Reply SpA

Report on operations
Events subsequent to December 31, 2010
On February 4, 2011 Reply S.p.A. has finalized the acquisition of 51% of the shares and 90% of the voting rights
of avantage, an English company specialized in risk, treasury and capital management, and, financial performance
management.
avantage, with offices in London, Amsterdam, Edinburgh, and Luxembourg, counts among its clients some of the
world’s most significant financial groups and It closed the last financial year (figures as of September 30th, 2010)
with a turnover of £10.7 million and an EBT of £2.4 million.
On acquisition the company has no financial debt. The total value of the purchase price for 51% of the shares represents
a Reply investment of £6.9 million, which is broken down into two tranches with an initial payment of £4.8
million paid in cash on signing the Sale & Purchase Agreement and a further £2.1 million paid in three years’ time.
Reply also has the option to exercise a right to purchase the remaining 49% of the capital at the end of 2013.
avantage adds to Reply’s product and service offering in the risk management and regulatory compliance segment;
areas in which, thanks to synergies with other Group companies, Reply now boasts one of the leading practices specializing
in risk, treasury and capital management, and, financial performance management in Europe.
Outlook on operations
In 2010 Reply has conquered new areas and has laid solid basis for the Group’s future: a unique and innovative
Network, well known and considered in Europe.
In Germany, with the acquisition of Riverland, Reply has begun to expand its distinctive offer on Oracle in the German
market.
In England the acquisition of avantage confirms Reply’s interest in developing its European footprint, including
further expansion in the UK market where it has been operating since 2008 with Glue Reply and, where, throughout
the last year, it has launched a number of start-ups specializing in Telecommunications, Financial Services, Digital
Communication, and Supply Chain Execution.
Having closed 2010 with good results and having started 2011 with a positive trend, allows the Group to look ahead
into the future with optimism and serenity. In the next months, team spirit, which has always characterized Reply,
will be fundamental.
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