DGAP-News

FinTech Group AG: FinTech Group AG acquires majority stake in XCOM Group

DGAP-News: FinTech Group AG / Key word(s): Investment
FinTech Group AG: FinTech Group AG acquires majority stake in XCOM
Group

24.03.2015 / 07:55

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FinTech Group AG (WKN 524 960, ISIN: DE0005249601, symbol: FLA.GR)
successfully completed the acquisition of a 51 percent stake in XCOM AG on
March 20, 2015 following approval by BaFin, the German Financial
Supervisory Authority. As a result, the company has taken an important
strategic step towards becoming one of Europe's leading providers of
financial services technologies. In the future FinTech Group will offer
transaction banking, third party in/outsourcing services, and retail online
banking under its own brands.

XCOM develops and operates software and technology solutions for banks and
financial services companies. Its customer base consists of banks and
financial institutions working at the international level. In 2013, the
XCOM Group achieved with around 350 employees sales of approximately EUR 60
million and EBTDA of more than EUR 8 million.

With the take-over, FinTech Group AG has also acquired the XCOM subsidiary
"biw Bank", a full service bank which acts as an outsourcing and
transaction partner for banks and financial services companies and also
offers comprehensive white-label banking solutions to its clients. In
particular, biw Bank is one of the most successful enablers for the rising
German fintech sector with such innovative clients as savedo and
fashioncheque. The FinTech subsidiary flatex has also cooperated
successfully with the biw Bank since it was formed in 2006.

FinTech Group and XCOM/biw have been working closely together since
November 4, 2014, the date on which the take-over plans were announced. It
quickly became clear that the entire group will benefit from significant
synergy potential that can be lifted without major reorganization. Among
others these are regulatory advantages for example which will be gradually
utilised over the coming twelve months and will be fully reflected in the
results of the FinTech Group by 2016.

On top of additions to its very successful outsourcing business, XCOM/biw
also have focused on investing in product development and design as well as
marketing over the past years. This profile will now be complemented by
consulting services of XCOMpetence AG, which employs specialists for