Master Data Management Solution Software Company TIE Holding N.V. (“TIE”) listed on the EuroNext Amsterdam Stock Exchange and SinfoX B.V. herewith announce the completion of the EUR 525k acquisition of SinfoX, a Dutch-based EDI software company.
TIE will pay the shareholders of SinfoX EUR 525k in total. Of this amount EUR 200k will be paid in cash. The remaining EUR 325k will be paid through a 10 year convertible bond with a three year lock up period and a conversion rate of 0.14 EUR. The current owners of SinfoX will remain with the Company and are committed to the business concept.
SinfoX is a software and consultancy company whose objective is to connect individuals and processes in a secure, personalized and demand-triggered way. SinfoX is a leading specialist on low cost EDI solutions and offers the SmartCom product line, middleware that provides integration with most popular ERP and accounting software. SinfoX also provides SmartHandler, which is a Software-as-a-Service (SaaS) offering.
After the addition of SinfoX (annual revenue approximately EUR 320k and a client base of approximately 300) an organization will be created specifically for low end EDI clients that will provide optimal service at minimal cost. This organization, encompassing Sales, Support, Consultancy and specific Marketing activities, will be physically separated from the High End Solution organization to provide minimal disruption and maximize cost savings. Basic EDI solutions form a significant part of the TIE client base and provide an excellent potential for up selling to more significant solutions in the future. Also, new SaaS oriented solutions will be developed and offered providing this market with new, reliable and cost efficient opportunities to utilize Business Interoperability potential. The combined client base in this market in the Netherlands now exceeds 1,000 clients.
“There is a growing demand for SaaS solutions in this segment of the market. We will be working towards increasing the share of SaaS in both our existing customer base as well as new customers although both solutions (SaaS and Licenses) will remain available. Additionally moving this part of our operations to Arnhem allows for cost savings and a more focused approach for this specific market segment.” said Jan Sundelin, acting CEO of TIE.
Jos Brey, CEO of SinfoX added; “There are great opportunities for the combined companies in the low end EDI market. We have designed a strategy that we will deploy from the second quarter of 2008 onwards that has good potential and is aimed at growth in combination with good profitability.”
Jos Brey brings over 25 years of sales/marketing and entrepreneur experience to TIE. Prior to creating SinfoX he served as EMEA President of Akibia, a USD 100 million company, providing enterprise-class IT solutions that enable leading companies worldwide to maintain and optimize their data centre environments and security infrastructure.
About SinfoX
SinfoX, Smart information eXchange, is a software and consultancy company whose objective is to connect individuals and processes in a secure, personalised and demand-triggered way. SinfoX is a leading specialist on low cost EDI solutions and offers the SmartCom product line, middleware that provides integration with most popular ERP and accounting software. SinfoX also provides SmartHandler, which is a Software-as-a-Service (SaaS) offering.
About TIE
TIE bridges the gap between online and traditional business, and helps industry and supply chain partners achieve electronic business collaboration without limitations. Our solutions are proven to lower costs, increase sales, optimize business processes, and improve efficiency while removing the barriers to eBusiness information exchange. Because we have decades of experience to share, TIE remains a key contributor to the development and implementation of global eCommerce standards. Today we are the partner that industry leaders turn to for business-to-business success. TIE is a publicly held company with offices in the United States, France, and the Netherlands.
Further information: TIE Holding N.V.
Jan Sundelin, Acting CEO
Beech Avenue 180
1119 PS AMSTERDAM (Schiphol-Rijk)
The Netherlands
Tel: +31-20-658 93 33
Fax: +31-20-658 99 02
E-mail:
info@TIEglobal.com Web site:
www.TIEglobal.com