Sopra Steria, through its subsidiary Sopra Banking Software, has agreed to buy French core banking software vendor SAB.

Financial terms of the deal were not revealed.

Initially, Sopra Banking Software would purchase a majority stake in SAB.

It plans to buy the balance SAB stake within a year.

SAB, set up in 1989, reported €64.4m in revenue last year.

Sopra Banking Software CEO Éric Pasquier said: “We will be able to build solutions that fit perfectly with the – primarily digital – transformation needs of all our clients by drawing on the capabilities of SAB’s teams and its offering, which has made it a major force in France’s core banking market.”

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SAB founders Olivier Peccoux and Henri Assaf would be retained as part of the deal.

Peccoux and Assaf said: “We are convinced that this strategic partnership with Sopra Banking Software will generate synergies and enable us to create even more value for our clients.”

The deal is said to strengthen Sopra Banking Software’s position in the core banking software space in France, which is said to account for over three-quarters of SAB’s revenue.

It is also said to bolster the acquirer’s presence in Europe and in Africa.

Further, the acquisition is said to strengthen Sopra Banking Software’s ability to offer core banking services in ASP mode, which supports easy installation at a lower cost.