ETF News

Switzerland's SoftwareONE mandates banks for IPO - sources

ZURICH, June 26 (Reuters) - Swiss software group SoftwareONE has mandated banks for an upcoming stock market flotation, sources told Reuters on Wednesday, paving the way for a potential multi-billion dollar listing this autumn.

Credit Suisse, UBS and JPMorgan have been hired to advise on the planned initial public offering as so-called global coordinators, sources familiar with the matter said. The IPO could take place in October, one of the people said. The firm is expected to be valued at several billion Swiss francs.

Credit Suisse and SoftwareONE declined to comment. UBS and JPMorgan could not immediately be reached for comment.

Since taking over German IT firm Comparex earlier this year, SoftwareONE employs around 5,500 people. The company, headquartered in Stans, Switzerland, helps companies manage an estimated 10 billion euros in software purchases from vendors such as Microsoft, Adobe and IBM. In 2015, KKR acquired a 25 percent stake in the company, the majority of which is still held by the company’s founders. (Reporting by Arno Schuetze and Oliver Hirt; writing by Brenna Hughes Neghaiwi; editing by David Evans)