Polaris to launch sale of ProData Consult in 2021 – Mergermarket

Eliza Punshi
15 January 2021

Tweet
Facebook
LinkedIn
Google plus
Send to

Private equity firm Polaris is working with Danske Bank to sell Danish IT consultancy ProData Consult, four sources familiar with the situation have told Mergermarket.

The asset is due to come to market in 2021, with the sale process most likely starting in H1, a source told the publication. According to two sources, the company will be marketed based on annual EBITDA of €20m.

According to its annual report, ProData generated revenues of DKK 1.02bn (€133m) in 2019, up from DKK 956.7m the year before, while EBITDA rose to DKK 80.1m (€10.7m) from DKK 64m (€8.6m).

Polaris acquired ProData in 2018, with local press at that time reporting the deal valued the company at around DKK 500-600m (€65-78m).

Both private equity and trade buyers have shown very high interest in the company, according to one source.

Founded in 2014 and based in Stockholm, ProData has operations in Denmark, Sweden, Norway, Poland, the Netherlands and Germany, according to its website. It matches high-end business and IT consultants with its customers' needs for specialised labour.

According to ProData, it has acquired over the past year a majority stake in Sweden-based Sourcing Network, which recorded 2019 revenues of SEK 300m (€29m); and fully acquired Norway-based Amesto Consulting, which recorded 2019 revenues of NOK 112m (€11m).