Bull signs a preliminary agreement in view to acquire Siconet - an IT services company - in Spain, a key growth country
Bull announces the acquisition of its Portuguese subsidiary by GFI Informatique
Paris, May 21, 2007 -
Bull confirms its strategic repositioning as a European leader in Information Technology and related services with the planned acquisition of Siconet, a Spanish IT services provider specialized in consulting, systems integration, software development and support and the acquisition by GFI Informatique of Bull Portugal, the group's Portuguese subsidiary, present in the electronic payment terminals and systems market.
"These transactions embody Bull's ambition to develop aggressively our service activities in specific activities and growth markets" declared Didier Lamouche, Chairman and CEO of Bull. "Our Spanish team has an established track record of growth and profits and we believe that the addition of Siconet will further boost our growth potential in Spain, a key growth country for Bull. Bull Portugal has successfully developed a business that is no longer aligned with the strategic priorities of the group. However, we are confident that GFI Informatique will provide the best prospects for the employees of Bull Portugal taking into account their specific skills."
Bull reinforces its position on fast-growing markets in Spain
Bull Spain registered revenues of €82 million in 2006, of which €34 million in services, support and maintenance. Bull Spain and the shareholders of Siconet have signed a preliminary agreement with a view to the acquisition of Siconet by Bull. This acquisition will reinforce Bull's presence in sectors targeted by its growth offerings in IT services while drawing on its complementarity with those of Siconet.
Created in 1992, Siconet employs 400 people at its Madrid and Barcelona sites. In 2006, Siconet recorded revenues of €17.8 million, showing growth of 83%, and an EBIT of 6% (€1 million). Siconet targets five priority markets: insurance, banking, aerospace industries, transport and telecommunications. Backed up with a strong recognition for the quality of its services and its expertise in "open source" technologies, Siconet has a large customer portfolio including key names in these sectors.
"With the acquisition of Siconet we significantly reinforce our position in Spain, one of the fastest-growing markets, where Bull will exceed €100 million in revenues. Siconet brings youth, talent and dynamism as well as a commercial complementarity which will further boost our growth potential. With their expertise, Siconet's teams will reinforce our capacity to assist our customers with the evolution of their IT systems. This transaction considerably accelerates the momentum of our services activity in Spain and significantly reinforces our position" declared Didier Lamouche, Chairman and CEO, Bull.
Acquisition of Bull Portugal by GFI Informatique
In order to focus on its core strategic activities, Bull announces having signed with GFI Informatique a definitive agreement to sell its Portuguese subsidiary, Bull Portugal. Bull Portugal is present in the market for electronic payment solutions and counts among its customers several large banks and financial institutions. The company also has a recognised position in infrastructure services and systems integration.
Financial terms of the transaction are not disclosed.
Didier Lamouche, Chairman and CEO of Bull declared "This transaction allows Bull to focus on its core strategic initiatives. Our customers are assured of the continuity of all existing support and service contracts, and can continue to build their most critical IT infrastructures using our products and technologies. I extend my thanks to the employees of Bull Portugal for their exceptional dedication to their customers and their company over the years. Today they are joining a leading enterprise whose strategy is aligned with the expertise at Bull Portugal. We wish them every success."
Bull Portugal will join GFI Informatique, reinforcing its critical mass and growth strategy.
About Bull, Architect of an Open World
As one of the leading European IT companies, Bull delivers open, flexible and secure information systems. The group helps public and private sector customers transform their information systems, applying its know-how and expertise in three main areas:
Capitalizing on its extensive mainframe experience, Bull designs and produces robust, innovative and open servers, based on industry-standard technologies;
Building on its alliances with leading ISVs and long-standing involvement with Open Source, Bull develops and implements flexible and interoperable application infrastructures which give business processes the freedom to evolve;
Bringing together recognized expertise in end-to-end IT security, Bull secures data and exchanges that are so critical in preserving customers' business integrity.
Bull has a particularly strong presence in the public, healthcare, finance, telecommunications, manufacturing and defense sectors. Its distribution network and business partners cover more than 60 countries worldwide.
For more information visit: http://www.bull.com
rue Jean Jaurès - 78340 Les Clayes sous Bois - France
Phone: +33(0)1 30 80 32 52