Press release from Aareal Bank AG: Sale of Aareon to TPG
Aareal Bank and Advent International to sell Aareon to TPG for approximately € 3.9 billion
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Imad Abdallah leaves Aareon
Mainz, 19 January 2023 ‒ Imad Abdallah, since 2019 a member of the management board as Chief Digital and Ventures Officer (CDVO) at Aareon, the leading technology company for the European property industry and its partners, will leave the company on 31 March 2023 at his own request. His position will not be replaced, and his previous departmental responsibilities will be integrated into other executive areas: The future-oriented development of technologies will be integrated into the management board department of Chief Technology Officer (CTO) André Rasquin. Product management and product strategy will be integrated into a single sales department under Chief Revenue Officer (CRO) Rumyana Trencheva.
Prior to the CDVO role, Imad Abdallah held various positions within Aareon including Chief Innovation and Technology Officer and Head of Group Strategy. He also successfully managed the Aareon subsidiary in France as CEO between 2009 and 2019.
Imad Abdallah said: “It has been twelve exciting years with Aareon, but I have decided to move on to take on new opportunities. I am proud of what we have achieved in terms of enabling our customers to digitize their business processes with cutting-edge technology. We also brought our collaboration with the start-up community to a new level, which was a great success. I wish the Aareon team every success on its further growth path!"
Harry Thomsen, CEO of Aareon AG said: "I would like to thank Imad for his great contribution to the digital ecosystem of Aareon Smart World and wish him all the best for his personal and professional future. I believe that with our integrated organisational structure, we are well positioned to speed up our innovation capabilities and respond to our customers' needs."
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Aareal Bank and Advent International to sell Aareon to TPG for approximately € 3.9 billion
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