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Nagarro to Become Part of Allgeier IT Group
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San Jose, Calif. — July 16, 2011
Nagarro, Inc. (www.nagarro.com), a high-end software development firm specializing in complex projects, today announced a strategic relationship with Munich-based Allgeier Holding AG (Frankfurt Stock Exchange: AEI), one of the leading IT consultancy and service companies in German-speaking countries. Through a contract signed this week, Allgeier has agreed to acquire all outstanding shares in Nagarro and in turn, major Nagarro shareholders have acquired a stake in Allgeier. This strategic relationship will enable customers worldwide to benefit from the two companies’ combined scale, technical capabilities and global service footprint. This will be accomplished through joint service offerings and delivery models, as well as through coordinated marketing and sales activities.
“This partnership with Allgeier Holding opens the door to an exciting new set of opportunities for Nagarro,” said Vikas Sehgal, CEO of Nagarro Inc. “Nagarro looks forward to offering our Global 500 customers the flexibility, intelligence and intensity they have come to expect from us, combined with the reach and scale of a larger global partner. By teaming up with Allgeier Holding, Nagarro can retain its identity and focus while delivering the advantages of a much bigger company.”
“We are very happy to align ourselves with a high-end IT services company like Nagarro,” said Carl Georg Dürschmidt, CEO of Allgeier Holding AG. “Nagarro has built a strong reputation for solid technical quality and customer responsiveness. Allgeier has full confidence in the Nagarro management team to continue to drive further growth and deliver even more value to its customers in North America and Europe in the coming years.”
With this relationship, Allgeier will get access to Nagarro’s global talent pool, and get introduced to the American, Mexican and Scandinavian markets, where it does not currently have a presence. Nagarro Inc. will gain access to advanced capabilities in domains such as banking, financial services and insurance and in certain specialized technologies and solutions, in addition to strengthening its presence in the German market.
About Nagarro, Inc.
Nagarro builds complex, business-critical products and applications that help companies meet their core business goals and gain competitive advantage. Nagarro’s complete commitment to the success of every project, unmatched engineering skill and quality, and deep domain expertise in numerous industries build on a shared vision of success between Nagarro and each of its customers. Founded in 1996, Nagarro has offices in the US, Mexico, Germany, Sweden and India. For more information, please visit www.nagarro.com or call 408-436-6170.
About Allgeier Holding AG
Allgeier Holding AG, with its headquarters in Munich, is one of the leading consultancy and service companies in the German-speaking countries. With their units IT Solutions, IT Services and Recruitment, Allgeier offers a comprehensive range of services from the initial concept through implementation to the operation of IT landscapes. Allgeier Group has 16 operational subsidiaries with over 1,300 employees as well as more than 1,400 freelance experts serving some 3,000 customers in virtually every area of the economy. In Germany, the Group runs 52 subsidiaries as well as 18 offices in Belgium, France, the Netherlands, Austria, Romania, the Czech Republic, Switzerland and China. During the 2010 financial year, Allgeier achieved sales of EUR 308.7 million. According to Lünendonk's market segment survey in 2010, Allgeier ranks no. 2 among the medium-sized IT service companies and no. 2 among IT recruitment companies in Germany. The company is listed on the official market (General Standard) at the Frankfurt Stock Exchange.
Contact:
Nagarro, Inc.
Nina R. Minney
415-990-2450
nina.minney@nagarro.com
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