Private investor and strengthened balance sheet to support expansion
BSB, the provider of software solutions for the insurance and banking industries, announced today an agreement whereby the software firm Vermeg will subscribe to a capital increase of EUR 5 million. Vermeg is a leading provider of software solutions for the global financial markets, which employs 300 people mainly in Tunis.
The capital increase will be accomplished though the private issue of 609.757 shares at EUR 8.2 EUR per share (premium included). BSB’s equity will increase by EUR 5 million. The Vermeg Group will also acquire 60.976 existing shares, will own 24.45% of BSB’s capital, and will join the Board of Directors.
“This strengthening of BSB’s equity will enable the company to improve its profitability by increasing sales, maintaining development of its core products and maintain strict cost management,” said Jean Martin, CEO, BSB. ‘At the same time, this agreement with an industry partner offers potential synergies, which will be explored over the next several months.”
BSB also announced a loss for the first quarter 2012, due mainly to a global slowdown in the banking and insurance markets. As mentioned in its annual report 2011, BSB expects business to take off again by year-end, helped by the competitive edge its Solife and Soliam products have acquired through extensive investment and continuous development. Moreover, in anticipation BSB launched a cost reduction programme early this year.
BSB will publish its six-monthly financial report (results at 30 June 2012) on Friday 28 September.