’s-Hertogenbosch (The Netherlands), 30 December 2020 – Business & Cloud Integrator Ctac N.V. (Euronext Amsterdam: CTAC) announces to cease its activities in France.
As communicated earlier, Ctac carried out a strategic review of its product and market combinations in Q4 2020. This review led to the decision to discontinue Ctac’s operations in France. The contracts of the employees concerned will be terminated. Simultaneously, Ctac succeeded in ending the lengthy legal dispute with a client without any further adverse effects on the financial result. The costs related to the discontinuation of the activities in France will be recognized in the Q4 2020 results.
Henny Hilgerdenaar, CEO of Ctac: “We took this decision after careful consideration. Despite all efforts, the operation in France, has not been able to generate shareholder value on a sustainable basis. Given its minimal size and the market conditions in France, a change in the results is not obvious either. The cessation also leads to more focus on our activities in the Netherlands and Belgium.”
“The employees concerned have recently been informed about the discontinuation of the activities, as a result of which the related redundancy costs will be charged to the Q4 2020 results. The settlement of the legal dispute was also reached in the last weeks of December 2020. The French business is expected to be liquidated in the course of spring 2021. As from Q1 2021, a positive effect on Ctac’s EBIT is expected as a result of the elimination of the negative result,” says Pieter-Paul Saasen, CFO of Ctac.
Ctac’s strategy is focused on building leading positions in the domains: IT modernisation, Connected Intelligence, Transformation & Change management, Security & Trust and Business Transformation.
