SimCorp A/S has announced that it had acquired Equipos, an award-winning reporting software developer.
The EUR 10m acquisition of the UK-based company and its subsequent full integration into the SimCorp organization will enhance and support SimCorp’s strategy of growing the business based on its single product platform – SimCorp Dimension. Prior to the full acquisition, SimCorp held a 20% stake in the private limited company’s share capital.
Equipos’ mainstay product is the award-winning Equipos Coric Client Communications Suite. The product empowers investment management firms to improve client service and enrich client experience through effective and informative reporting. At the same time, it reduces operational risk and costs. Business users can create and modify client reports with ease, speed, and accuracy.
Backed by a focused client sales methodology, Coric is a market-leading product with a proven track record of generating organic revenue growth. Since 2008, the firm’s revenue and staffing have grown strongly.
Klaus Holse, CEO of SimCorp, said: "The acquisition advances our product strategy of continuously building on SimCorp Dimension’s integrated portfolio of technical and business applications, while also providing selected applications as standalone solutions to leading investment managers. We’re delighted that we can now put all of our experience behind Coric and fully benefit from the knowledge of our new colleagues at Equipos.
"Coric enables investment managers to present increasingly complex portfolio data to their clients quickly, professionally, and cost-effectively. That makes it a perfect match to our ambition of constantly providing up-to-date and modern solutions spanning the entire investment management value chain."
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Simon Still, chairman of Equipos, said: "We’re very excited at the prospect of becoming part of this expanding and innovative financial software company. The long-proven integration with SimCorp Dimension, as well as the obvious potential for the reporting solution as a standalone system, leverages the already great potential Coric has to increase penetration within the investment management vertical on a global scale. We’re happy that we have now transitioned our close partnership to become fully integrated into SimCorp’s strong organization."
Georg Hetrodt, CTO, SimCorp, said: "The acquisition both in terms of cutting-edge technology and functionality represents an opportunity to grow our market share in the reporting domain. At the same time, I remain very mindful of the critical importance of us maintaining all of our new and old existing client relationships. We will leverage Coric’s strengths as the basis for satisfying their ongoing and growing needs within reporting.
"A very important part of my future role will be to ensure that current users continue to be looked after in the way that they would expect, and that the quality of service and delivery is consistently high as SimCorp expands its market share."