French consultancy and software developer Sopra Steria plans to acquire around 75% of Cassiopae’s holding company through its subsidiary Sopra Banking Software by the second quarter of 2016.

Cassiopae’s founder, his family, and certain managers including the current chairman Emmanuel Gillet, will retain around 25% of the share capital, which Sopra Steria will acquire by 2020.

Cassiopae posted revenue of €50.2m (£39.75m) in 2014 and serves more than 300 clients, and is currently France’s 16th largest independent software developer, according to rankings drawn up by Truffle Capital.

Sopra Steria said banking was one of its largest markets and a strategic growth priority, and that the acquisition would be an ‘important step’ to consolidate its place in the market – its subsidiary Sopra Banking Software is aiming to double its 2014 revenue of €271m over the next five years.

Sopra Steria said Cassiopae would contribute expertise to Sopra Banking Software to meet the challenges of the financial industry’s transformation in the areas of distribution, account-keeping, lending, payments and compliance, while addressing specialised finance requirements – real estate and equipment leasing, consumer credit, car loans, factoring and guarantees.

"I will be very happy to have Sopra Steria accompanying us for the next stage of our development", commented Emmanuel Gillet, chairman of Cassiopae. "I am convinced that this powerful strategic partnership, with the capacity to generate synergies, will enable us to create even more value for our clients and enhance our growth potential in the market for specialised financeand real estate management. This business combination will also provide stimulating career opportunities for our employees. Moreover, I want to thank my current shareholders, and especially BNP Paribas Développement and Bpifrance, for their steadfast support that has helped Cassiopae develop its business these last 10 years," Gillet added.

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Eric Pasquier, SopraBanking Software’s chief executive officer, who is also a member of Sopra Steria’s Board of Directors, said: "I am very excited at the idea of a tie-up between Sopra Banking Software and Cassiopae that will enable us to address all of our clients’ digital transformation needs. This is a demonstration of our commitment to robust business development in the banking and financial industries."