SQS Software Quality Systems AG Update on Thinksoft Acquisition (7252Y)

TIDMSQS

RNS Number : 7252Y

SQS Software Quality Systems AG

29 January 2014

SQS Software Quality Systems AG

("SQS" or the "Company")

Update on Thinksoft Acquisition

Further to its announcement of 31 December 2013, the Company provides a further update on the acquisition (the "Acquisition") of Thinksoft Global Services Limited ("Thinkosft"). The Company is pleased to announce that, as of 1 January 2014, Thinksoft has been fully consolidated into the accounts of the Company, on the basis that SQS had acquired a majority control of the board as at 31 December 2013. The tender offer process, which requires approval prior to launch from the Securities and Exchange Board of India ("SEBI"), is now expected to launch in February and, consequently, the Company expects to acquire the additional tender offer shares in March 2014.

Chief Executive Diederik Vos commented: " We are pleased that we'll soon be undertaking the final stage of the Acquisition. While the launch of the tender offer process in India has taken a little longer than anticipated, we now believe that we have satisfied all requirements of SEBI with regard to the tender offer and we will shortly be able to commence that process and close the Acquisition".

Enquiries:

 
SQS Software Quality Systems AG          Tel. +49 (2203) 91 54 0 
Diederik Vos, Chief Executive Officer 
Rene Gawron, Chief Financial Officer 
Canaccord Genuity - Nomad and Joint      Tel +44 (0) 20 7523 8000 
 Broker 
Simon Bridges / Peter Stewart / Cameron 
 Duncan 
Westhouse Securities - Joint Broker      Tel. +44 (0)20 7601 6100 
Robert Finlay / Antonio Bossi / Paul 
 Gillam 
Walbrook PR Limited                      Tel. +44 (0)20 7933 8780 
Bob Huxford                              bob.huxford@walbrookpr.com 
 Helen Cresswell                          helen.cresswell@walbrookpr.com

About SQS Software Quality Systems

SQS is the world's leading specialist in software quality. This position stems from over 30 years of successful consultancy operations. SQS consultants provide solutions for all aspects of quality throughout the whole software product lifecycle driven by a standardised methodology, high offshore automation processes and deep domain knowledge in various industries. Headquartered in Cologne, Germany, the company employs approximately 2,800 staff. SQS has offices in Germany, the UK, Egypt, Finland, France, India, Ireland, the Netherlands, Norway, Austria, Sweden, Switzerland, South Africa and the US. In addition, SQS maintains a minority stake in a company in Portugal. In 2012, SQS generated revenues of 210.1 million Euros.

SQS is the first German company to have a primary listing on the AIM (Alternative Investment Market) in London. In addition, SQS shares are also traded on the German Stock Exchange in Frankfurt am Main.

With over 7,000 completed projects under its belt, SQS has a strong client base, including half of the DAX 30, nearly a third of the STOXX 50 and 20 per cent of the FTSE 100 companies. These include, among others, Allianz, Beazley, BP, Centrica, Commerzbank, Daimler, Deutsche Post, Generali, JP Morgan, Meteor, Reuters, UBS and Volkswagen as well as other companies from the six key industries of SQS.

For more information, see www.sqs.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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