Éric Pasquier, CEO of Sopra Banking Software

Sopra Steria is all set to acquire the French core banking developer SAB, through its subsidiary Sopra Banking Software.

The acquisition will facilitate deployment of Sopra Banking Software‘s strategy, expansion of its core banking software position across France and its market reach across Europe and Africa. It is also expected to enhance Sopra’s services and SaaS solutions.

Olivier Peccoux and Henri Assaf, SAB’s co-founders, commented: “We are convinced that this strategic partnership with Sopra Banking Software will generate synergies and enable us to create even more value for our clients. We remain committed to our clients and our teams during this next phase in our development.”

SAB, founded in 1989, provides customizable technological solutions to financial institutions.

The supplier states that the acquisition will expand Sopra’s ability to provide core banking services in the ASP mode, a service which SAB posesses. The new ASP mode provides simplified installations and costs reducing initiatives.

Éric Pasquier, CEO of Sopra Banking Software, added: “I’m excited about the plans we have mapped out together. We will be able to build solutions that fit perfectly with the – primarily digital – transformation needs of all our clients by drawing on the capabilities of SAB’s teams and its offering, which has made it a major force in France’s core banking market.”

According to the proposed deal, Sopra Banking Software would acquire a majority stake in SAB and the remaining share capital in a year’s time.

Recently, a lending provider Sword Apak was acquired by Sopra Steria with an aim to strengthen the company’s business model by boosting its share of recurring revenue.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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