PARIS, July 28, 2011: Following the announcement by financial technology specialists Linedata (NYSE Euronext: LIN) and Fimasys on 11 July 2011 of their planned combination and the subsequent completion of outstanding due diligence work, Linedata today announces that it has completed the transaction and that it now holds 100 per cent of the outstanding shares of Fimasys.
Fimasys has clients in 15 countries and posted revenues of nearly EUR 10 million in 2010, of which 50 per cent was realised outside of France.
This acquisition strengthens the market position of the Group in its key Credit Finance and Employee Savings verticals, in France as well as abroad.
“The synergies between our businesses and complementarities between our teams will enable us to reinforce our presence in the strategically important credit finance and employee savings markets. The completion of this transaction is also an important step for Linedata as we reengage in our build-up strategy” said Anvaraly Jiva, Chairman of the Executive Board of Linedata.
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 per cent 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.