London, 24th January 2005 – Demica has further strengthened its leadership in the trade receivables securitisation market by acquiring Cresta Group’s securitisation technology operations. With immediate effect, Demica will take on Cresta’s Asset Securitisation Administration Program (ASAP) clients, providing full service and support to ensure a smooth transition period.

Demica is committed to providing continued support and expertise to Cresta’s securitisation clients who will remain on their existing platform. Cresta will retain its full staff and continue to focus on its core business as an independent consulting practice specialising in software testing and development of supporting applications.

Demica announced strong revenue growth from 2003 to 2004 and is confident of further substantial growth this financial year. The company has a growing, international client base of major European and US investment banks, corporations and financiers, with its Citadel® technology platform currently running several billion Euros of rated transactions for blue chip institutions. Much of the recent growth is being driven from post-LBO corporations and private equity firms using capital markets technology to reduce the cost of replacement or development capital.

Phillip Kerle, Chief Executive Officer, Demica, comments, “Demica is undergoing a strong period of growth that is underlined by our acquisition of Cresta’s structured finance division. The move boosts our already strong client base of corporations and financiers and gives us access to valuable new relationships. We are working hard to ensure the transition is as seamless as possible for our newly acquired clients and are confident that our service and support will live up to their expectations.”

David Cotterell, Chief Executive Officer, Cresta Group, adds, “Demica is well respected in the structured finance market and has a strong track-record of innovation in technology and high standards in service. We are convinced that our clients’ requirements will be fully met under the terms of the arrangement. This is a positive move for the Cresta Group as we will be able to dedicate our resources and investment to the testing, consulting and software marketplace and continue to build on our recent strong growth.”

Demica is a market leading provider of specialised working capital solutions providing consulting, advisory and technology services to a diverse range of multi-national clients. Demica works with the world's leading investment banks, private equity sponsors and global corporations to implement innovative solutions to their securitisation and supply chain finance requirements.

Demica’s technology is used around the globe running in excess of €10.5 billion of invoice-based transactions on its Citadel® platform. Demica is a wholly owned subsidiary of the J.M. Huber Corporation, one of the largest privately held companies in the United States. Demica has offices in London, Atlanta and Tokyo.

<< BACK