KKCG has reached an agreement to acquire software engineering and consulting services provider Avenga for an undisclosed sum.
The European investment company will acquire a 100% stake in Avenga from funds managed by Oaktree Capital Management and Cornerstone Investment Management.
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Headquartered in Germany, the company specialises in digital transformation and custom software development.
With a team of 3,800 people, the technology vendor has offices in 31 locations.
KKCG said the deal will help it bolster its position in key North American and European markets, particularly in the healthcare and pharmaceutical industries.
Avenga will also add to the custom software development capabilities of Qinshift for the banking and financial services, automotive, and telecommunications sectors, it added.
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By GlobalDataQinshift is a portfolio company of KKCG.
KKCG aims to create Europe’s leading digital transformation provider by combining Qinshift and Avenga’s resources.
The combined entity will have a team of 7,000 professionals.
According to KKCG, together, Qinshift and Avenga will offer wider variety of products and a more comprehensive services package, each designed to meet individual requirements across different markets.
KKCG investment director Michal Tománek said: “Today marks a significant stride in our journey to grow KKCG’s IT pillar into a global tech and consultancy platform.
“The acquisition of Avenga as a highly complementary asset to our existing Qinshift portfolio company will enable us to effectively double our presence in the custom software development space, while tapping into deep pools of IT talent in Poland, Ukraine, and Argentina.”
Avenga CEO Yuriy Adamchuk said: “This strategic acquisition not only validates our strong track record but also opens exciting opportunities for collaboration, allowing us to further innovate and expand our next-gen technology solutions in key sectors.”
Qinshift CEO and head of KKCG’s software engineering activities Ludovic Gaudé said: “This investment gives us at KKCG the opportunity to extend Qinshift’s service offerings, and devote more resources in the development of new technologies.”
Gaudé will lead the process of Avenga and Qinshift’s integration.
