Sopra Banking Software, a subsidiary of the Sopra Steria Group (Euronext Paris: SOP), announces its acquisition of Cassiopae MEA. Sopra Banking Software today announced its acquisition of outstanding shares in the Cassiopae MEA joint venture, and is thus increasing its stake from 45% to 100% of capital.
Cassiopae MEA was until now jointly owned by its CEO, Mr Jemil Benromdhane, and the Tunisian Group Wevioo. The French-Tunisian joint venture was established in 2010 with the aim of accelerating deployment, and ensuring the long-term presence, of Cassiopae’s products in fast-developing African and Middle Eastern markets.
This acquisition, officially announced today in Tunis during the Tunisia 2020 International Investment Conference, in the presence of Mr Fadhel Abdelkefi, Tunisian Minister of Development and International Cooperation, will enable Sopra Banking Software to strengthen its local presence and to create a new development platform in the country.
Eric Pasquier, Sopra Banking Software CEO and Member of the Board of Directors of Sopra Steria, stated that ‘Sopra Banking Software’s and Cassiopae’s offers are extremely complementary, and the acquisition of Cassiopae MEA boosts our development strategy in key zones, such as Africa and the Middle East, where the Group has big ambitions.’