COR AG Financial Technologies
COR AG Financial Technologies: COR and FJA planning to merge
COR AG Financial Technologies / Mergers & Acquisitions/Merger Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- COR and FJA planning to merge (Leinfelden-Echterdingen, 11 March 2009) - The IT software companies COR AG and FJA AG, both specializing in financial services, are planning to complete a merger of equals as of September 2009. With this merger, the two market leaders in standard software for life assurance in Germany will join forces. In the insurance sector, the new company's portfolio will comprise not only the field of life assurance, but also standard solutions for non-life and health insurance as well as company pension schemes, solutions for business transaction management and document management, as well as risk assessment systems for personal insurance. Moreover, the new company can offer a wide range of standard solutions for core systems of mortgage banks, retail banks and private banks, which have a modular structure and thus also cover complementary areas such as reporting, securities and controlling. In all the sectors and with regard to the corresponding products, the company will hold leading positions in the respective markets. Approx. 1,000 employees in seven countries will be working for the joint company, generating an expected annual turnover of more than EUR 130 million. Both companies expect to gain cumulative synergy effects in the double-digit million range from the merger for the coming years. Their considerably improved positioning in the international landscape, enhanced efficiency through joint product development and the amalgamation of their administration departments promise to contribute substantially to these synergies. The merger of equals of the two companies is to be passed by the shareholders in the respective mid-year general meetings. msg systems AG, currently owning 57.5 per cent of the shares in COR AG, is the joint owner together with COR AG of 30.47 per cent of the FJA shares and will thus make a mandatory offer in accordance with Section 35 Para. 2 WpÜG (German Securities Acquisition and Takeover Act) in accordance with Section 31 Para. 1 WpÜG to the FJA shareholders. About the two companies COR AG Financial Technologies is one of the leading software and consulting firms for the European financial services industry, focusing on banks and insurance companies as well as company pension scheme organisations. Its service spectrum encompasses specialist and technical consulting services, a broad spectrum of standard software products, and the assumption of IT operations (Application Service Providing). COR has its headquarters in Leinfelden-Echterdingen, near Stuttgart, and employs more than 500 people at twelve locations in Germany, the Netherlands, Switzerland and Slovakia. FJA AG is a leading software and consulting firm for the insurance and pension scheme market. The FJA Group offers a wide range of standard software solutions under the established brand name FJA and these support insurance companies and pension scheme providers in all the key business sectors and in solving all sorts of problems. In addition to its strong market position in Germany, the software from FJA is used worldwide in 26 countries on five continents, including the USA and Australia as well as many East European countries. The latest successes in extending foreign business were achieved by acquiring renowned health and non-life insurers as clients of the US subsidiary. The FJA Group, with headquarters in Munich and offices in Hamburg, Cologne and Stuttgart as well as subsidiaries in the US, Switzerland, Austria and Slovenia, currently employs more than 480 members of staff. The company was established in 1980 and has been listed on the Frankfurt stock exchange since February 2000. In January 2003, FJA AG was incorporated in the Prime Standard. An online press conference concerning this disclosure will be held on 12.03.2009 at 3 p.m. and can be followed via a link on the two websites www.corag.de and www.fja.com. Contact COR AG Financial Technologies Corporate Communications Karlsruher Straße 3, 70771 Leinfelden-Echterdingen Tel. +49 711 94958-0 E-mail: info@corag.de Internet: http://www.corag.de 11.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: COR AG Financial Technologies Karlsruher Straße 3 70771 Leinfelden-Echterdingen Deutschland Phone: +49(0)711-94958-0 Fax: +49-(0)711-94958-49 E-mail: ir@corag.de Internet: www.corag.de ISIN: DE0005083208 WKN: 508320 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Stuttgart, Hamburg, Düsseldorf End of News DGAP News-Service ---------------------------------------------------------------------------
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