Deltek makes $73M offer for Danish IT provider
Company will pay approximately $3.39 in cash for 21.4 million Maconomy shares
- By David Hubler
- Jun 03, 2010
Deltek Inc. has made a tender offer to buy Maconomy A/S, an international provider of enterprise applications software and solutions based in Copenhagen, Denmark.
Deltek will pay approximately $3.39 in cash for some 21.4 million Maconomy shares and other considerations, which would put the sale price at about $73 million.
Maconomy, which provides IT solutions to the professional services market, has more than 600 customers in approximately 60 countries. The company also has a significant presence among top advertising, public relations, accounting and consulting companies, according to a Deltek announcement today.
In 2009, Maconomy had revenues of approximately $41 million. In the first quarter of 2010 revenues were approximately $10.5 million.
The company has 240 employees and offices in the greater Boston area as well as in Oslo, Amsterdam and Twickenham, England.
Both companies have a complementary geographic presence and unique strengths in North America and Europe, the announcement said.
Maconomy’s large presence in Europe is an ideal complement to Deltek’s strong position in the U.S. market. Together, both companies will be able to expand their reach internationally, and better sell and support customers in new geographies and markets, it said.
In addition the combined company will cover all major segments of the professional services market. Maconomy has hundreds of customers spanning the advertising, public relations, accounting, and consulting markets and is a strong complement to Deltek’s established project-focused vertical markets.
“There are obvious strategic opportunities from this combination, and Maconomy’s innovative software solutions and geographic reach perfectly complement Deltek’s existing offerings for professional services firms,” said Kevin Parker, Deltek’s president and chief executive officer, in the announcement.
“By merging the two organizations together, we will accelerate growth internationally, penetrate new markets around the world, and deliver new, innovative functionality to our customers,” he added.
Maconomy’s board of directors, its executive group and Maconomy’s two largest shareholders – representing approximately 40 percent of all outstanding shares – have agreed to sell their shares to Deltek.
The tender offer is expected to close in early July.
Deltek in December 2009 acquired mySBX, an online community that enables government contractors to rapidly identify opportunities, manage resources and expand their business.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.