With the acquisition of 100% of the shares in MADSENSE S.L., based in Valencia, we are expanding our commitment in Spain. At the same time, the company is renamed SECANDA. The Spanish market will now be developed from our new location in Valencia.
The team in Valencia with today 6 software developers supplemented by a new sales representative already stands for SECANDA Spain for a long time. It has contributed significantly to the design and development of our new system of identification as well as payment for years.
With SECANDA, we have further developed our smart card and payment system into an innovative identification system. Following the change of name from InterCard AG Informationssysteme to SECANDA AG, all new international locations as well as our subsidiary InterCard GmbH Kartensysteme will also be given the name SECANDA and thus the name of the new system in further steps.
InterCard SECANDA is already the clear market leader for identification and payment systems at universities in Germany and Switzerland. With its own team in Valencia, SECANDA now has the technical and sales expertise to build on this success in the Spanish market. In addition to open up new markets abroad, the sales team in Germany is concentrating on expanding new sales markets, especially with solutions for the new CORPORATE, CARE and PUBLIC sectors.
MADSENSE Valencia has already worked almost exclusively for our Group in the past and is largely breaking even. In this respect we do not expect any significant effects on our Group figures in the current fiscal year.
With order backlogs remaining high, the Group is experiencing isolated delivery problems for parts and thus selective project postponements. However, we still expect to make up for the delays in the course of the year and thus achieve the annual targets we have set ourselves.