ALLGEIER HOLDING AG \/ Key word(s): Acquisition<\/p>\n
15.07.2011 \/ 00:18<\/p>\n
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Munich, 14 July 2011 – Allgeier Holding AG (WKN DE000508300), one of the
\nleading IT consultancy and service companies in German-speaking countries,
\ntoday signed a contract with the shareholders of IT solution provider and
\nsoftware developer Nagarro Inc. to acquire all shares in the company. The
\ntransfer of all the shares (closing) is dependent on compliance with the
\nusual contractual terms and is expected to be completed within the next few
\ndays. The company, which has its headquarters in the Silicon Valley, USA,
\nhas subsidiaries in Germany, Sweden, India and Mexico.<\/p>\n
High-end software service provider Nagarro, known for their advertising
\nclaim ‘the brightest minds’, develops tailored software solutions. Among
\nthe company’s key customers are major corporations in the USA and Europe
\nwhich bank on Nagarro’s expertise and reliability in providing and
\ndeveloping key internal applications. The company, which was established in
\n1996, achieved sales of approx. US$ 22 million in 2010 with a worldwide
\nstaff of 840. Nagarro has seen constant major growth in both sales and
\nprofits for many years now. For 2011, growth of 35 percent in sales up to
\napprox. US$ 30 million is anticipated.<\/p>\n
To Allgeier, the transaction is a logical strategic move at an
\ninternational level so as to conquer key markets, and represents a
\ncontinuation of their policy to buy shares in high-end, medium-sized
\ncompanies. Given the predicted shortfall in IT experts in German-speaking
\ncountries, the company will thus gain access to highly qualified IT staff
\nin global locations. Add these resources to the existing specialists in
\nAllgeier’s group of companies and customers will find that all of their
\nrequirements can be fully covered. Allgeier’s large, international
\ncustomers will benefit from the holistic performance in global projects.
\nAnother factor behind this transaction is to enhance the service portfolio
\nof the Allgeier Group in terms of both valuable knowledge of
\nstate-of-the-art technology as well as geographical reach.
\n\u2003
\nThe board of Allgeier Holding considers the acquisition of Nagarro Inc. to
\nprovide the basis for accepting further opportunities for international
\ngrowth and a response to the shortfall in experts. ‘We are positive that
\nNagarro is a suitable partner, and we are looking forward to our joint
\ndevelopment,’ says Carl Georg D\u00fcrschmidt, CEO of Allgeier Holding AG.
\n‘Nagarro is known for their efficient use of state-of-the-art IT as well as
\nhighly satisfied customers. With our support, Nagarro will be able to offer
\ntheir customers even more added value in future.’<\/p>\n
To Nagarro, the affiliation to Allgeier means better access to the
\nGerman-speaking and international IT markets by taking advantage of
\neconomies of scale and synergies. ‘This partnership with Allgeier Holding
\nopens the door to an exciting new set of opportunities for Nagarro,’ said
\nMr. Vikas Sehgal, CEO of Nagarro Inc. ‘Nagarro looks forward to offering
\nour Global 500 customers the flexibility, intelligence and intensity they
\nhave come to expect from us, combined with the reach and scale of a larger
\nglobal partner. By teaming up with Allgeier Holding, Nagarro can retain its
\nidentity and focus while delivering the advantages of a much bigger
\ncompany.’<\/p>\n
The initial purchase price is in the low 2-digit million euro range and may
\nwell rise within the coming three years to somewhere in the mid-2-digit
\nmillion euro price range when the company’s earn-out targets are fully
\nrealized. In the deal to sell their shares, Nagarro Inc.’s shareholders
\nacquired a block of shares in Allgeier Holding AG. They will continue to
\nhave operational responsibility and serve as managing directors.<\/p>\n
Short profile of Nagarro
\nNagarro builds complex, business-critical products and applications that
\nhelp companies meet their core business goals and gain competitive
\nadvantage. Nagarro’s complete commitment to the success of every project,
\nunmatched engineering skill and quality, and deep domain expertise in
\nnumerous industries build on a shared vision of success between Nagarro and
\neach of its customers. Founded in 1996, Nagarro has offices in the US,
\nMexico, Germany, Sweden and India. In 2010, Nagarro achieved sales of US$
\n22 million with a worldwide staff of 840.<\/p>\n
Press contact
\nAllgeier Holding AG
\nFlorian Kr\u00e4nzle
\nWehrlestra\u00dfe 12
\n81679 Munich, Germany
\nTelephone: +49 89 998421-0
\nFax: +49 89 998421-11
\nE-mail: fkraenzle@allgeier-holding.de <\/p>\n
Allgeier Holding AG, with its headquarters in Munich, is one of the leading
\nconsultancy and service companies in the German-speaking countries. With
\ntheir units IT Solutions, IT Services & Recruitment and Project Solutions,
\nAllgeier offers a comprehensive range of services from the initial concept
\nthrough implementation to the operation of IT landscapes. Allgeier Group
\nhas 16 operational subsidiaries with over 1,300 employees as well as more
\nthan 1,400 freelance experts serving some 3,000 customers in virtually
\nevery area of the economy. In Germany, the Group runs 52 subsidiaries as
\nwell as 18 offices in Belgium, France, the Netherlands, Austria, Romania,
\nthe Czech Republic, Switzerland and China. During the 2010 financial year,
\nAllgeier achieved sales of EUR 308.7 million. According to L\u00fcnendonk’s
\nmarket segment survey in 2010, Allgeier ranks no. 2 among the medium-sized
\nIT service companies and no. 2 among IT recruitment companies in Germany.
\nThe company is listed on the official market (General Standard) at the
\nFrankfurt Stock Exchange.<\/p>\n
End of Corporate News<\/p>\n
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15.07.2011 Dissemination of a Corporate News, transmitted by DGAP – a
\ncompany of EquityStory AG.
\nThe issuer is solely responsible for the content of this announcement.<\/p>\n
DGAP’s Distribution Services include Regulatory Announcements,
\nFinancial\/Corporate News and Press Releases.
\nMedia archive at www.dgap-medientreff.de and www.dgap.de<\/p>\n
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Language: English
\nCompany: ALLGEIER HOLDING AG
\n Wehrlestra\u00dfe 12
\n 81679 M\u00fcnchen
\n Germany
\nPhone: +49 (0) 89 – 99 84 21 0
\nFax: +49 (0) 89 – 99 84 21 11
\nE-mail: info@allgeier.com
\nInternet: http:\/\/www.allgeier.com
\nISIN: DE0005086300
\nWKN: 508630
\nListed: Regulierter Markt in Frankfurt (General Standard);
\n Freiverkehr in Berlin, D\u00fcsseldorf, Hamburg, Stuttgart <\/p>\n
End of News DGAP News-Service
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\n132134 15.07.2011 <\/p>\n","protected":false},"excerpt":{"rendered":"
Munich, 14 July 2011 – Allgeier Holding AG (WKN DE000508300), one of the leading IT consultancy and service companies in German-speaking countries, today signed a contract with the shareholders of IT solution provider and software developer Nagarro Inc. to acquire all shares in the company. The transfer<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":253,"menu_order":0,"comment_status":"close","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-11015","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n