Outbank successfully sold to ProSiebenSat.1′ subsidiary Verivox

Frankfurt, 15 November 2017. Attorney at law, Dr. Hubert Ampferl from Dr. Beck & Partner GbR closed the sale of Germany’s most well-known banking app in only four weeks.

Outbank – The intelligent online banking app for all banks, credit cards, and bonus programs GmbH (“Outbank”) is the pioneering Fintech startup headquartered in Dachau, Bavaria. The Outbank app allows intuitive and comprehensive mobile financial management, while upholding the highest standard of security. As Germany’s largest independent banking-app, Outbank offers access to more than 4,000 traditional banks, online banks, and bonus services.

Due to exhausted financial resources, Outbank had to file for insolvency on the 25th of September 2017. The local court Munich ordered attorney at law and financial recovery expert, Dr. Hubert Ampferl from Dr. Beck & Partner GbR, as the (preliminary) insolvency administrator. The insolvency administration was able to stabilize Outbank’s business operations, which allowed for this successful sale.

A broad, international search for investors was successfully concluded within only four weeks. “The high expertise of the Outbank team and its outstanding solidarity made an important contribution to preserving the company and quickly completing the sales process,” Dr. Ampferl says.

Out of the final round of bidding, Verivox, a ProSiebenSat.1 subsidiary, was able to make the most convincing offer and therefore was awarded the contract. Verivox is an independent online platform that offers price comparisons for contracts in the energy, telecommunications, financial, and insurance sectors. Since 2015, Verivox belongs to the digital arm of the media house ProSiebenSat. 1. With this takeover, Verivox rounded out their service spectrum to include the management of a variety of different contracts. The OutBank app will remain on the market with all team members retained.

ACXIT Recovery Management was exclusively mandated as the M&A consultant for Outbank and the insolvency administrator in this sales process.

ABOUT ATTORNEY AT LAW DR. HUBERT AMPFERL
Dr. Hubert Ampferl is partner of the law firm Dr. Beck & Partner GbR. With 170 employees, Dr. Beck & Partner is specializing on insolvency proceedings, in particular, on restructuring of companies in insolvency. Further information at: (www.ra-dr-beck.de).

Amongst others, Dr. Ampferl is the insolvency administrator of Müller-Brot GmbH, RENÉ LEZARD Mode GmbH and Nutzfahrzeuge Rohr GmbH.

ABOUT ACXIT
ACXIT Capital Partners is a leading international corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm we maintain offices in Frankfurt, Berlin, Munich, Leipzig, Zurich and Hong Kong as well as strong alliances in France, China, India and the USA.

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Christian Nicolas Bächstädt, Managing Partner