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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.