In a significant business development, KKCG, a highly regarded investment and innovation group based in Europe, has recently finalized an agreement to acquire Avenga, a leading software engineering and consulting platform. This acquisition, which involves the purchase of Avenga from Oaktree Capital Management, L.P. and Cornerstone Investment Management, L.P., reaffirms KKCG’s dedication to strategic expansion in the technology sector.
Operating in 31 locations with its headquarters in Germany, Avenga is committed to delivering state-of-the-art technology solutions that facilitate digital transformation and bespoke software development for its clientele. With a workforce of over 3,800 professionals, Avenga has established a strong standing in the industry. This acquisition signifies a noteworthy milestone for KKCG and its plans for growth.
This strategic move enables KKCG to enhance its presence in key markets across Europe and North America, particularly in the healthcare & pharma sector. Moreover, this acquisition complements the strengths of KKCG’s portfolio company, Qinshift, which specializes in custom software development for telecommunications, banking, financial services, and the automotive industry. Both entities share a common ethos of fostering growth, integration, and pursuing further acquisitions.
Michal Tománek, Investment Director at KKCG, articulated that the acquisition of Avenga is a vital step in the group’s strategy to establish a global tech and consultancy platform. The deal will effectively double KKCG’s footprint in the custom software development domain, tapping into talent pools in Poland, Ukraine, and Argentina. This move also enhances the group’s expertise in critical sectors like healthcare & pharma, enabling them to cater to a larger international client base.
Ludovic Gaudé, Head of KKCG’s software engineering activities and CEO of Qinshift, emphasized the potential of this acquisition in expanding Qinshift’s service offerings and investing in new technologies. Gaudé also acknowledged the shared entrepreneurial culture of both companies, setting the stage for an engaging future.
The purchase entails a 100% stake in Avenga, subject to customary closing conditions. Moving forward, Ludovic Gaudé will oversee the process of integrating Avenga into KKCG’s operations. CEO of Avenga, Yuriy Adamchuk, expressed excitement about the partnership with KKCG, citing the innovative opportunities it presents for the company to further expand its technological solutions across various sectors.
Karim Khairallah, Managing Director and Co-Portfolio Manager of the European Principal Group at Oaktree, remarked that the partnership with Avenga had been instrumental in establishing the company as a robust global competitor. Przemysław Krych, the Founder of Cornerstone, reaffirmed the dedication to embracing technological advancements in the IT sector, emphasizing the potential for Avenga under the new ownership to pave a future filled with innovation and technological advancements.
The corporate advisory team at Citigroup Global Markets Europe AG served as the exclusive financial adviser for Oaktree and Cornerstone in this acquisition deal.
KKCG, boasting a diverse portfolio spanning lotteries and gaming, energy, technology, and real estate, holds a significant presence in various sectors. The group employs over 10,000 individuals in 36 countries and manages assets worth more than €8 billion. Avenga, on the other hand, is a global engineering and consulting platform with a strong foothold in pharma, insurance, finance, and advanced manufacturing, catering to esteemed clients such as ABB, Allianz, GSK, Santander, and Volvo.
Both Oaktree and Cornerstone expressed confidence in the potential of this acquisition deal, highlighting Avenga’s strong track record and the growth trajectory it has achieved through innovation and client-centric focus. The collaborative efforts of the parties involved have laid the groundwork for a dynamic future in the global tech and consultancy landscape.
For media inquiries and further information, please contact the respective entities using the following details:
– KKCG: Jonathan Hoffmann, Group Corporate Communications Director, [email protected], +420 602 633 105
– Oaktree: [email protected]
– Cornerstone: [email protected]
This acquisition signifies a major turning point in the IT and consultancy sectors, showcasing the potential for growth and innovation in the European and global markets.
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