British IT Firm Vencora Acquires Swiss Bank Software Manufacturer Crealogix

In a significant development, the British IT company Vencora has successfully acquired the Swiss bank software manufacturer Crealogix. Vencora now holds an impressive 96.24% of the issued share capital and voting rights of Crealogix, as confirmed by the interim results of the public tender offer.

Key Details of the Acquisition

• 622,800 Crealogix shares were tendered during the offer period, in addition to the 725,746 shares already held by Vencora.
• Vencora has declared the offer as successful and has announced a subsequent acceptance period of ten trading days, starting from January 25, 2024, and ending on February 7, 2024.
• The completion of the transaction is subject to regulatory approvals, and plans are in place to declare the remaining Crealogix shares as null and void, leading to their delisting from the SIX Swiss Exchange.

Valuation and Shareholder Support

Vencora launched a public cash offer of 60 Swiss Francs per Crealogix share in mid-November 2023, resulting in a valuation of the company at 84.3 million Swiss Francs. The acceptance of the offer was recommended by the board of directors, and prominent individual shareholders, collectively holding a majority of 51.66%, had already pledged their support at the outset.

Insight into Vencora

Vencora, a British IT firm, boasts a global presence in 70 countries with 15 collaborative brands. The company has a workforce of over 1,300 employees and serves more than 1,800 clients in the banking and insurance sectors.

This acquisition marks a significant milestone for both Vencora and Crealogix, signaling a new chapter in their respective trajectories within the financial technology industry.

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