SoftwareOne appoints new CEO, cuts revenue growth forecasts
Adds details, background
BERLIN, Oct 31 (Reuters) -SoftwareOne SWON.S on Thursday said it appointed Raphael Erb as CEO from Nov. 1 as the Swiss company slashed its full-year revenue growth forecast on a weaker-than-expected third quarter.
The company cut its 2024 revenue growth target to 2-5% compared to last year, from 7-9% previously, afterunderperformance in markets except Asia-Pacific and the German-speaking region in the quarter resulted in revenue growth of 3.1%, undershooting its own and market expectations.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) are nowseen at 21-23%, from previously 24.5-25.5%, after falling 4% in the third quarter.
SoftwareOne, which helps customers buy and manage software from other providers such as Microsoft, SAP and Adobe, said it has introduced cost-saving measures starting from the third quarter in view of the current environment.
The firm is targeting savings of over 50 million Swiss francs ($58 million), including reduction of corporate overheads.
Erb is "well-suited to lead the company and restore double-digit growth" due to his many years of experience at SoftwareOne, said board of directors chairman Daniel von Stockar about the Swiss national who has been at the firm over 25 years.
The executive board change comes as the Swiss software services company has attracted renewed takeover interest.
"Discussions regarding a potential going-private transaction are progressing, but remain challenging given the general business environment," the company said.
($1 = 0.8655 Swiss francs)
Reporting by Kirsti Knolle, Editing by Miranda Murray
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