Sopra Expanding Wings in German market

Sopra Banking Software, a wholly owned subsidiary of France based IT multinational, Sopra group has announced to buy 100% stake of COR&FJA Banking Solutions  GmbH.

The COR&FGA AG is a German based consultancy companies for Banking and Financial Services companies and Company pension scheme provider.  Apart from technical support and consultancy services, COR&FGA also provides high performance software products. Company's Banking Solutions covers all functionalities across retail and private banks' financial needs apart from services and software for automotive and mortgage finance institutions.  GmbH generated revenue of €23.3 million during financial year 2012.

Sopra group is a leader in consultancy services and financial solutions across Europe.  Sopra Banking Software follows the legendary path of parent company.  It is the preferred solution for over 500 customers across 70 countries.  Company's all seven products are highly preferred and deemed to be industry standard.

The proposed transaction values €13 million and will be paid in cash.  The transaction has been approved by Board of Directors.  It is expected to be as per Sopra Group's strategy for 2015 - 30% of group's revenue from software development.  The offer is based on locally developed products ideally suited for German market.  This acquisition is expected to increase client base for Sopra Financial Solutions and enhance the quality and services offered under GmbH and add value and innovation in existing product offerings.

Edgewood got PE backing: EPIC acquisition by carlyle

The Carlyle group has announced to buy a controlling stake in California based Edgewood Partners Insurance Centre (EPIC).

EPIC was established in 2007 in partnership with Stone Point Capital. Company has core capabilities in commercial lines and employee benefit insurance plans.  Apart from core capabilities company has developed its business across real estate, hospitality, construction and renewable energy.  California based company has approximately $80 million annual revenues.  It employees about 300 personal in ten offices across California.

The Carlyle group is global alternate asset management fund with $185 billion of Asset Under Management spread across 122 funds and 81 fund

of funds.  Company offices are spread over six continents employing 1450 persons in 34 offices. Carlyle's major investors are public pension funds.

This acquisition is subject to regulatory approval and is expected to complete by day end.  Although terms of deal are unknown, but this investment will enable EPIC to move further with its organic growth strategy.  Funds are expected to support strategic acquisitions across complementary insurance distribution platforms across United States.  The funds for the deal are supposed to be sourced from Carlyle Global Financial Services Partners L.P. and Carlyle Global Financial Services Partners II L.P.