ICT Group N.V. (ICT) announces that today it has acquired full ownership of Additude AB (Additude). Additude, located in Malmö, Sweden, is one of southern Sweden’s leading IT consulting firms. The company offers market-leading services within industrial innovation processes, project engagements and consultancy. Their customers include many of Sweden’s largest and technology-intensive companies. This acquisition perfectly fits ICT’s international expansion strategy, in which the Northern European countries are defined as important spearhead.
With over 160 professionals Additude realizes an annual turnover of around € 16 million. The company provides software and engineering consultancy services supporting customers in their innovation processes, product development and growth strategy. Additude’s total range of services is primarily aimed at the IT and engineering markets. They have been appointed the prestigious “Gasell” award by Dagens Industry (The Swedish Financial Magazine) during 2016, 2017 and 2018. This distinction is awarded annually to the fastest growing companies in Sweden.
With the addition of Additude to the group, ICT will benefit company-wide from a unique mix of competences and skills. The acquisition also opens up the opportunity to offer ICT’s proprietary OrangeNXT proposition to Additude’s existing and new clients in Sweden.
Jos Blejie, CEO ICT:” In line with our strategic direction to expand our business into new geographies, we foresee Additude to become the platform within ICT for the Northern European market offering high-profile industrial technology consulting services. We are impressed by the track record of Additude, including the realized profitable revenue growth over the last few years. From a cultural point of view, we see a good fit, which we believe is essential to collaborate and we are looking forward to welcoming Additude to the ICT family.”
Sam Aston, CEO Additude: “We are excited to become part of ICT Group and plan to leverage specific industry knowledge and operational expertise to grow our business with large industrial organizations and development-oriented customers in Sweden and other countries in the future. We see ample cross selling opportunities in the areas of innovations, growth and product development and we can benefit from ICT’s nearshoring capabilities in Bulgaria to support and develop projects performed in Sweden.”
Additude AB will be consolidated as from February. Financial details will not be disclosed.
Oaklins acted as the exclusive financial advisor to ICT.
190123 ICT Group press release - INTERNATIONAL EXPANSION WITH ACQUISITION IN SWEDEN.pdf
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