Crealogix HQ

Crealogix sees the deal as an inroad into the German market

Swiss software vendor Crealogix and Germany-based provider Fiducia & GAD have signed a long-term partnership agreement that sees the former obtain a majority share in the latter’s Elaxy advisory subsidiary.

Crealogix will be acquiring an 80% stake in Elaxy Financial Software and a 20% stake in Elaxy Business Solution and Services. The two holdings will become valid at the start of 2016.

The Elaxy subsidiaries employ 100 staff and have a combined turnover of around €10 million.

Smooth transitions

Fiducia & GAD, which supplies Elaxy services to more than 350 bank branches owned by Volksbank and Raiffeisenbank, will be working to ensure a smooth transition for its clients. Crealogix, it is understood, will be looking to increase its stake in the future.

The two firms, it has been announced, will carry out ‘regular joint discussions’ on strategic operations and work co-operatively to carry out any further software implementations.

Crealogix has used to the acquisition to prop up its digital banking advisory portfolio, as well as make inroads into the German market. The deal, according to the Swiss vendor, offers ‘excellent access to a much enlarged group of clients’.

Volksbank and Raiffeisenbank clients face increasing competition from digital players in the industry, says Klaus-Peter Bruns, chairman of the board at Fiducia & GAD.

As a result of the partnership with Crealogix, he says, the firm knows that it has ‘the backing of an effective partner’ for addressing client concerns about digitalisation.

UK inroads

Crealogix has also made steps into the UK market, having acquired trading services supplier MBA Systems.

The company has been looking to diversify and expand following the cooling of its long-standing relationship with fellow Swiss vendor Avaloq.

Crealogix used to provide its front-end digital banking solution to the users of Avaloq’s core banking platform, Avaloq Banking Suite, until Avaloq developed its own digital banking solution a couple of years ago.

Not only did Avaloq start offering its own development to new core customers, but it has also set about replacing the Crealogix system at its existing installations.

By Alex Hamilton

by IBS Intelligence