MUNICH, (6 July, 2018) – International law firm McDermott Will & Emery advised Fiducia & GAD IT AG on the sale of all shares in ELAXY GmbH to CREALOGIX Group.
As part of the transaction, ELAXY subsidiary ELAXY Business Solution & Services GmbH & Co. KG, in which CREALOGIX had acquired a 20% stake back in 2015, was fully taken over by CREALOGIX. The company will in future operate under the name CREALOGIX BaaS GmbH & Co. KG.
In 2015, ELAXY sold 80% of the shares in ELAXY Financial Software & Solutions GmbH & Co. KG to CREALOGIX. Fiducia & GAD IT now holds a 20% stake in this company and will continue its long-term strategic cooperation with CREALOGIX. The company is going to be renamed into CREALOGIX Advisory GmbH & Co. KG.
ELAXY is a leading provider of software and data centre services and offers tailor-made solutions to banks, insurance companies and financial distributors.
Fiducia & GAD IT is an information technology service provider within the cooperative FinanzGruppe. Headquartered in Karlsruhe and Münster and with branches in Munich, Frankfurt and Berlin, the company employs almost 6,600 staff who generate an annual group sales of around € 1.5 billion.
The CREALOGIX Group is a Swiss fintech company and one of the market leaders in digital banking. Founded in 1996, the group has around 700 staff worldwide. The shares of CREALOGIX Holding AG (CLXN) are traded at the SIX Swiss Exchange.
McDermott advised both on the acquisition of the 20% stake in ELAXY Financial Software & Solutions by Fiducia & GAD IT and the simultaneous sale of the remaining ELAXY Group to CREALOGIX.
McDermott Partner Michael Cziesla has been acting for Fiducia & GAD IT for many years. Together with his team, he already advised the IT service provider on establishing a cooperation with CREALOGIX in 2015 and on the sale of ELAXY Format GmbH, a provider of commission accounting systems, to Consileon and Ajco in 2016.
The McDermott team advising on the transactions was led by Frankfurt-based Corporate partner Dr Michael Cziesla and included counsel Norman Wasse (Corporate), Daniel von Brevern (Antitrust) and Nina Siewert (Tax) as well as associates Tobias Riemenschneider and Isabelle Suzanne Müller.
McDermott’s Corporate & Transactional Practice represents business interests around the world, from global corporations and industry-leading companies to privately funded and entrepreneurial driven enterprises, private equity sponsors and the financial institutions that support them. McDermott consistently ranks in the leading league tables, including Mergermarket, Thomson Reuters, Bloomberg and PitchBook.
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, San Francisco, Seoul, Silicon Valley and Washington, DC. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.