Press Release

April 17, 2018

Volkswagen Financial Services invest in software company

Digitalisation enables lean processes and reduces costs

"Accipiens" software covers entire spectrum of electronic contract processing

Independence of the company preserved

Braunschweig, 17 April 2018. Volkswagen Financial Services are continuing the systematic implementation of their digitalisation strategy and strengthening their IT competence through an indirect majority stake in the Portuguese software company VTXRM. With its "Accipiens" software, the company covers the entire spectrum of electronic contract processing for financial and leasing companies and is already used by Volkswagen Financial Services in numerous countries.

"Accipiens is one of our globally deployed contract management systems that helps us to standardise processes worldwide, increase productivity and thus reduce costs," says Dr. Mario Daberkow, Member of the Management Board of Volkswagen Financial Services AG with responsibility for Information Technology (IT) and Processes. He continues: "Securing long-term supply capability and the targeted further development of VTXRM in the Volkswagen Financial Services Group are additional objectives of the share purchase. We look forward to the future progress we will be making together with VTXRM."

"We intend to offer all essential financial services products online by the year 2020. Accipiens is an important tool for exploiting the advantages of digitalisation on the sales side as well, because it enables us to establish efficient and lean processes in contract management," says Dr. Christian Dahlheim, Member of the Management Board of Volkswagen Financial Services AG with responsibility for Sales and Marketing.

Volkswagen Financial Services AG has acquired a total of 90% of the shares in the Portuguese software company VTXRM Software Factory LDA via a majority stake in the management holding Softbridge - Projectos Tecnològicos S.A. The second shareholder and partner at Softbridge is the founder and CEO of VTXRM, Nuno Silva, who has built up the company and will continue to head it.

VTXRM has numerous customers worldwide for its Accipiens software and has been one of the key suppliers of Volkswagen Financial Services since 2014. The company will continue to serve its customers outside the Volkswagen Financial Services Group, will operate independently on the market and aims to further expand its business. VTXRM is headquartered in Lisbon, Portugal, where it employs around 100 people.

Information for editors:

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA, Canada, and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 15,770 employees worldwide – including 6,670 alone in Germany. Volkswagen Financial Services report total assets of around EUR 186.9 billion, an operating result of EUR 2.5 billion euros and a portfolio of around 19.7 million current contracts (as at: 31.12.2017).

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