CGI Bids to Acquire Swedish IT Consulting Firm Acando
CGI has offered $459 million for the business. Acando’s board of directors has unanimously recommended that shareholders accept the offer. The deal now acquires regulatory approach.
Acando’s employees are spread across five countries, including large footprints in in Stockholm, Sweden; Oslo, Norway; and Hamburg, Germany. All of those employees will join CGI, according to the buyer.
Explaining the proposed deal, George D. Schindler, CGI president and CEO, said:
“CGI’s offer to merge with Acando is aligned to the metro-market based element of our acquisition strategy. Our continued investment in CGI’s proximity model is more relevant than ever as clients continue consolidating their partners to a fewer number of trusted ones who have the capabilities, scale, and quality delivery necessary to help drive growth and achieve efficiencies. In fact, client demand for end-to-end services, from consulting and intellectual property-based solutions to outsourcing, continues to accelerate as technology becomes core to our clients’ operations.”
Acando CEO, Carl-Magnus Månsson added:
“Acando has developed an innovative culture built on technical excellence and insights on human behavior. Combining Acando’s talents with CGI’s will positively impact our clients while offering our employees significant growth opportunities.”
CGI’s Acquisition Experience
CGI has made a number of acquisitions in recent years, including four strategic acquisitions in 2017.
The company has been active in the Nordic region as well. In 2017, the company acquired Affect Plc, a provider of business intelligence and enterprise information management solutions and services.
The Canadian-founded CGI employs approximately 74,000 professionals across all of its operations in Canada, the United States, and Europe.