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Munich and Frankfurt, Germany, December 16, 2020: Nagarro SE (ISIN DE000A3H2200, WKN A3H220), a global leader in digital engineering and technology solutions, today announced its debut as an independent, publicly traded company and the completion of its spin-off from Allgeier SE. The company’s common shares will begin trading today on the Frankfurt Stock Exchange (Prime Standard) under the symbol “NA9”. Under the terms of the spin-off, one (1) share of Nagarro SE for every one (1) share of Allgeier SE has been allotted to the Allgeier shareholders.

Nagarro is a global digital engineering company with over 8,400 employees in 25 countries across North America, Asia and Europe. The company offers a full-service portfolio of digital product engineering, digital commerce and customer experience, managed services, enterprise resource planning (“ERP”) consulting and other services. Nagarro has a diverse and loyal 750+ blue-chip customer base across all industries.

Manas Fuloria, Custodian of Entrepreneurship in the Organization (CEO) of Nagarro, said, “As an independent, public company, we can now capitalize on our own brand. We compete on the global stage and focus on growing our ability to deliver best-in-class digital services to more clients. We are addressing a large market that is growing double digits annually and is supported by structural tailwinds. We are confident that we can continue our profitable growth and deliver value for all stakeholders.”

Fuloria continued, “At Nagarro, we are building the company of tomorrow. Our differentiated organizational design and our unique culture promote entrepreneurship, agility and global collaboration, delivering great results to our clients. This modern culture, characterized by low hierarchy, high autonomy, excitement for technology, intercultural openness and pronounced social awareness, is the workplace of the future – we are convinced that this will enable us to achieve long-term success.”

Manas Fuloria_CEO at NagarroDr. Manas Fuloria, co-founder and Custodian of Entrepreneurship in the Organization
(CEO) of Nagarro SE

Nagarro reported revenues of €402M, an adjusted EBITDA of €58M and an adjusted EBITDA margin of 14% for full year 2019. In the first nine months of 2020, revenue reached €321M and adjusted EBITDA €58M, which equals an EBITDA margin of 18%. The company targets its organic revenue growth rate to be in the region of 15% in 2021 and aims to return to historical levels (2017-2019) in the medium term. Nagarro also targets an adjusted EBITDA margin of approximately 15%.

Nagarro’s listing agents are COMMERZBANK and Jefferies.

To celebrate the listing on the Frankfurt Stock Exchange, Nagarro will participate in a virtual listing ceremony beginning at 8:55 a.m. CET. The Frankfurt Stock Exchange will livestream the bell ringing on its website: A video of the livestream will be available afterwards on YouTube.


About Nagarro
Nagarro (FRA: NA9) is a global digital engineering company offering a full-service portfolio of digital product engineering, digital commerce and customer experience, managed services, ERP consulting and technology services. Customers choose Nagarro because of their differentiated combination of digital engineering power, entrepreneurial mindset, agile delivery capabilities, and global presence. Nagarro employs over 8,400 people in 25 countries. For more information, visit

ISIN DE000A3H2200, WKN A3H220


Media Relations:
Edelman for Nagarro
Alexander Schmidt

Investor Relations:
Dr. Christopher Grosse



This communication and the information contained therein are for information purposes only and do not constitute a prospectus or an offer to sell or a solicitation of an offer to buy or subscribe for any securities of Allgeier SE or Nagarro SE. This communication is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation of such jurisdiction or which would require any registration or licensing within such jurisdiction. Any failure to comply with these restrictions may constitute a violation of the laws of other jurisdictions. Any securities to be distributed in connection with this transaction have not been and will not be registered under the U.S. Securities Act of 1933 (as amended) or the laws of any state of the U.S. Neither Allgeier SE nor Nagarro SE intends to register any securities referred to herein in the U.S.

This communication is directed only at persons in the United Kingdom ("U.K.") in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply. This communication and the information contained therein does not constitute an offer document or an offer of securities to the public in the U.K. to which section 85 of the Financial Services and Markets Act 2000 of the U.K. applies and is not, and should not be considered as, a recommendation that any person should subscribe for or purchase any securities. This communication and the information contained therein is being communicated only to (i) persons who are outside the U.K.; (ii) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (iii) persons within the scope of article 43 of the Order or (iv) high net worth companies, unincorporated associations and other bodies who fall within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment or investment activity to which this communication and the information contained therein relates is available only to and will be engaged in only with Relevant Persons, and any person who is not a Relevant Person must not act or rely on this communication or any of its contents. This communication and the information contained therein should not be published, reproduced, distributed or otherwise made available, in whole or in part, to any other person without the prior consent of Allgeier SE or Nagarro SE.

This communication contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of Allgeier SE and Nagarro SE. Forward-looking statements involve known and unknown risks and uncertainties and, therefore, should not be construed as guarantees of future results, performance and events. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting Nagarro SE, and other factors. Allgeier SE or Nagarro SE do not undertake any obligation to update any forward-looking statements.


This communication is an advertisement for the purposes of the Prospectus Regulation EU 2017/1129 and underlying legislation. It is not a prospectus. The listing of the shares of Nagarro SE on the regulated market of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) will take place on the basis of an approved prospectus. The prospectus has been approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – "BaFin") in accordance with the Prospectus Regulation regime. However, the approval of the prospectus by BaFin should not be understood as an endorsement of the shares of Nagarro SE. Investors should purchase shares solely on the basis of the prospectus relating to the shares and should read the prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the shares. Copies of the prospectus are available free of charge on Nagarro SE’s website (