GL TRADE has ended its distribution agreement for Fermat products. GL TRADE and Fermat have both agreed not to renew this distribution agreement. The Frankfurt-based employees dedicated to this activity will be transferred to Fermat as of the beginning of 2007.
“The distribution of the Fermat product line benefited from Ubitrade’s sales network and expertise, which has since been integrated into the GL TRADE Group,” says Pascal FROUX, the President of FERMAT. “With more than 100 clients and presence over 23 countries, Fermat operates in Europe, Asia and the Americas and employs 180 staff. As far as Germany, Austria and Holland are concerned our current strategy is now to distribute our BASLE II and ALM products directly, which explains the buy out of Ubitrade GMBH.”
“The Fermat product line has generated an exceptional level of business since GL TRADE acquired Ubitrade in late 2004, although sales in Germany, Austria and the Netherlands were essentially non-recurrent and involved a large amount of consulting,” adds Vincent Burzynski, a Group Managing Director of Front to Back Solutions at GL Trade. “GL TRADE will now concentrate on the development and marketing of its own software products.”