Sys-com, a consulting and IT development company serving the financial industry has announced than its subsidiary Coorg is selling part of its interest in CIBF, a publisher and integrator of software for banks.
The focus is on Sys-com's two strategic activities: Consulting and IT services
Since 1994, Coorg, a subsidiary of Sys-com with a focus on consulting in the field of organisation and information systems, owned 14.98% of Cibf, a Nantes-based developer of software for the banking sector.
On 27th June, Coorg resold 11% of this interest for a consideration of €0.396M.
The buyers have a call option on the balance of this interest, which can be exercised in the first quarter of 2005 for a price ranging between €0.219M and €0.329M, depending on Cibf's performance over the period.
Cibf reported net turnover of €3.56M and net profit of €0.61M during the year ending on 30 June 2000.
As Cibf is not consolidated in Sys-Com's accounts, this disposal will have no impact on Sys-Com's financial performance.
The transaction increases Sys-Com's cash and allows it to focus on consulting and IT services for large customers of the financial industry.
In line with its commitments, the Sys-Com Group is continuing to efficiently restructure its operations in France before replicating its model abroad.
Second market - Bloomberg: SYS - Reuters: SYS.PA – Sicovam: 7519
