adesso AG assumes majority share in SAP-specialist evu.it GmbH

Dortmund, 20 April 2010 – adesso AG is entering the industry-specific SAP consulting business with its initial acquisition of a 60 % share in evu.it GmbH. evu.it has many years of experience in providing SAP solutions for energy and water utilities and currently employs 85 members of staff. The company generated over € 8 million in sales revenues. By this acquisition, adesso expands it’s portfolio with industry-specific solutions for the energy and water utilities segment and opens up to a new and very promising market. Moreover, the sound SAP-know-how of evu.it opens new prospects for existing segments and business relationships.

“evu.it’s favourable position with energy providers such as RWE, E.ON, EnBW as well as various major public utilities and water management companies is of interest to adesso“, explains Dr. Rüdiger Striemer, member of the adesso Executive Board. “The utility industry is very promising for specialised IT service providers as the market is subject to regulatory provisions and thus requires constantly adjusted IT systems. At the same time, profound knowledge of these systems is a very scarce commodity and presents a major hurdle to competitors looking to enter the market.“ Particularly, the legally prescribed separation of network operation and distribution and the introduction of intelligent consumption meters (so-called smart metering) as well as load and time dependent cost structures require professional support by IT.

The expansion of adesso’s portfolio with SAP technologies also opens new prospects for the adesso core industries and for established customers. A high percentage of adesso’s customers use SAP solutions that communicate with the customer-specific software systems developed by adesso through various interfaces. The expertise regarding these interfaces is being increased thanks to this acquisition – further enhancing adesso’s competitive position in the process.

adesso acquires those shares in evu.it which were divested by rku.it GmbH, an IT service provider owned by local authorities who has to dissociate from evu.it due to legal specifications. The transaction entails an incremental acquisition by adesso that will initially total 60 % and increase to 80 % after three years. A symbolic purchase price of € 3 was agreed for the initial 60 %. Credit lines and a loan amounting to a total of € 1.7 million are also being assumed by adesso. The longstanding CEO of evu.it, Dr. Michael Berger, will purchase the remaining 20 % share. adesso’s Supervisory Board approved the transaction on 20 April 2010. Signing the purchase agreement and notary certification are yet to be completed.