Vermeg Group investment in BSB reaches EUR 24 million
BSB International, a leading provider of software solutions to the insurance and asset management industries, has appointed Marwan Hanifeh to the position of CEO. Marwan replaces CEO and company founder, Jean Martin, who stepped down from the post on 29 January.
Marwan Hanifeh was previously CEO of software company Vermeg Group, the majority shareholder in BSB International as of 21 January 2014, when it exercised its stock options and launched a mandatory take-over bid. Vermeg has now increased its shareholding to 90.67%, investing a total of EUR 24 million in BSB since June 2012.
Marwan assumes responsibility for the company’s global activity, drawing on his extensive background in financial software. He is supported by BSB’s experienced Executive Committee and staff, and will be focusing solely on the task of managing BSB.
“Marwan has extensive management experience and a deep knowledge of the financial software industry. He is extremely well qualified for his new position and he will work closely with BSB’s Executive Committee to advance the company,” said Badreddine Ouali, Chairman of BSB International. “BSB has a solid leadership team and, over the past two years, its Board of Directors and Executive Committee have successfully addressed the key changes necessary to improve the company’s financial performance significantly despite a challenging economic climate. We have implemented a strategy to focus on our core strengths, maximize efficiencies and leverage our strong product base. I am confident that Marwan and BSB’s Executive will maintain this course. I would like to take this opportunity to congratulate Jean Martin for his vision and contribution in making BSB the leading software company that we know today.”