Axway Software Suspends Its Annual Objectives and Will Propose to the Next General Meeting That No Dividend Be Paid in Respect Of 2019

PARIS--(BUSINESS WIRE)--Regulatory News:

The Board of Directors of Axway Software (Paris:AXW) (Euronext: AXW.PA), meeting today under the chairmanship of Pierre Pasquier, reviewed the Company’s action plan to address the COVID-19 global crisis.

Business continuity plan

From mid-March, Axway has ensured strict compliance with local regulations and recommendations in each of the countries where it operates. The Company has continued to deliver the solutions, subscriptions and services required by its customers.

The following steps were taken immediately:

• Creation of a committee to monitor developments in the health and economic situation, capable of making immediate decisions.
• Implementation of appropriate and secure remote working procedures for all employees.
• Close monitoring of cash management and the Company’s financial position.

Remote work is part of Axway’s international culture, and the solutions the Company develops facilitate this way of working. The rapid transition of all employees to remote working was therefore carried out seamlessly and Axway’s teams are currently fully mobilized.

2020 targets

The 2020 targets, announced by Axway on 19 February based on information available at the time, have been called into question by the uncertainties surrounding the current crisis.

It is worth recalling that 70% of Axway’s annual revenues are recurring business and, to date, the Company has not encountered any particular accounts receivable issues.

Dividend for fiscal year 2019

At its meeting today, Axway’s Board of Directors decided to propose to the next General Meeting that no dividend be paid in respect of fiscal year 2019.

This decision allows Axway to preserve its resources and ensure that, in a context of prolonged uncertainty, the Company will be able to protect its employees, customers and shareholders under the best conditions.

The Company benefits from a sound financial position and positive cash flow and has readily available financing capacity.

Financial calendar

Tuesday, 14 April 2020: Publication of the 2019 Universal Registration Document

Thursday, 23 April 2020, after close of trading: Publication of Q1 2020 Revenue

About Axway

Axway (Euronext: AXW.PA) empowers customers to succeed using hybrid integration to connect people, systems, businesses and digital ecosystems. Axway’s hybrid integration platform, AMPLIFY™, helps enterprise power users, IT specialists, developers, and partners accelerate digital transformation, create captivating experiences, and innovate new services. AMPLIFY speeds integration by combining traditional integration patterns with API Management and Application Integration (providing over 150 prebuilt connectors). 11,000 organizations in 100 countries rely on Axway for their data integration challenges. To learn more, visit www.investors.axway.com/en.