SOFGEN completes acquisition of Solution Architects Group AG

Zurich - 3 December 2012

SOFGEN builds further Avaloq delivery capability in German-speaking Switzerland

Zürich, 3 December 2012: SOFGEN Holdings Limited (SOFGEN), an international provider of IT solutions for banks, has completed the acquisition of Zürich-incorporated Solution Architects Group AG (SAG). SAG's Avaloq-based testing product, Automated System Testing (AST), is used by 10 banks in German-speaking Switzerland; the SAG consulting team will be integrated into SOFGEN's Swiss German subsidiary, SOFGEN Consulting AG.

Alexander Dembitz, Chairman, SOFGEN group commented, "The combination of SAG with SOFGEN Consulting AG furthers the SOFGEN group's long-held ambition to achieve critical mass in the region. As banks everywhere look to lower the Total Cost of Ownership of their systems, we are looking forward to working with SAG's customers to offer additional SOFGEN services, in particular those of the SOFGEN/Avaloq joint software development and support centre in Manila, Philippines."

Simon Spalinger, SAG Founder continued, "Our businesses are extremely complementary. SOFGEN has been looking to expand in the Swiss German market and we have been seeking a partner who can promote AST as Avaloq internationalizes and the market consolidates. With 120 consultants in Europe and Asia, SOFGEN is among Avaloq's leading implementation service providers and the only firm with a global reach."

Armin Heeb, SOFGEN Consulting AG CEO added, "I am very much looking forward to working with Simon and his team further to develop our Avaloq and general consulting offerings, particularly in the area of cash products where our functional coverage is completed with the arrival of SAG. With 15+ business consultants, engineers and technicians and the support of the SOFGEN group, we have much to look forward to in 2013."

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