CREALOGIX Group - International expansion continues
CREALOGIX has established a strong track record of delivering software solutions to the banking industry in Switzerland and is transitioning the business to international markets. FY18 numbers were below expectations, mainly due to the faster than anticipated switch to SaaS, which spreads out revenue. International revenues represent 57% of the total (50% in FY17). CREALOGIX acquired the 80% remainder of Elaxy BS&S in July, having acquired Innofis to target the Middle Eastern markets earlier this year. The stable, cash-generative nature of Elaxy BS&S balances the higher-risk, stronger growth profile of Innofis. Given the attractive industry dynamics, and with CREALOGIX ideally positioned to capitalise on these, the shares look attractive on c 21x our FY20e EPS.Crealogix Holding AG is a Switzerland-based company that, together with its subsidiaries, provides software and hardware products for Electronic Banking (E-Banking), Electronic Payment (E-Payment) and Education in Switzerland and Europe. The Company's E-banking solutions comprise E-banking software and platforms, E-banking security, bank interface and communications, and mobile banking solutions, as well as banking servers and a front-office platform for financial advisory services, among others. Its E-payment solutions include payment software, financial software, manual and automatic document readers, and signing and archiving. The Company's educational solutions consist of E-learning software, E-learning contents and Web-based Training (WBT) production, campus management, and various training platforms. In April 2014, it created two subsidiaries CREALOGIX UK LTD and CREALOGIX PTE. LTD. In August 2014, the Company established an Austrian subsidiary in Vienna.
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