Sopra Steria CEO welcomes “perfect addition” of Sword Apak following acquisition

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Digital technology business Sopra Steria has acquired finance software provider Sword Apak, in a deal welcomed as a “perfect addition” to the business by Sopra’s chief executive officer Eric Pasquier.

Sopra Steria has acquired 100% of Sword Apak from Sword Group through its subsidiary Sopra Banking Software, securing more than one hundred clients, including major international banking groups and carmakers’ captive finance companies.

Sword Apak’s flagship offering, Wholesale Finance System (WFS), is a vehicle fleet and inventory financing solution for car dealers.

The software business, founded in 1979, had revenues of €27.5 million in 2017 and has recently seen compound annual growth of 19%.

Executives at Sopra Banking Software said the acquisition gave it an unrivalled position in the asset finance software market, enhancing the services already available through its own loan financing and fleet or personal leasing software, Cassiopae.

It also provides cross-selling opportunities among clients of the two companies.

Pasquier said: “This acquisition is a perfect addition to Sopra Banking Software’s lending offering.

“This will increase Sopra Banking Software’s market share and boost our footprint in the UK and in North America, providing our customers with a full offering, covering all financing needs in this sector both in Europe and North America but also in developing countries.”

Sopra Steria, which is listed on the Euronext Paris exchange, is a specialist in digital transformation, providing a portfolio of services including consulting, systems integration, industry-specific solutions, infrastructure management and business process services.

It has nearly 42,000 employees in more than 20 countries, with revenues of €3.8 billion in 2017.