Siemens Business Services has acquired a 50.16% stake in Dusseldorf-based Sinius, taking its total ownership of the company to 80.16%. Munich, Germany-based SBS initially bought a 30% stake in the venture in February 2001. The price of the latest investment was not disclosed, but a source close to the deal said the transaction was valued in the lower two-digit million euros.
Sinius provides hardware and applications management and integration services to companies in the Deutsche Bank group as well as other German financial services companies. It has 1,250 employees and made revenue in full-year 2001 of 180m euros ($187m).
Deutsche Bank said that handing over control of Sinius was part of its strategy to divest non-core operations. The bank also owns a 25% stake in 1,000-strong web consulting company Emagine which was formed in July 2001 by the merger of DB’s own internet consulting activities with those of struggling German outfit GFT Technologies.
Source: Computerwire
