Ad-hoc: Agreement to Acquire Steeb Signed
Filderstadt, 10 November 2011 – All for One and SAP have concluded the exclusive negotiations that were announced on 15 September 2011. As a result All for One Midmarket AG will acquire from SAP AG, Walldorf, 100% of the shareholdings in Steeb Anwendungssysteme GmbH, Abstatt. The corresponding share purchase agreement was signed today. The acquisition is to be completed before the end of 2011, assuming approval by the antitrust authorities amongst other things. The actual purchase price, which will be mostly debt-financed, is in the mid-double-digit-million range and will depend largely on the balance sheet structure at the time the acquisition is closed.
Following the completion of the integration phase (financial year 2011/12 ending on 30 September 2012), the newly formed All for One expects to post total sales revenues of more than EUR 160 million with the first full-year inclusion of Steeb in the financial year 2012/13. By that time the aspired EBIT margin should already be above 5%.
This Steeb acquisition will see All for One and SAP closing ranks even further. Andreas Naunin, previously the Head of SME and a member of the Management Board of SAP Deutschland AG & Co. KG, will move to All for One. The newly formed company will support and service the largest installed SAP customer base in the German-language midmarket segment. The objective is to more rapidly expand the company’s leading position in the growing markets for the SAP Business Suite, SAP Business Analytics, SAP Mobile Solutions, SAP Outsourcing Services and SAP Business ByDesign among small to mid-size Enterprises.