Jyske Bank sells its subsidiary Silkeborg Data A/S to Axcel, a Danish private equity fund, to give the company the best possibilities of realising its full potential.
In addition, Jyske Bank wishes to focus on the Group's core business.
Silkeborg Data is a leading provider of payroll and staff administration systems to the public sector and has in recent years generated considerable growth and shown a very satisfactory profit development. We assess that a new owner can strengthen the company's possibilities of realising the plans of further growth in new markets and new customer segments.
Over the years, the IT area has offered substantial synergies for Silkeborg Data and Jyske Bank, but these synergies no longer exist to the same extent.
When taking the decision to sell to Axcel, it was very important for Jyske Bank that Silkeborg Data would continue to have a strong presence in Silkeborg, and expectations of additional growth and creation of new jobs in the city were crucial for the overall solution.
The sale of Silkeborg Data is expected to have a positive impact on Jyske Bank's earnings of just above DKK 300m after tax in Q1 2014. The sale is conditional upon the approval of the antitrust authorities.
Please direct any questions concerning this announcement to Leif F. Larsen,
Managing Director, tel. +45 89 89 20 03.
