Financial terms of the deal were not released, but as the Irish Times reports, “industry sources estimated it would add about €6 million to Version 1’s turnover.”
Version 1 has been expanding its ERP (enterprise resource planning) practice to which Cedar will bring its Oracle HCM solution expertise, including HCM Cloud, ERP Cloud, and PeopleSoft.
Version 1 CEO Tom O’Connor said the deal will bolster the company’s HR transformation expertise and extend its ERP practice. “Together we can provide excellent services and solutions across the full spectrum of Oracle ERP solutions with the added benefit of a Global Delivery Model,” he said. “Version 1 is leading the way in Oracle Cloud and we are excited about the opportunity to help customers modernize and deliver excellent employee experience through HCM solutions.”
Cedar Consulting opened its doors nearly 20 years ago and employs 80 people between its London headquarters and delivery center in Pune, India. The firm provides HR transformation services to customers in Financial Services, Legal Services, Professional Services, Life Sciences, Healthcare, and Retail sectors.
Version 1 began operations in 2013. This latest acquisition is the company’s sixth in the UK, the most recent of which was the purchase of JD Edwards specialist Beoley Mill Software. The firm now employs 1,100 people with 400 based in the UK. The company has been based in Dublin, Ireland since its inception, but will move to new London headquarters as part of the acquisition.
Cedar Consulting will continue operating under the same brand, while the company’s founders, Simon Wragg and Graham Varley, have joined the Version 1 management team. They will continue to manage customer relationships, business development, and service delivery excellence in addition to helping oversee the successful integration of the two companies, the firm said.
Despite potential Brexit-related setbacks, Version 1 has a number of UK acquisitions planned for this year and beyond, the Irish Times also reports.
Indeed, there seems to be a fair amount of confidence in the UK despite fears of Brexit fallout. Among the deals we've been tracking: PCM recently acquired Cisco, Avaya & Huawei partner Provista and Equinix bought IO UK’s data center operating business in February 2017.