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.
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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.
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By GlobalDataGillet 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.”
grant.collinson@vrlfinancialnews.com
