FinanceCom and Steria announce the creation of Steria MedShore, a new nearshore entity in Morocco
Steria MedShore's targets include the banking, insurance, telecommunications and government administration markets.

Steria MedShore is the result of a joint venture held equally by FinanceCom and Steria. Its mission is to provide booming European and Mediterranean markets with systems integration and application management services.

In addition, its goal will be to eventually propel itself to the number one spot among IT service providers in North Africa, through the complementary contributions of its reference shareholders.

The new entity will create jobs with a planned workforce of 500 people to be recruited by 2012.

Steria, the expertise of a European leader in IT services

After India and Poland, this partnership allows the Steria Group, one of Europe's leaders in IT services, to round out its global industrial production model through these Nearshore facilities, thus offering a broad and competitive range of services to its large corporate and government administration customers. Steria is expecting major productivity gains through these Nearshore services offered to all of its customers throughout Europe.

Steria MedShore will fully benefit from the Steria Group's expertise in business and industrial processes and technologies. Within this industrial structure, Steria Medshore will focus on third-party application maintenance activities, systems integration and integration of the Oracle application suite.

According to François Enaud, Steria's Chief Executive Officer, "Morocco appears as an alternative to India, the Group's main offshore region since the Xansa acquisition. Indeed, its geographic location can be an asset for certain customers. Moreover, Morocco itself is a potential market for some of Steria's offerings."

FinanceCom, the versatility of one of Morocco's top private Groups

FinanceCom, one of Morocco's top private Groups, is a multibusiness Group with leading positions in many key sectors of the economy: banking, insurance, telecoms and transportation, as well as tourism, retail and industry.

In 2006, FinanceCom set up Magshore to promote Offshoring, an industry seen as a new driving force behind economic growth in Morocco. This initiative is part of the national "Emergence" plan, aimed at strengthening the country's competitiveness in this sector and enhancing its reputation as a leading destination on an international scale.

FinanceCom will provide Steria Medshore with the full power of its network and knowledge of regional markets currently being modernised and computerised.