Zürich, Switzerland, 7/3/2009
Software AG today announced the acquisition of Teconomic AG in an all cash deal. Based in Freienbach, near Zürich, Teconomic currently provides comprehensive IT consulting services and solutions to the European financial sector focusing on SWIFT Services. Teconomic currently provides services to seven of Switzerland’s top ten financial institutions including UBS AG, Credit Suisse and Zurich Financial Services. The financial services sector is traditionally Software AG’s largest market, specifically for the optimization and integration of business processes on the basis of SOA. Through the acquisition of Teconomic, Software AG plans to strengthen its position in the global SWIFT market and expand business activities in Switzerland. Financial institutions are facing many challenges today and a flexible and adaptable IT infrastructure will make it easier to implement and comply with differing new industry regulations.
“The acquisition of Teconomic will have a significant impact on our business in Switzerland and our market share of SWIFT projects world-wide”, said Ivo Totev, Executive Board member responsible for Global Consulting Services at Software AG. “Leveraging our new skills base we are targeting a top 3 position for Software AG in providing SWIFT based IT services and software solution globally”.
Founded in 2002 by CEO, Rudolf Gunz, Teconomic AG is a certified SWIFTReady Services and Software Partner providing IT consulting services and solutions to the European financial sector. Its team of IT consultants has over 100 man-years experience in the banking sector.
The financial services sector is also Software AG’s largest vertical industry. The merger of Teconomic’s industry expertise and Software AG’s international presence and business process technology will enable financial institutions to address the three major challenges facing the industry: multiple national regulatory changes, continued market consolidation and improved risk management.
“Financial institutions are facing the contradictory challenges of providing greater transparency, compliance with new regulation, implementing an accelerated M&A process and dealing with the cost cutting financial pressures of a challenging global economy”, said Rudolf Gunz, CEO of Teconomic. “Our combined software and services will play a major role in helping the finance sector adapt to these economic changes quickly and economically and in implementing regulatory compliance in particular.”
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Software AG is the world’s largest independent provider of Business Infrastructure Software. Our 4,000 global enterprise customers achieve business results faster by modernizing, integrating and automating their IT systems and processes. As a result, they rapidly build measurable business value and meet changing business demands. Based on our solutions, organizations are able to liberate and govern their data, systems, applications, processes and services – achieving new levels of business flexibility.
Our leading product portfolio includes solutions for high performance data management, developing and modernizing applications, enabling service-oriented architecture, and improving business processes. By combining our technology with industry expertise and best practices experience, our customers improve and differentiate their businesses – faster.
Software AG has 40 years of global IT experience and over 3,500 employees serving customers in 70 countries. The company is headquartered in Germany and listed on the Frankfurt Stock Exchange (TecDAX, ISIN DE 0003304002 / SOW). Software AG posted total revenues of €721 million in 2008.
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