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2016-05-12

Itiviti Group Holding AB: Interim report Itiviti Group Holding AB January 1 - March 31, 2016

Strong progress with several wins in the quarter

· Operating revenue for the period from January to March 2016 was
SEK 174,858k (160,543), an increase of 9% compared to the same
quarter of 2015. The Swedish krona has weakened against the euro and
the US dollar, which has had a positive impact on revenue. Adjusted
for foreign exchange effects, license revenue was up by SEK 5,737k
(4%), most of which is attributable to increased sales of the
products Tbricks by Itiviti, VeriFIX by Itiviti and Catalys by
Itiviti.

· Adjusted EBITDA was SEK 87,730k (67,033) and adjusted EBITDA-CAPEX
was SEK 31,309k (22,270). Operating expenses and CAPEX, adjusted for
one-off effects, was SEK 5,276k higher than in the same period of
last year. Most of the increase is explained by additional hardware
and software expenses of SEK 5,682k that are mainly attributable to
the investment in Managed Services. The development of Itiviti's new
product offering to ease mandatory compliance with MIFID II and other
regulations has resulted in higher development costs. Personnel costs
adjusted for one-off expenses and foreign exchange effects were on
par with the same quarter of last year.

Comments from CEO Torben Munch:

"Itiviti had a highly successful first quarter, with a number of new
deals demonstrating the strength of our new combined offering. The
additional workload related to the integration of the two former Orc
and CameronTec organizations has not deflected our focus from serving
our customers and retain business momentum. During the quarter, we
signed a multi-year contract to develop a suite of products for
foreign exchange trading and execution. This long-term shared
commitment between the client and Itiviti reflects our position as a
trusted partner, and the asset class expansion is a testament to the
flexibility of our platform.

In addition, we have been engaged by a European bank to provide a next
generation Order Management System (OMS). The new environment in
which our clients operate - characterized by rigorous execution
requirements and need for high operational efficiency - has rendered
many existing OMS solutions obsolete, providing an opportunity for
Itiviti. In summary, we see tangible evidence supporting our strategy
of both vertical and horizontal expansion across the value chain.

We have also combined the former legal entities of Orc and CameronTec
in an updated structure, enabling us to consolidate our financial
figures. As part of the reorganization, our financing arrangements
have been optimized through the redemption of bank loans.

We are truly excited about the coming quarters and look forward to
demonstrating the strength of Itiviti's rapidly evolving offering to
new and existing clients across the globe."

About Itiviti
Itiviti is a world-leading technology provider for the capital markets
industry. Trading firms, banks, brokers and institutional clients
rely on Itiviti technology, solutions and expertise for streamlining
daily operations, while gaining sustainable competitive edge in
global markets.

With 13 offices and serving more than 400 customers worldwide, Itiviti
was formed by uniting Orc Group, a leader in trading and electronic
execution, and CameronTec Group, the global standard in financial
messaging infrastructure and connectivity. From its foundation in
2016, Itiviti has a staff of 400 and an estimated annual revenue of
SEK 700 million.

Itiviti is committed to continuous innovation to deliver trading
infrastructure built for today's dynamic markets, offering highly
adaptable platforms and solutions, enabling clients to stay ahead of
competitive and regulatory challenges.

Itiviti Group Holding AB is owned by Itiviti AB, in which Nordic
Capital Fund VII is the principal shareholder.

For more information visit: itiviti.com

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http://news.cision.com/itiviti-group-holding-ab/r/interim-report-itiviti...
http://mb.cision.com/Main/6415/2007551/514687.pdf
http://mb.cision.com/Public/6415/2007551/8dac18acdf67bf1f.pdf

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