vwd group signs preliminary agreement to tap the Italian market for financial information
(firmenpresse) - vwd Vereinigte Wirtschaftsdienste AG / Key word(s): Finance/
vwd group signs preliminary agreement to tap the Italian market for
financial information
DGAP-Media / 29.04.2011 / 18:47
vwd group signs preliminary agreement to tap the Italian market for
financial information
- vwd group to become an outsourcing partner for the
financial-information business run by Il Sole 24 Ore S.p.A. in
connection with 750 clients and sales of EUR 15 million
- Costs associated with vwd group's entry into the Italian market will
initially total EUR 3 million
Frankfurt a. M./ Milan, April 29, 2011. The vwd group, led by vwd
Vereinigte Wirtschaftsdienste AG, a leading provider of financial-market
information in German-speaking countries, reached a preliminary agreement
today with Il Sole 24 Ore S.p.A., the publisher of the leading Italian
business and financial newspaper 'Il Sole 24 Ore,' under which the vwd
group will expand its business activities to Italy and press ahead with the
company's European strategy once the final agreement takes effect (most
likely on July 1, 2011). Italy will become the fifth European country where
the vwd group offers its services and solutions for financial markets.
In recent years, Il Sole 24 Ore S.p.A. has added a number of business
activities arising from its newspaper 'Il Sole 24 Ore.' Some of these
operations will be managed jointly in the future, including the business
with real-time financial information. Given the exceptional positioning of
Il Sole 24 Ore S.p.A, whose majority owner is the Italian employers'
association, this unit has grown into the leading local provider in this
area. It has a business volume of about EUR 15 million with more than 750
clients, including Italy's leading banks. Against the backdrop of this
business' continuing internationalization and the concentration of Il Sole
24 Ore S.p.A on core publishing activities, the Italian company has decided
to jointly operate this business with the vwd group in the future.
In an initial step, the vwd group will act as an outsourcing partner and
provide various technical services. It will obtain the necessary business
resources for about EUR 3 million. In a second phase, the clients of Il
Sole 24 Ore S.p.A. will be given the opportunity to join the vwd group's
product world and thus gain access to a much larger universe of data -
based on state-of-the-art technology. In addition, vwd will be able to
offer its much more comprehensive range of products to a very broad,
high-end target group and to help these clients manage regulatory
challenges by providing standard, Europe-wide solutions. Should the
partnership run smoothly, the vwd group will pay an additional
purchase-price component (earn-out) totaling up to EUR 4 million.
'We are pleased to have found a partner in the vwd group that, as a highly
specialized company, is capable of providing much deeper support to our
clients in an increasingly globalized world than we can continuously
provide ourselves,' said Ms. Donatella Treu, CEO of the listed Il Sole 24
Ore S.p.A.
'To the vwd group, the Italian market, where the banking world has played
such a significant role in the country's history, is of major strategic
importance particularly because transnational integration is increasing,'
said Edmund J. Keferstein, the Chairman of the Management Board of vwd AG.
'Il Sole 24 Ore S.p.A.is an ideal partner in our effort to establish a
long-range presence in this core European country.'
Further information:
Corporate Communications
Carsten Scharf
Telephone: +49 69 50701-270
Fax: +49 69 50701-114
E-mail: cscharf(at)vwd.com
vwd Vereinigte Wirtschaftsdienste AG
Tilsiter Straße 1
60487 Frankfurt am Main
www.vwd.com
About vwd group:
vwd group offers customised information, communications and technology
solutions for the financial markets. As a leading European provider, it
specialises in meeting individual customer requirements in the areas of
asset management, retail banking, private banking and wealth management. It
offers innovative solutions for financial service providers, investors and
the media. vwd's business is driven by innovation, flexibility, customer
centricity and strong commitment to local needs. With around 440 employees
at 15 locations in 5 countries vwd is a public company, listed at the
Frankfurt Stock Exchange (ISIN DE0005204705). The group's best-known brands
are: finanztreff.de, vwd fonds service, vwd market manager, vwd portfolio
manager, vwd PortfolioNet, TradeLink and Tai-Pan.
End of Media Release
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Language: English
Company: vwd Vereinigte Wirtschaftsdienste AG
Tilsiter Straße 1
60487 Frankfurt am Main
Deutschland
Phone: +49 (0)69 50701-316
Fax: +49 (0)69 50701-114
E-mail: cscharf(at)vwd.com
Internet: http://www.vwd.com
ISIN: DE0005204705
WKN: 520470
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP-Media
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122343 29.04.2011
Datum: 29.04.2011 - 18:47 Uhr
Sprache: Deutsch
News-ID 33911
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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