We meet Johan Bierebeeck (second from right in the picture), Finance and Performance Director of Editus and also Manager of Solvalux, to talk about the activities of the company bought by Editus and its collaboration with IRIS in a context of growing digitisation.
Today, Solvalux is:
* A database of professionals that contains legal and financial information, including more than 9000 Luxembourg companies currently being monitored (compiling financial reports on behalf of our clients).
* A client portfolio
* A web application, www.solvalux.lu, available exclusively to our clients.
* A nine-strong team dedicated to the processing of company commercial, financial and legal data.
* Reports generally supplied the same day, with a maximum processing time of 72 hours.
* An operating tool that lets us generate business reports
In what context did Editus acquire Solvalux?
As an acknowledged leader in local research on the Luxembourg market and holder of the database of professionals in Luxembourg, Editus wanted to enrich its databases with the legal and financial data of Luxembourg companies.
Our ambition is to develop our Data Provider business and offer a total solutions service to all of our B2B clients. This is how we bolster our position as a leader in local research on the Luxembourg market, whilst continuing to enrich our database of professionals with legal and financial content.
This ambition became a reality on 11th July 2016 with the purchase of Solvalux, a Luxembourg service company, operating since 2008 in the provision of business information to its clients in the financial, banking, and insurance sectors.
This completes the range of services offered by Editus, whose offer now includes not only commercial and marketing data, but also legal and financial data.
In an era of digital transformation, your company turned to IRIS. Could you tell us a little about this collaboration?
In its logic of complete digitisation and with its approach to activating performance levers, Editus very quickly undertook to develop the monitoring tools needed for the day-to-day work of the Solvalux teams. So, after a meeting between Johan Bierebeeck, also Manager of Solvalux, and Mr Vandeveken, Delivery Manager at IRIS (on the left in the picture), the collaboration was born.
From a technical point of view, the IBM DATACAP solution proposed and set up by IRIS lets us harvest data from annual reports thanks to various schemas developed especially for Solvalux.
This allowed us to extract data from annual reports in order to compile business reports that we submit to our clients. After the daily and manual collection of the annual reports submitted to the Trade and Companies Register, we were able to work on all the accounts filed in 2016 and 2017.
Technically, DataCap lets us break down all the financial data from the annual reports and inject them into our operational database.
What services does this open up for Solvalux clients?
Via the website www.solvalux.lu, currently under development, Solvalux clients can gain access to two types of service. They can:
* Request the financial report of a Luxembourg organisation (one-off request)
* Monitor a company, i.e. regularly receive updates on the company for which they made this request.
We also produce financial reports containing company administrative data from their founding to the present day (company statutes, creation date, NACE code, capital, administrators, workforce, etc.).
How is the project going? What are the next steps for Solvalux?
Our aim is to complete the range of Editus services and respond to the market’s need for everything data-related, to give our clients all the tools they need to analyse their future clients and partners.
In the context of the global development of the Editus database, Solvalux’s first task is to enrich the financial and legal data of listed companies and, by the end of the year, to double the number of reports. IRIS will be the partner in the implementation of solutions to meet these challenges.
Solvalux also has the task of generating custom reports for clients according to their needs, in particular for their KYC/AML procedures, Anacredit, etc… We even go further, and in our B2B approach, we are taking position as the partner of the professionals of the Luxembourg market, and we are helping them with their “Know your partner” initiative.
This means that our clients will soon have access to customised business reports including:
* Liquidity, solvency and profitability ratios
* Added value calculations
* A new financial diagnosis model based on the analysis of corporate insolvency predictions, such as the Altman model and the Conan-Holder model.
We work in parallel on a project that will let us convert these numerical data into visual elements (graphs, statistics, curves, etc.).