Deutsche Borse AG is sell its Entory AG, its IT services company, to BMW subsidiary Softab. The sale includes Silverstroke AG, projects IT-Projektborse GmbH, Entory Ltd. and Entory S.A.
The parties have agreed to keep the price of the sale confidential, but Deutsche Borse says it is higher than the book value of the investment. The transaction is scheduled for completion in the autumn of this year.
“With the sale of Entory, we are increasing our focus on business with products and services along the capital market infrastructure supply chain,” says Mathias Hlubek, Chief Financial Officer of Deutsche Borse, and acting CEO. “Our integrated business model is the basis for the Group’s great success. There are no plans to divest other Group companies.”
Deutsche Borse acquired Entory AG at the end of 2001. Following the repositioning and diversification of the company due to a modification of investment activities by banks and brokerage firms in the area of trading and post-trading, Entory’s primary business activities and clients now no longer fit within Deutsche Borse’s core business. At the same time, the repositioning of Entory has made the company attractive to strategic partners, according to Hlubek.
Entory AG is an IT service providers, employing about 340 people at six locations in Germany and Luxembourg. Its clients are companies from the industrial and public administration sectors, as well as financial services and insurance firms.