Shared Services Connected Ltd to Become Wholly Owned by Sopra Steria
24 Oktober 2023 - 8:00AM
Business Wire
The shared services provider prepares to transition from joint
venture, following a successful 10 years delivering significant
savings for the taxpayer
Regulatory News:
Sopra Steria (Paris:SOP) announces it will fully acquire
Shared Services Connected Ltd (SSCL), a joint venture
founded by Sopra Steria and the Cabinet Office. As the joint
venture reaches its 10-year anniversary, the Cabinet Office has
agreed to sell its 25% stake to Sopra Steria, in line with the
original contract. SSCL will become a wholly owned subsidiary of
Sopra Steria.
Sopra Steria will purchase this 25% stake for an amount of
£82.3m in cash. This operation will be accretive to Sopra Steria’s
net result and EPS from day one.
The transition from joint venture to wholly owned subsidiary
will not affect the management, employees, clients, or services of
the business, which has delivered significant savings and value for
money for the taxpayer.
Since Sopra Steria founded the company with the Cabinet Office
in 2013, SSCL has become the largest provider of critical business
support services for the UK Government, Ministry of Defence,
Metropolitan Police Service, and the Construction Industry Training
Board (CITB), delivering shared services at scale.
SSCL provides core and specialist digital solutions for the
public sector, including pensions administration, HR and payroll,
finance and accounting, recruitment and resourcing services,
contact centre, data insight and procurement services. Through
these digital platforms SSCL has been able to deliver savings in
excess of £750 million back to the public sector, providing more
funds for frontline public services. Civil servants frequently
express positive sentiment about the services they receive from
SSCL and have been rewarding it with high customer satisfaction
scores in annual surveys. The most recent Net Promoter Score was +
60 (a score of + 50 or above is excellent).
Innovation has always been a key focal point. Over the years,
SSCL has expanded its range of services in response to civil
servant needs, driving innovation and digital solutions to
transform the way services are delivered in the public sector. In
2022, SSCL recruited around 55,000 people for the government. It
has provided significant added value in areas such as large-scale
national resourcing campaigns filling critical frontline roles
across the public sector, contact centre services and essential
support around the global Covid-19 pandemic. This included the
continuity of critical services and complex case management. So far
this year SSCL has recruited over 3,500 Prison Officers for the
Ministry of Justice, is supporting the Home Office to double the
number of Asylum Decision Makers and is reducing the time to hire
critical-fill Border Force roles.
John Neilson, CEO for Sopra Steria Ltd, said: “With the shared
service model now successfully embedded and proven, the Cabinet
Office can realise its plan to sell its stake in the joint venture,
making a significant contribution to the public purse and allowing
Sopra Steria to continue our investment in the SSCL business. This
is recognition of the success of Sopra Steria and SSCL, our people
and our plans to further enhance, innovate and grow our services on
behalf of civil service users.”
SSCL has trebled its revenues from 2014 to 2023. Over the 10
years, SSCL has developed its skilled workforce so that it can
adapt to client needs and deliver the services major Government
departments need from a trusted shared services partner. In 2023
SSCL was ranked in the Top 20 of UK’s Great Place to Work
Super-Large Organisations listing.
About Sopra Steria
Sopra Steria, a major tech player in Europe recognised for its
consulting, digital services and software development, helps its
clients drive their digital transformation and obtain tangible and
sustainable benefits. It provides end-to-end solutions to make
large companies and organisations more competitive by combining
in-depth knowledge of a wide range of business sectors and
innovative technologies with a fully collaborative approach. Sopra
Steria places people at the heart of everything it does and is
committed to putting digital to work for its clients in order to
build a positive future for all. With 55,000 employees in nearly 30
countries, the Group generated revenue of €5.1 billion in 2022.
The world is how we shape it. Sopra Steria Group (SOP) is
listed on Euronext Paris (Compartment A) - ISIN: FR0000050809 For
more information, visit us at www.soprasteria.com
Disclaimer
This document contains forward-looking information subject to
certain risks and uncertainties that may affect the Group’s future
growth and financial results. Readers are reminded that licence
agreements, which often represent investments for clients, are
signed in greater numbers in the second half of the year, with
varying impacts on end-of-year performance. Actual outcomes and
results may differ from those described in this document due to
operational risks and uncertainties. More detailed information on
the potential risks that may affect the Group’s financial results
can be found in the 2022 Universal Registration Document filed with
the Autorité des Marchés Financiers (AMF) on 17 March 2023 (see
pages 40 to 45 in particular). Sopra Steria does not undertake any
obligation to update the forward-looking information contained in
this document beyond what is required by current laws and
regulations. The distribution of this document in certain countries
may be subject to the laws and regulations in force. Persons
physically present in countries where this document is released,
published or distributed should enquire as to any applicable
restrictions and should comply with those restrictions.
About SSCL
Shared Services Connected Limited (SSCL) is a leader in critical
business support services for the largest Government departments
and agencies, the Ministry of Defence, Police and CITB across the
UK. It transforms services through digital solutions and
innovation, including end to end Finance and Accounting, HR and
Payroll, Procurement, Pensions Administration and Resourcing
Services - enhancing the customer experience, enabling smarter
public services.
SSCL employs around 3,000 people who, with their in-depth client
knowledge and collaborative approach, sit at the heart of our
business strategy. SSCL operates at size and scale across the UK
public sector and has already delivered savings of over £750
million - providing more funds for frontline public services.
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Investor Relations Olivier Psaume
olivier.psaume@soprasteria.com +33 (0)1 40 67 68 16
Press Relations Caroline Simon (Image 7)
caroline.simon@image7.fr +33 (0)1 53 70 74 65
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