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Dortmund, 04.11.2020

adesso supports international growth track in the Netherlands by acquisition of three Dutch software development companies

04.11.2020 / 08:32
The issuer is solely responsible for the content of this announcement.

adesso has acquired majority interests in three Dutch software development companies to support further growth in the Netherlands and to provide a sufficient size for adesso-typical IT projects. The companies Blue4IT, Codesquad and Bluefront, which were part of Blue Group IT, focus on the development of front-end and back-end software applications for parties such as banks, various multinationals, government institutions and therefore make a perfect match for adesso's strategy and market access. The transaction increases adesso's number of employees working in the Netherlands by 43. Transaction price is a middle single-digit million Euros. The managing directors of Blue4IT, Codesquad and Bluefront will remain involved as well operative as with a minority interest of together under 6 %. All three companies have been profitable and will contribute revenues of about EUR 4 million. The companies are expected to be consolidated from November 2020.

Part of adesso's growth strategy is internationalisation with a local footprint. Based on this strategy, adesso Netherlands B.V. was founded in July 2019 with managing director Jan Heuker at the helm. With the acquisition of Blue4IT, Codesquad and Bluefront, adesso aims to further increase its footprint in the Dutch IT market. The three companies fully specialise in front-end, back-end and architecture with Java. The joining of forces between adesso and Blue Group IT results in an excellent symbiosis in which both parties can benefit from each other's knowledge and expertise.

The cooperation between adesso, Blue4IT, Codesquad and Bluefront is promising, mainly because of its future development opportunities within the adesso Group. The collaboration on a high level of knowledge and experience instantly brings adesso Netherlands in the situation to tender for challenging projects with attractive clients to support further growth.


adesso Group

With more than 4,200 employees and annual sales of EUR 449.7 million in 2019, adesso Group is one of the largest German IT service providers with outstanding growth opportunities. At its own locations in Germany, other locations in Europe, Turkey and the USA as well as at numerous local customers adesso offers consulting and software development services for optimising core business processes. adesso also offers ready-to-use software products for standard applications. The development of an own, industry-specific product portfolio opens up additional growth and earnings opportunities and is another key element of the adesso strategy. In 2020, adesso was awarded the title of the best employer of its size in Germany across all industries. After having already achieved first place among IT employers in 2016 and 2018, adesso was ranked first again in 2020.

Martin Möllmann
Manager Investor Relations
Tel.: +49 231 7000-7000

04.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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