The Bundesbank is undertaking a major overhaul of its IT infrastructure, replacing its core banking system-the system used to process payments-through “Project Arena.” This contract has been awarded to SAP Fioneer, a specialized spin-off of the major DAX group, according to a report by the Handelsblatt based on an announcement on the European Union’s tender portal.
SAP had separated its business focusing on software for banks and insurance companies in 2021. The Munich-based investor Dediq secured an investment exceeding 500 million euros and acquired 80 percent of the shares in the spin-off. Following this separation, the company faced considerable skepticism from many banks, which preferred continuing to collaborate with the well-known DAX conglomerate and feared that SAP Fioneer might be sold off.
In response to these industry concerns, Matthias Tomann, CEO of SAP Fioneer, is attempting to dispel such fears. Tomann told the Handelsblatt that the company operates with an “unlimited investment horizon,” adding, “We do not plan to sell the company-though I could imagine there being an initial public offering in a few years.” He also confirmed that the joint venture with SAP remains time-unrestricted.
