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PARIS – Franco-American information technology company Axway announced Monday that it will acquire the majority of the banking software activities of Sopra Steria Group in a deal valued at €330 million ($358 million).

Axway Software SA stated that its board backed the deal after French financial advisory Finexsi provided a valuation of the activities. The exact stake that Axway is acquiring was not disclosed. The banking software platform, which operates in 80 countries, offers a cloud platform for financial services businesses to digitize their operations, including banking, lending, compliance, and payments.

The acquisition will be funded through loans from Groupe Crédit Agricole and Société Générale. Additionally, Axway plans to raise €130 million by selling new shares under preferential subscription rights, allowing existing investors to maintain their current shareholding.

Sopra Steria, which holds a 32% stake in Axway, will not participate in the new share sale. Instead, it will sell its subscription rights to Sopra GMT, a holding company with investments in both businesses, to help give Axway independence from Sopra Steria. Sopra GMT, supported by private equity firm One Equity Partners, will acquire 3.6 million shares in Axway for €95.9 million as part of the subscription.

Axway anticipates completing all transactions by September, subject to regulatory approvals, including from the French stock market policing agency, Autorité des Marchés Financiers.

Shares in Axway, listed on Euronext Paris, were trading at €24.50 on Monday, unchanged from Friday's close. Shares in Sopra Steria, also listed in Paris, were trading at €218.40, up 0.5% from €217.40 at Friday's close.