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COR&FJA concludes sale of COR&FJA Banking Solutions

(PresseBox) (Leinfelden-Echterdingen, ) By transferring all of the shares in COR&FJA Banking Solutions GmbH to the French company Sopra Banking Software S.A., COR&FJA AG has completed the sale of that subsidiary. At the same time, COR&FJA Banking Solutions GmbH has become part of the consolidated group of Sopra Banking Software's parent company, Sopra Group S.A., also based in France, with retroactive effect from 1 January 2014. An internal restructuring process at COR&FJA in the summer of 2013 led to the concentration of the company's Banking segment within COR&FJA Banking Solutions GmbH, which means that from now on the segment is no longer handled by COR&FJA. The sale of the company, which was subject to various conditions precedent, had already been announced on 14 November 2013 in an ad-hoc statement by COR&FJA. The purchase price for the shares is 13 million euros.

With its acquisition of COR&FJA Banking Solutions and its consequent establishment on the German market, Sopra Banking Software is strengthening its international development strategy. The customers and the solution portfolio from COR&FJA Banking Solutions in conjunction with the well-known practical expertise of Sopra Banking Software are creating a new market offering with a broadened customer portfolio.

In future, COR&FJA is going to concentrate on its core business of developing and marketing standard software solutions for life insurance companies. In the past, the company has achieved its greatest successes and generated a large part of its outstanding reputation with customers in this business segment.

In the current financial year COR&FJA is anticipating aggregate turnover of some 100 million euros and earnings before interest, taxes, depreciation and amortisation (EBITDA) of approximately 11 million euros. These target figures no longer include the shareholding in the Banking segment, sold in 2013, that was transferred to COR&FJA Banking Solutions GmbH. The contribution to turnover and earnings made by the COR&FJA shareholding in plenum AG, which was removed from the COR&FJA AG consolidated group at the end of the 2013 financial year and is, therefore, now accounted for using the equity method rather than being fully consolidated, is also no longer included in the target figures.

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The COR&FJA Group is one of the leading software and consulting companies for the European financial services industry, focusing on insurance companies and providers of company pension funds. Its service spectrum ranges from standard software and the provision of consultancy services to the handling of IT operations (i.e. application service providing).

The COR&FJA Group has its head office in Leinfelden-Echterdingen and offices in Munich, Aachen, Düsseldorf, Frankfurt, Hamburg, Cologne and St. Georgen, as well as subsidiaries in the Netherlands, Denmark, Austria, Switzerland, Slovakia, Slovenia, Poland, the Czech Republic, Portugal and the USA. It currently employs a workforce of nearly 1,000.