PARIS, Jan. 14, 2002 (PRIMEZONE) -- On January 11, 2002, Linedata Services (Paris Stock Exchange:LDSV) acquired the IAS II assets of the UK company Fund Management Services (FMS), a subsidiary of iRevolution Group plc, listed on the London Stock Exchange.
IAS II is a back-office investment accounting solution for the fund management industry, deployed as an Application Services Provider (ASP) type service by FMS.
Through this acquisition, Linedata Services is taking on the nine multi-annual contracts signed with prestigious clients in the UK (Barclays Life, Manulife International Fund Management, Bank of England, etc.) and in Ireland (Hibernian Investment Managers, Irish Life Investment Managers, etc.). In 2001, the IAS II activity generated recurring sales of E 1.7 M, with more than 90% of these revenues arising from the ASP-type services. The IAS II team, made up of 13 consultants, will join Linedata Services as a result of this transaction.
Michael de Verteuil, Head of International Business Development at Linedata Services said: "We view this acquisition as a significant step towards consolidating and extending our market leadership across Europe in the asset management area. We have, in addition, an opportunity to reinforce our client base by cross selling existing Linedata Services products such as the Spice compliance monitoring tool and the LongView Trading System."
The transaction, financed by the cash reserves of Linedata Services (UK) Ltd. for an amount of E 1.1 M, will be accretive as early as 2002.
Linedata Services will publish its revenues for 2001 on February 11, 2002 and its full annual results on March 27, 2002.
About Linedata Services:
Under the guidance of its chairman, Anvaraly Jiva, Linedata Services has become a key European player in the financial data processing market. As a software developer, systems integrator and operating services provider, Linedata Services has a full product offering for the financial services industry. Its core business lines are Asset Management, Employee Saving and Credit Finance. The company reported sales of E53.7million in 2000, up 48.7% year on year. Further, Linedata anticipates finishing 2001 with sales of E77 million, up 43.4% over year 2000, and operating margin over 15%. Linedata Services was listed on the Nouveau Marche of Euronext Paris in May 2000.
Nouveau Marche Paris Euronext Euroclear 7579 Reuters LDSV.LN Bloomberg LDSV
For more information, visit: www.linedata.com
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