Beta Systems - DCI business stronger than expected
Beta Systems delivered full year results at the upper end of company guidance (upgraded in April 2019), underpinned by the solid performance of its core DCI division in the DACH region. The group continues to develop the product portfolio organically, supported by M&A activity. This includes the recent acquisitions of HABEL/Akzentum Group and infinIT Codelab. FY20e EV/EBITDA is 7.4x, underpinned by strong cash generation and high level of total recurring revenues (well in excess of 80% currently).Beta Systems Software AG provides identity and access management (IAM) and data center intelligence solutions. The Company offers software products and information technology (IT) solutions. The Company is engaged in supporting financial services, production, commerce and IT services companies. The Company's IAM solutions provide combined governance and analytics applications. The Company develops identity governance and administration (IGA) solutions that address the needs of mid-sized and large companies. The Company's IAM solution dashboards enable customers with risk indicators to determine the activities, which are necessary to meet regulatory IT compliance provisions. The Company's Data Center Intelligence solutions provide data centers with tools that support IT production environment. The Company's software products automate, document and analyze IT processes in data centers and access control workflows.
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