SoftwareOne sets deadline for deal after posting "disappointing" Q3 results
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ZURICH, Nov 13 (Reuters) -SoftwareOne Holding SWON.S sales increased during its third quarter by 1.4%, the companysaid on Wednesday, and set a deadline to conclude talks to take it private.
Group revenues increased to 236.7 million Swiss francs ($268.06 million), while adjusted core operating profit fell 18.3% to 39.2 million francs.
"Our third-quarter results were disappointing," said Raphael Erb, who became CEO earlier this month, "While certain regions continued to demonstrate momentum in Q3 2024, our overall performance did not meet expectations."
SoftwareOne,which helps customers buy and manage software from other providers such as Microsoft, SAP and Adobe, said most of Europe, north and south America had underperformed due to problems implementing its new sales strategy, while it was also facing a more cautious spending environment.
Last month SoftwareOne cutits full-year sales outlook, sending its shares sharply lower. Its stock has lost nearly 60% of its value this year.
The Swiss companyhas been in discussions with potential buyers including private equity company Apax Partners to take it private, and has also been exploring a potential merger with Norwegian competitor Crayon Group Holding CRAYN.OL.
On Wednesday, the company said talks "are progressing, but remain challenging given the general business environment".
The board aims to present an offer to shareholders or conclude discussions by February 2025, it said.
($1 = 0.8830 Swiss francs)
Reporting by John Revill, Editing by Rachel More
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