Noventiq closes Saga Group acquisition
With this acquisition, Noventiq customers now have access to Saga Group's own digital products, including its own IPs, one for digital banking, Fintense; Weaver, which is a mature AI developed chatbot; and Selecta, a next generation AI-empowered CRM platform.
- (1888PressRelease) February 25, 2023 - Noventiq (LSE: SFTL), the global digital transformation and cybersecurity solutions and services provider, announces today that the acquisition of the majority stake of Saga Group has been closed.
In September 2022, Noventiq signed an agreement to acquire Saga Group. The transaction strengthens Noventiq's presence in Eastern Europe as well as opening other markets such as Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia.
With this acquisition, Noventiq customers now have access to Saga Group's own digital products, including its own IP for digital banking, Fintense created by Saga's subsidiary NF Innova, which is an omnichannel digital banking platform offering process automation, data management and personal advisory. Saga's other sophisticated IP platform, Weaver which is a mature AI developed chatbot, and Selecta, which is a next generation AI-empowered CRM platform are owned and created by Intellya, another subsidiary of Saga Group.
Saga Group, and all its subsidiaries, will continue to operate under its existing brand while incorporating the 'a Noventiq company' into its logo. The group, which will maintain its headquarters in Belgrade, will continue to be led by its current management team, and the President of Saga Supervisory Board, Dejan Popovic.
Now that the deal has been closed, the scope of support that Saga, and its subsidiaries, offers to its customers will expand thanks to Noventiq's global position. The company will gain more international exposure as well as the access to Noventiq's expanded portfolio thanks to its global partner relationships which include vendors like Adobe, Amazon Web Services (AWS), Citrix, Google Cloud Platform (GCP), Microsoft, among multiple others.
Herve Tessler, President and COO at Noventiq, says:
"The closing of this deal will strengthen Noventiq's footprint in the Eastern European region, which is a key strategic approach for our company in 2023. Saga's solutions offerings and sophisticated own IP will help Noventiq to grow our portfolio capabilities in the region and beyond."
Dejan Popovic, President of Saga Supervisory Board, said:
"I am very excited with the announcement of the closing of this deal because it implies that now Saga Group and its customers will benefit from Noventiq's strong connections and relationships at a global scale with top IT leaders such as AWS, Google, Microsoft, VMWare and many others. We are also very keen to work alongside their workforce of almost 5,900 employees all with extraordinary skills."
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