
Navigator-backed IT Competence Group to merge with Audius
IT Competence Group (ITCG), a portfolio company of Netherlands-based investor Navigator Equity Solutions, has announced that it plans to merge with Germany-based market peer Audius.
The merger is likely to be approved in H2 2020 and may be conducted via a capital increase in kind to bring Audius's subsidiaries into ITCG, according to a statement, although other options are being considered in parallel.
The deal also includes the option for Audius to acquire a further 25% stake in ITCG in the next three years.
Navigator sold a 51% stake in ITCG to Germany-based market peer Audius in 2019.
Unquote sister publication Mergermarket reported in 2013 that Navigator owned a 75.7% stake in the company. The free float was 17% at the time and the remaining 7.3% was owned by the company's management. ITCG is listed on the Munich Stock Exchange's m:access.
Audius reports revenues of around €27m and has a headcount of 300. It provides software, security and audit consulting services. With the addition of ITCG, it will generate revenues of more than €50m and the combined businesses will employ 500 staff.
ITCG is an IT consulting and infrastructure company whose clients range from blue chip corporates to medium-sized businesses. Its infrastructure services include assisting with the development of 5G networks. The company is active in the DACH region and is based in Ludwigsburg.
In 2012, the company reported revenues of €16.7m and had 115 employees. It reported revenues of €25m in 2016, according to Navigator's website.
Navigator had not responded to a request for comment at the time of publication.
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater