ots Ad hoc-Service: ERGO Vers.gruppe AG <DE0008418526> ERGO Plans IPO of Leading IT Services Provider
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ERGO Plans IPO of Leading IT Services Provider
IT service provider ADA-HAS IT Management GmbH, majority-owned by ERGO In- surance Group, is planned to be floated in autumn 2000. The company is among the leading German providers of IT services with a turnover in ex- cess of DM 650 million. ADA-HAS IT Management GmbH came into existence yesterday as the result of a merger of ADA IT Management GmbH, Willich, and has program service AG, Hamburg.
ADA and has each are successful companies with an excellent position in their respective markets: ADA, founded in 1987, offers integrated comprehensive networks, IT systems and software infrastructure as well as telecommunications solutions. The company is present all over Germany; in the business year 1998/99 it had 1,350 employees and turnover of DM 535 mil- lion.
has program service was founded in 1970; last year, its 540 employees achieved a turnover of DM 118 million. The company is a leading provider of IT solutions for insurers and financial services companies. This role is underlined by close cooperation with renowned insurers, IT service providers and software companies, e.g. Microsoft and SAP.
Yesterday, on 29 February 2000, ADA IT Management GmbH, Willich, and has program service AG, Hamburg, merged to form ADA-HAS IT Management GmbH. The new company offers all kinds of IT services under one roof; its branch network covers all of Germany. Projects like the development of new system software, new quality assurance systems and the European expansion can now be advanced together. These tasks are to be supported by an improved financial potential as well as substantial synergies due to the merger.
The ERGO Insurance Group had a stake in both companies: 75% in has program service and 31.23% in ADA indirectly through its subsidiary ERGO Trust GmbH. With a share of approx. 54%, ERGO is majority shareholder in the merged company. After converting the company from a Limited Liability Com- pany (GmbH) to a Public Limited Company (AG), ERGO plans the flotation of then ADA-HAS IT Management AG in autumn 2000. In this context ERGO's share will be reduced to about 30%.
ERGO Versicherungsgruppe AG Board of Management
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