Nexway AG: Annual General Meeting sets the path for strategic refocus on educational marketsAugust 14, 2020
- Shareholders approve all agenda items with large majority
- Management Board lays out measures for strategic realignment and reorganization of the company
- Name change to asknet Solutions AG, a well-known brand in line with the new solution-oriented product and sales approach
August 14, 2020, Karlsruhe – Nexway AG (ISIN: DE000A2E3707), a leading software and services company with a dominant position in the German-speaking academic market, has set the path for the strategic refocus on educational markets at today’s Annual General Meeting.
In its presentation, the Management Board explained the proposed change of the company’s name to asknet Solutions AG as part of the strategic realignment. The Karlsruhe-based company is thus returning to its roots not only by changing its name: In the future, the company intends to focus especially on educational areas, expanding its activities by establishing a new product and sales approach towards “edtech-Solutions”. This term refers to technical solutions for complex challenges and innovations in the academic market.
Christian Herkel, a long-standing asknet executive and new CEO since June 2020: “In the first half of 2020, we were already able to initiate successful projects with well-known manufacturers, thus setting a positive sentiment for the future. We remain cautiously optimistic for fiscal 2020 but continue to expect a negative annual result due to the demerge and realignment of business. However, with a new senior management team in place, a focus on our core competencies in the academic market and increased activities in the area of business development, I am confident that the strategic realignment will give us the necessary tailwind to return to a profitable growth trajectory in the medium term.”
Due to the current restrictions imposed by the corona pandemic, the Annual General Meeting was held in virtual form for the first time. The participation was at 82.02% of the share capital. The shareholders of the company followed all proposals of the management with a large majority. This includes the renaming of the company to asknet Solutions AG.
Upon entry in the commercial register, the renaming will be implemented in the coming weeks, including the complete rebranding.
The final voting results will be available on the Nexway AG website at https://nexway-ag.com/annual-general-meeting/ (Documents available in German only).
ABOUT NEXWAY AG
Nexway AG is a leading specialist in the areas of procurement, e-commerce and payment transactions. The company offers services for the procurement and distribution of software for academic institutions, students and graduates. The procurement portals offered by Nexway are used by more than 80% of German colleges and universities. The headquarters of Nexway AG is in Karlsruhe. The company is listed on the Frankfurt Stock Exchange (NWAY, ISIN:DE000A2E3707).
Jan Schulmeister (CFO)