Munich, Germany, November 05, 2019: Allgeier SE announced in its ad-hoc release dated September 12, 2019, that the Management Board with approval by the Supervisory Board of Allgeier SE was reviewing the forming of an independent technology and software development business unit.
In resolutions made today, the Management Board has decided with approval by the Supervisory Board of Allgeier SE on the strategic realignment of the Allgeier group. Specifically, it is planned to spin-off a newly formed business unit from Allgeier SE into a separate listed company, which will be positioned as an innovative, full-service, global leader in software engineering and technology solutions. This new business unit shall be developed on Nagarro’s entrepreneurial organizational model, through which Nagarro has integrated six acquisitions in six countries.
In addition to Nagarro as its core, the business unit shall consist of the following Allgeier businesses which are driven by the global, sector-agnostic trend of digitalization: iQuest, operating in Romania, Switzerland, Germany and Poland; Objectiva, operating in the USA and China; and the SAP business of Allgeier Enterprise Services, operating in Germany, France and Denmark. In the scope of these businesses, more than 7,000 employees are currently working on projects for customers in 25 countries.
Based on current guidance and pro forma figures, the spin-off unit would in the current financial business year account for approximately 50% of Allgeier group’s revenues and would have an EBITDA margin of 11 to 12%.
The aim is to submit a corresponding resolution proposal for the spin-off of the business unit to Allgeier’s shareholders in 2020, targeting an independent listing in the second half of 2020.
Allgeier SE will continue to further develop the remaining business units.
The news has been originally published here.
Allgeier SE is one of the leading IT companies for digital transformation. With a growth strategy geared to innovation and future trends, as well as an integrative entrepreneurial model, Allgeier seizes the opportunities of digitization.
Nagarro drives technology-led business breakthroughs for industry leaders and challengers. When our clients want to move fast and make things, they turn to us. Today, we are more than 6,000 experts across 21 countries. Together, we form Nagarro, the global services division of Munich-based Allgeier SE.