PARIS, July 11, 2011: Linedata (NYSE Euronext: LIN) and Fimasys, financial technology providers, have today announced the signing of a protocol according to whose terms the shareholders of Fimasys have agreed to sell all of their shares to Linedata. The completion of this transaction is subject to the completion by Linedata of some additional due diligence work. The parties plan to close the transaction during the third quarter of 2011. The acquisition of Fimasys will be financed by cash on hand for approximately 90 percent of the consideration and by Linedata shares held by the company for the remainder. The amount of the consideration has not been disclosed.
Both companies are recognised leaders in the areas of credit finance software and record keeping solutions for company-sponsored employee savings plans and believe this transaction will strengthen their market positions across Europe and globally in these high-growth markets.
“Today’s large, international credit organisations are looking for technology solutions that cover the full range of credit finance products and that can be deployed in a number of different countries,” says Didier Seillier, President, CEO and co-founder of Fimasys. “As a consequence, these organisations expect their technology partners to have an international presence with global support capabilities. By pooling our strengths we shall meet these requirements within a world class organisation and capitalise on this global market.”
Anvaraly Jiva, founder and CEO of Linedata, adds:
“Having rubbed shoulders for a number of years and shared some prestigious clients in the credit finance and employee savings areas, our teams know each other well and have developed a clear, shared understanding of our respective strengths and complementarities, both from a product coverage and technology point of view. I have no doubt that these synergies will enable us to grow our presence in France and internationally to better serve our clients.”
Created in 1996, Fimasys provides financial software to large companies and financial institutions. Fimasys offers two product lines: ProFinance, a consumer finance, leasing and car finance solution, and WebEpargne, an employee savings and retirement plan solution for insurance and plans administrators. Both solutions have been developed on full web-based platforms, with JEE n-tier architectures that facilitate their implementation and maintenance as well as offering a state-of-the-art user experience. The company has experienced high growth and generates 50 percent of its revenues (EUR 9.6 million in 2010) internationally. Its software is implemented in over 15 countries. Fimasys employs over 60 employees.
Linedata is a global solutions provider with 700 clients operating in 50 countries. With more than 800 employees across the globe, Linedata is dedicated to the investment management, employee savings and credit community. Linedata has been at the service of the financial industry from day one, and applies its market and client insight to provide innovative and tailored mission-critical software and services that help its clients grow. As a pioneer for over 10 years with the set-up of ASP infrastructure for the financial industry, Linedata has preached and spread this model throughout the global financial community, for its full range of products. Headquartered in France, Linedata achieved revenues of EUR 136.2 million in 2010. This company is listed on Euronext Paris FR0004156297-LIN – Reuters LDSV.LN – Bloomberg LIN:FP.
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