MANAGEMENT REPORT
CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL STATEMENTS OF SIMCORP A/S
SIMCORP ANNUAL REPORT 2020
|
BUSINESS UNIT REVIEW
5
BUSINESS UNIT REVIEW
EMEA
NORTH AMERICA
APAC
SIMCORP SOFIA
The merged business unit EMEA comprises
sale of SimCorp Dimension, SimCorp Coric,
and SimCorp Gain across Europe, Middle East,
and Africa, where SimCorp entered South Af-
rica in 2020. Despite the impact of COVID-19,
the business unit performed satisfactorily
with total revenue increasing by 2% compared
with 2019. The growth was primarily driven
by strong additional license sales, including
a new business partnership with State Street
Bank International GmbH providing a fully
integrated, front-to-back investment out-
sourcing solution for insurance firms in EMEA.
Four new SimCorp Dimension clients were
signed in 2020, while one client canceled its
contract, bringing the total number of clients
up to 150. The new client wins and the order
intake from additional licenses increased the
value of the total installed SimCorp Dimension
license base by EUR 15m, reaching EUR 674m.
In the North American business unit, which
now also includes the region’s sales of
SimCorp Coric and SimCorp Gain, total rev-
enue increased by 10% compared with 2019.
The revenue was primarily driven by new license
sales, professional services sales, and hosting
revenue. Four new SimCorp Dimension clients
were signed, while two SimCorp Dimension
clients canceled their contracts, bringing the
total number of clients up to 37, equaling
an estimated market share of 7% in North
America. Three out of the four new license
deals signed in 2020 are based on SimCorp’s
as a service (hosted) offering. In addition,
five new standalone SimCorp Coric clients,
and one together with SimCorp Dimension,
were signed in 2020. Total installed SimCorp
Dimension license base was EUR 136m at the
end of 2020.
In APAC, the business unit, which now also
includes the sales of SimCorp Coric and
SimCorp Gain in the region, total revenue decli-
ned by 31% compared with 2019. The decline
was mainly driven by exceptionally high sales
in 2019, which included a large deal in South
Korea and the revenue recognition of a large
deal signed in 2018. Four new SimCorp
Dimension clients were signed in 2020, of
which two are based on SimCorp’s as a service
(hosted) offering, while two clients canceled
their contracts. With the two net new SimCorp
Dimension clients added in 2020, SimCorp
serves 19 SimCorp Dimension clients in the
APAC region, corresponding to an estimated
market share of 11%. The total value of the
installed SimCorp Dimension license base was
EUR 66m at the end of 2020. SimCorp serves
two standalone SimCorp Coric clients and two
standalone SimCorp Gain clients in APAC.
SimCorp Sofia, continuing as a separate busi-
ness unit, has developed above expectations
in 2020. SimCorp Sofia delivered total revenue
growth of 3%, driven by a continued strong
performance of additional license sales to
existing clients. One new SimCorp Sofia client
was signed in 2020, while two clients canceled
their contracts, bringing the total number of
SimCorp Sofia clients to 42.
EURm
2020
2019
Change
EURm
2020
2019
Change
EURm
2020
2019
Change
EURm
2020
2019
Change
Revenue
323.8 316.6
2%
Revenue
106.5
37
96.5
35
21
7
10%
Revenue
37.9
19
2
54.6
17
2
-31%
Revenue
Clients
20.8
20-2
43
3%
Dimension clients
Coric clients
Gain clients
150
42
147
43
Dimension clients
Coric clients
Gain clients
Dimension clients
Coric clients
Gain clients
42
26
41
47
6
2
2
