Sopra Steria completes acquisition of Galitt

Nov 07, 2017
Sopra Banking Software

Paris, 7 November 2017–Sopra Steria (Euronext Paris: SOP), a European leader in digital transformation, announced today that it has completed its acquisition of Galitt, a consulting and solutions development firm in the payment systems and secure transactions market.

As stated in the 31 August 2017 press release announcing the proposed acquisition, Sopra Steria has acquired 88.2% of the shares and voting rights in Tecfit, the holding companyof Galitt, which until now had been exclusively owned by its founder and long-term managers. A subsequent acquisition of minority stakes by Sopra Steria is envisioned for 2021 at the latest.

This acquisition strengthens Sopra Steria’s position in thebanking vertical and will allow Galitt to step up its growth plans, both in France and internationally. In addition, Galitt will be able to leverage Sopra Steria’s vertical expertise to expand its scope of business to new sectors, including retail and transport, while generating substantial sales and revenue synergies with the Group’s various entities, and especially with Sopra Banking Software.

With 250 employees and over 400 clients, Galitt generatedrevenue of €30.8 million in 2016.

Galitt will be included in Sopra Steria’s scope of consolidation retroactively, at 1 November 2017