PARIS--(BUSINESS WIRE)--Regulatory News:
In an economy that has been badly shaken up by the Covid-19 situation, Prodware is staying the course pursuing its 2016-2021 development strategy, reinforcing and consolidating its market position as leading business partner in Europe for mid-market companies and subsidiaries of large groups supporting their digital transformation.
Optimizing re-allocation of resources
Prodware has gone forward with some decisive organizational changes reallocating a majority of its investments and human resources within Europe and the United Kingdom.
These choices have been based on detailed market studies and input that have helped Prodware clearly realize and appreciate the following strategic triggers:
- A determined resolve and willingness on behalf of most of the governments in Europe to massively support business recovery and re-industrialization initiatives to boost national (and European) sovereignty;
- Prodware’s strengthened position on the market;
- A significant number of important « Corporate and Enterprise » accounts that are Prodware’s target market.
In addition, Prodware plans on leveraging its nearshore facilities, located in Eastern Europe, even more in order to bolster its Group production capability of certain service offerings.
Sale of business units in Israel and Tunisia
Given the context, the Group has announced that it has signed an agreement to sell its subsidiary in Israel, Prodware Israel, to both an investment fund called Babylon, leading player in the Israeli IT industry and to Yossi Haïmov, current Prodware Israel Country Manager. Final completion of the transaction is subject to certain conditions precedent, customary in this type of transactions, and should take place in the coming weeks.
This sale bodes well for excellent future collaboration and cooperation, especially with regard to international projects and sharing expertise.
Please note though that the Research and Development Center of Prodware Israel as well as the 365x Scaler are not part of the agreement and remain part of the Prodware Group. Innovation and the development of industry-specific business solutions are indeed strategic pillars of Prodware’s business model.
This business decision is in line with our divestment strategy of a couple of months ago when we sold our business unit in Tunisia to the respective business managers of the subsidiary.
Stéphane Conrard, Deputy Chief Executive Officer of Prodware Group says :
« The sanitary crisis that we are going through has accentuated the demand for digital transformation still fragmented until now. This situation has brought on as many business opportunities as risks. Our short-term strategy is to consolidate and secure our market footprint in geographies with significant growth potential where we feel we have the competitive edge and resources to achieve our revenue and profit margin objectives as per our development strategy».
Next publication: 1st Semester Financial statement 2020 and 3rd quarter 2020 financial results: October 14th (AMC) after market is closed.
Whether it is enabling ambitious Cloud strategies, artificial intelligence driven decision-making solutions or more flexibility and agility delivered by modern business applications, Prodware, with more than 3 decades of expertise and know-how is in a class of its own.
Prodware leverages the latest technologies and technological breakthroughs building the business processes of tomorrow across the manufacturing, retail & distribution, professional services and finance verticals.
The Prodware group is a global company founded in 1989 with regional offices in 13 countries with close to 1400 employees. Prodware is listed on Euronext Growth in Paris generating €188 m€ in annual revenue and a net income of 10,5 million euros in 2019.
For more information www.prodwaregroup.com