Aubay, an integration and technology consultancy company which specializes in information and industrial systems, networks and telecommunications, has acquired the banking activity of Finmeccanicade Group company, SELEX Elsag, in Italy. In line with Aubay’s development strategy, the operation will enable the group to strengthen its positions and market share in Italy, across the banking sector and with a substantial new client base.
Focusing primarily on global payments, bank accounting and statutory reporting, the activity already serves major names such as Banca Intesa, BNL, Cariparma (Crédit Agricole Group), ICCREA Banca, Bance Carige, SIA-SSB, Consorzio Operativo Gruppo Montepaschi, Banca Popolare dell’Emilia Romagna, Banca Fideuram, Societè Generale and the Italian Post Office.
With a headcount of 150 employees spread between Milan and Rome, the business is expected to generate revenues of € 13 million over a full year. As a result, Aubay Group’s activities in Italy are expected to generate yearly revenues of approximately € 40 million for 650 employees.
The acquisition fits perfectly with Aubay’s ambition to be a benchmark player in Italy, particularly within the banking sector, much as it is in France. It is also another step in achieving the group’s target of a payroll of over 800 employees in Italy within the next three years.
The acquisition was financed entirely in cash.
The business assets will be fully integrated within Aubay’s consolidation scope as of July 1, 2011.
Aubay will publish its revenues for the first half of 2011 on July 27, 2011 after the close of trading.