Siemens Business Services acquires Sinius

Siemens Business Services GmbH & Co. OHG (SBS) has acquired a majority stake in Sinius GmbH, the IT service subsidiary of Deutsche Bank AG.

SBS, which acquired 30 per cent of Sinius in 2001, has increased its stake to 80 per cent and thus gained management control of the IT unit, it said Wednesday in a statement.

SBS, of Munich, provided no financial details but said it intends to expand its IT service business for financial institutions.

Sinius, with around 1,250 employees and annual sales of around 180 million euros (CDN$295 million), specializes in providing outsourcing services to financial companies. The company, located in D