Software firm Cassiopae have swallowed up Field Solutions in bid to capture the UK asset finance market.
The Paris-based specialist in finance software paid an undisclosed cash amount for 100% of the shares of Field Solutions and took ownership on 27 September.
Emmanuel Gillet, president of Cassiopae said the acquisition was about getting a greater market share for Cassiopae in the UK and Ireland where Field Solutions provides pricing, origination, and contract administration software to banking and finance customers.
He said: “The idea behind the acquisition was to have a local footprint and be able to directly target UK banks and financial services companies. It is important to have an established operation in the UK and Ireland.”
Prior to the deal Cassiopae largely operated software for the UK property sector handling commercial real estate portfolios worth roughly £10bn.
Gillet said the profile of Fields Solutions was complimentary to that of Cassiopae and said the firm’s pricing software in particular would add to Cassiopae’s own contract administration offering which is largely aimed at corporate customers.
Gillet also suggested Field Solutions offering to the UK broker sector could be expanded across Cassiopae’s European and US network.
“There is potential from the broker solution,” said Gillet.
“Broker introduced business is not as developed in France for instance but there are other areas in Europe where there might be some interest. Also, there is a big broker business in the US and we have a subsidiary in the US. We need to make a full assessment but there is some potential there for what Field Solutions offer to that part of the market.”
Gillet said the acquisition would increase Cassiopae’s turnover to €20m and he expects group profit to double this year from €500,000 for 2010.
Gillet said the acquisition was part of a growth strategy as the group aims to be a global player and acknowledged the possibility of further acquisitions.
“Our strategy is to establish Cassiopae as a true global leader,” he said.
“The industry is still very fragmented but with strong local players. My vision is you need to grow organically, which proves you have the best offering, and we are doing that, but you can only do so much each year.
“I do believe there some other opportunities for further consolidation and further target acquisitions in other countries and maybe additional verticals as well in the asset finance business.
Alun Booth, who retains his position as managing director of Field Solutions, said the deal would allow Field Solutions to scale up and expand their products across different geographic markets.
“We weren’t necessarily looking for a partner but we always recognised it would be the logical thing to do if the right company came along,” he said.
“Cassiopae is the right company and we were able to say ‘yes, that fits with our plans to scale the business.’ It is a really nice fit.”