June 26, 2003
Amstelveen, The Netherlands. Siennax International, Europe’s leading Application Service Provider, did not have much trouble convincing its current present investors to provide EUR 2.5 million for a balance sheet reinforcement. Earlier this year Siennax booked positive EBITDA. The proceeds will be used to finance working capital needs as a result of the growth of the company.
Siennax operates in a strong growth market: against everybody’s expectations corporate use of the Internet has grown as have sales realised via the Internet. That also explains why Siennax’ sales increased by 70%. An independent analysis by Adriaan Meij of AME Research BV earlier this year, shows that when comparing Siennax and their competitors in the market, Siennax performs very well. At a European level Siennax’ 8% market share makes it one of the biggest market players.
‘Siennax has a unique proposition and has proven its business model as a pure play ASP,’ says Brent Wissink of ABN AMRO Capital. ‘Siennax’ growth and client portfolio proves its potential to become one the big players in the application outsourcing market.’
Siennax’ infrastructure facilitates several large corporations in the Netherlands and Germany such as ABN AMRO, ABZ, Deutsche Bank, Commerzbank and recently also Daimler Chrysler.
‘We have a powerful and dedicated group of shareholders that want to see Siennax grow both autonomously and through acquisitions,’ says Herb Prooy, CEO of Siennax. ‘We believe that in the next three years the market for tech IPOs will be back, we will start preparing for it in order to be ready when the time is right.’
Further Information:
Siennax HQ
Stroombaan 6-8; 1181 VX Amstelveen; the Netherlands
Tel. +31(0)20 547 8000
ari.dijkshoorn@siennax.com