfb.es ).

The value of the 30% cash settlement acquisition of SFB's capital came to Euro 250 thousand at the first closing. Payment of the definitive price will take place after the closure of the 2018 balance (second closing) and will be calculated on the basis of the results that SFB achieves over the 2016‐2018 financial periods.

On that date, CAD IT will have the option to acquire further shareholdings to a controlling share of 51%, or up to 100% of the capital depending on the right of SFB's current shareholders to exercise a PUT on the remaining 49%.

Founded in 1994 and with registered offices in Madrid, SFB is the leader in Spain in the supply of front, middle and back office software solutions with which settlement instructions amounting to over 50% of trading volumes negotiated on the Madrid Stock Exchange are processed daily.

SFB closed its 2015 financial period with revenues of Euro 4.8 million, a net profit equal to Euro 1.1 million and with a Net Financial position in credit by Euro 2.4 million.

With this deal, CAD IT further strengthens its presence on the financial software market in Europe and confirms its active interest in expanding onto the Spanish market, offering with SFB highly innovative products already in use at 90% of Italian banks and at Swiss, German, British and Czech Republic customers.

This agreement provides CAD IT with important opportunities to increase revenues due to:

  • SFB's considerable commercial and technical presence in Spain and Portugal;
  • SFB's existing customer portfolio consisting of about 40 financial institutions to whom CAD IT's products, complementary to those of SFB, could be offered;
  • Cross selling opportunities with SFB products to CAD IT customers;
  • The credibility of both brands on the market.

Paolo Dal Cortivo, Managing Director of CAD IT, joins the SFB Board of Directors together with another three Directors, appointed by the current shareholders. Luis Poblador will remain in his position as Managing Director of SFB until 2018.

Giuseppe Dal Cortivo, President of the CAD IT Group said: “This deal broadens CAD IT Group's commercial horizons towards Spain and Portugal. SFB is a unique company in terms of professionalism, quality of its products, its market positioning and reflects the values of seriousness, reliability and business know‐how that CAD IT Group's corporate strategies also pursue.”

Luis Poblador, Managing Director of SFB said: “This alliance with CAD IT provides a magnificent opportunity to increase the portfolio of software solutions that SFB and CAD IT will be able to offer to the financial sector in Spain, Portugal and later in Latin America. The experience that CAD IT has gained in several technological and regulatory fields, such as Target 2 Securities, Basilea III, MiFID II and EMIR will bring enormous added value to our expansion strategy."

In this transaction CAD IT has been advised by lawyers Debora Cremasco and Nicola Grigoletto, with the support of lawyer José Ruiz‐Cámara from the Madrid MPA Abogados Law Firm, for the legal aspects and by PKF Network companies for the due diligence activities.

PKF ATTEST has advised SFB shareholders in the structuring of the sale and the negotiation of the terms and conditions, in the financial and legal matters.