Simcorp now in Italy

Simcorp now in Italy

SimCorp has acquired a fellow wealthtech vendor, APL Italiana, for €35 million. APL Italiana specialises investment and portfolio management software for the Italian insurance market.

It is based in Milan and has approximately 120 employees. In 2016, APL Italiana generated revenue of €16.6 million and EBIT of €4.8 million.

Simcorp says it expects the acquisition to increase its revenue by 2% and have no material impact on EBIT margin in 2017.

The APL Italiana brand will be replaced with Simcorp Italiana. Its software – Sofia – will be renamed Simcorp Sofia and “will continue to exist to address the specific needs of the Italian insurance market”, assures Simcorp.

“The management team of APL Italiana will stay and are committed to continue their work in the company going forward,” it adds.

Simcorp says the acquisition will “form the basis” of its new Italian market and present cross-selling opportunities with its Simcorp Dimension back- and middle-office system.

Klaus Holse, Simcorp CEO, describes APL Italiana as “a perfect match” for his company. Following Simcorp’s recent client wins in Italy and Spain, the acquisition will help it establish a firm foothold in Southern Europe, he says.