26.06.2014
GFT Technologies AG DE0005800601
DGAP-Adhoc: GFT Technologies AG: GFT Technologies AG is taking over the British-based Rule Financial Limited
GFT Technologies AG / Key word(s): Acquisition
26.06.2014 10:50
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Ad-hoc disclosure pursuant to section 15 German Securities Trading Act
(WpHG)
26 June 2014
GFT Technologies AG is taking over the British-based Rule Financial Limited
The Supervisory Board of GFT Technologies AG ("GFT") today approved the
acquisition of just under 98 per cent of the shares in Rule Financial Ltd.
with registered office in London, Great Britain, through GFT UK Ltd., a
subsidiary of GFT. Certain employees of Rule Financial Ltd. and of its
affiliated companies (Rule Financial Ltd. and its affiliated companies
together "Rule") will keep the remaining shares for the time being. These
shares will be acquired by GFT UK Ltd. by means of put and call options at
the latest by the end of 2016. Both signing and closing are scheduled for
today. The parties agreed to maintain secrecy about the amount of the
purchase price.
Rule is a group of companies that specialises in IT services to investment
banks. The range of services comprises, among others, business consulting,
IT consulting and IT services. In the 2013 financial year, Rule generated
turnover in the amount of GBP 48.20 million with earnings before interest,
taxes, depreciation and amortization (EBITDA) of GBP 2.17 million and
earnings before taxes (EBT) of GBP 1.25 million.
With the acquisition of Rule Financial Ltd., the GFT Group is expanding the
range of services offered by its business division GFT, which specialises
in IT solutions for the financial sector, and at the same time
significantly strengthening its position among investment banks in Great
Britain and the USA. As a result of the takeover, the GFT Group expects an
additional turnover of around EUR 42 million in the second half of 2014.
This means that the GFT Group's turnover forecast for the 2014 financial
year will increase to around EUR 352 million. The annual forecast for the
EBITDA will increase by EUR 1.50 million from the current EUR 28.00 million
to EUR 29.50 million, while the EBT forecast for the GFT Group will remain
unchanged at EUR 23.00 million. The aforesaid forecasts are subject to the
final purchase price allocation. The GFT Group's workforce will increase by
approximately 660 employees in Great Britain, the USA, Canada, Poland,
Costa Rica and Spain to around 3,000 employees as a result of the takeover.
Contact:
Jutta Stolp
Investor Relations
GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
T +49 711 62042-591
F +49 711 62042-301
[email protected]
www.gft.com
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Information and Explaination of the Issuer to this News:
Conference Calls for Journalists and Analysts
- Conference Call (in German language) for journalists on
Thursday, 26 June 2014, starting at 12:00 CET
- Conference call (in English language) for analysts on
Thursday, 26 June 2014, starting at 13:30 CET
26.06.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
Germany
Phone: +49 (0)711/62042-0
Fax: +49 (0)711/62042-301
E-mail: [email protected]
Internet: www.gft.com
ISIN: DE0005800601
WKN: 580060
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
GFT Technologies AG ISIN: DE0005800601 können Sie bei EQS abrufen
IT-Services , 580060 , GFT , XETR:GFT