Sopra Banking Software has increased its stake in Cassiopae Middle East and Asia, acquiring 100% of the business.
The Sopra Steria subsidiary initially purchased 45% after announcing plans to acquire 75% of Cassiopea’s holding company in February this year.
In the plans announced earlier this year, the remaining 25% of Cassiopae’s share capital would remain with its founders, family, and certain managers, to be acquired by Sopra Steria by 2020.
The acquisition of the French-Tunisian joint venture was announced at the Tunisia 2020 International Investment Conference in the capital Tunis, and marks Sopra’s latest move towards full control of Cassiopae.
Eric Pasquier, Sopra Banking Software chief executive officer and member of the board of directors of Sopra Steria, welcomed the deal as a way to boost the company’s strategic presence in the region.
Pasquier said: “Sopra Banking Software’s and Cassiopea’s offers are extremely complementary, and the acquisition of Cassiopae MEA boosts our development strategy in key zones, such as Africa and the Middle East, where the group has big ambitions.”