HervÃ© Vinciguerra, founder and Chief Executive Officer of Sophis, retains a significant stake in the company and will sit on its Supervisory Board. In the interest of Sophisâ clients and employees, Mr Vinciguerra will work with the companyâs new shareholders and managers to transition smoothly from his current executive position to his new non-executive role. Sophisâs other main shareholders-managers, Arnaud Vinciguerra and Nicolas Roussel, will reinvest as part of this transaction and keep their executive position alongside the new Chief Executive Officer Pascal Xatart. The current management team remains unchanged and is being offered the possibility to invest in Sophis, affirming its commitment to the new shareholderâs strategy.
Prior to joining Sophis, Pascal Xatart served at Linedata Services as the companyâs Chief Financial Officer in Paris and as the General Manager of its Asset Management division in Boston. In his new role with Sophis, Pascal Xatart will focus on strengthening the companyâs leadership position in Europe while accelerating its international expansion â particularly in the United States. Sophis will maintain substantial investment in Research and Development, in order to preserve its existing competitive advantages and continue to meet the needs of a demanding client base.
HervÃ© Vinciguerra, founder and Chief Executive Officer of Sophis,commented: âOver the past three years, Sophis has generated annual growth rates of over 40% with a two-digit profit margin; the company has reached the 250 employee mark and generated revenues in excess of 48 million euros in 2006. The arrival of a financial partner for Sophis at a key moment in its history will allow the company to accelerate its international expansion, especially in North America, where sales and professional services teams will be significantly strengthened. In this context, we believe Advent to be the ideal partner, thanks to its international presence and experience as an investor in the financial technology industry, particularly in the US.â
Pascal Stefani, Partner of Advent International said, âWe are delighted to partner with Sophis, a leading company in its market which has seen rapid growth and consistently delivered one of the highest profit margins in the sector. We have been particularly impressed by the quality of Sophis' engineers and their ability to adapt quickly to market and client needs, which are essential components for long-term success in the financial software industry.â