Netcompany Acquires SAP Partner Intracom Technologies
Netcompany Group is acquiring IT solutions provider and SAP partner Intracom Technologies for EUR 235 million (roughly US$271 million).Intracom’s EBITDA was EUR 18.0 million (roughly US$21 million) in 2020. The deal’s valuation therefore is roughly 13X annual EBITDA.
This is technology M&A deal number 635 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Netcompany Buys Intrasoft for European IT Consulting Expansion
Intrasoft, founded in 1996, is headquartered in Luxembourg. The company has roughly 2,800 employees in offices across 13 countries. The business serves roughly 500 organizations in such vertical markets as telcos, banking and finance, and energy & utilities.
Intrasoft’s key areas of technical expertise include blockchain, analytics, customer experience (CX), cybersecurity, cloudification, application integration, software development and SAP solutions.
Netcompany, founded in 2000, is headquartered in Denmark. The company has more than 3,200 employees across six countries. Netcompany’s focus is to “accelerates digital transformation in public and private enterprises in Denmark and Northern Europe,” the buyer said.
Netcompany has M&A and joint venture experience. Earlier moves included:
- October 2020: CPH and Netcompany formed a new company, Smarter Airports A/S, to develop a new digital platform for airports. Once the solution has been implemented at Copenhagen Airport, the plan is to sell the system to airports worldwide, the companies said
- May 2019: Acquired QDelft, a Dutch IT development and consultancy company with more than 100 employees.
Netcompany Acquires Intrasoft: Executive Perspectives
In a prepared statement about the Intrasoft deal, Netcompany CEO André Rogaczewski said:
“We are facing an unprecedented and exciting time in Europe where all societies are now accelerating and understanding the value of digitalisation. By digitising Europe responsibly, we fundamentally change societies, businesses, and the way we live our lives for the better. By acquiring Intrasoft, we become better positioned and strengthened to play a vital role in helping European governments, businesses, and institutions in their efforts to take the full advantage of digitalisation. Intrasoft now becoming a part of Netcompany means that we together have more innovative platforms, more competences, and a wider presence throughout Europe. I am confident that we will play a prominent role in creating and shaping the necessary digital transition that Europe will have to go through in the coming decade.”
Added Intrasoft CEO Alexandros Manos:
”Today marks an exciting new era for Intrasoft. We share Netcompany´s vision, values and focus on delivering digital transformation that creates strong, sustainable societies, successful companies, and improved quality of life for all. I am certain that together we will become a leading supplier of future-proof digital transformation to the European market. I am looking forward to bringing value to all of our current, joint and new customers.”
The deal is expected to close in Q4 of 2021.