Swisscom IT Services, Ltd. has acquired a 60% stake in Sourcag AG, a provider of business process outsourcing (BPO) services to the financial sector, from Basellandschaftliche Kantonalbank (BLKB) and Basler Kantonalbank (BKB).
Swisscom IT Services is provider of information technology (IT) consulting, project management, and system integration services. All the companies involved in the transaction are based in Switzerland.
Both BLKB and BKB are providers of banking services and will retain 20% stake each in Sourcag.
Deal Type Acquisition
Sub-Category Majority Acquisition
Deal Status Completed: 2009-06-23
Deal Participants
Target (Company) Sourcag AG
Acquirer (Company) Swisscom IT Services, Ltd.
Vendor 1 (Company) Basler Kantonalbank
Vendor 2 (Company) Basellandschaftliche Kantonalbank (BLKB)
Deal Rationale
The acquisition would enable Swisscom IT Services to strengthen its position as a provider of back-office services for financial institutions. It would also facilitate Swisscom to cover the entire value-added chain for banks: from business process outsourcing to application management and IT infrastructure operations through to telecommunications services.
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