Deltek wraps up purchase of Danish ERP provider
U.S. firm will pay approximately $73 million for Copenhagen company
- By David Hubler
- Jul 06, 2010
Deltek Inc. has successfully completed its tender offer and has acquired Maconomy A/S, a Danish provider of enterprise resource planning (ERP) materials.
The deal calls for Deltek to immediately acquire approximately 94 percent of Maconomy’s outstanding shares in an all-cash transaction at approximately $3.40 (DKK 20.50) per share or about $73 million.
Deltek, which announced its intention to buy the Copenhagen-based company on June 3, said it expects to initiate a mandatory redemption under Danish law to acquire the remaining outstanding shares in the coming weeks, the company announced today.
Deltek and Maconomy combined have immense geographic reach and broad domain expertise in the professional services market with close to 13,000 customers worldwide.
The new organization will serve all major segments within the professional services vertical market, including architecture and engineering, advertising, public relations, accounting, management and IT consulting, and legal, the Deltek announcement said.
The combined organization’s list of project-based customers includes approximately 90 percent of the Top 100 U.S. federal contractors.
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, Norway; Amsterdam; and Twickenham, England.
“Acquiring Maconomy is a game-changing move for our organization in many ways,” said Kevin Parker, Deltek president and CEO, in the statement.
“It greatly extends our reach into Europe, broadens our portfolio of solutions to additional professional services segments, and adds new cutting-edge resource management capabilities that are applicable across the entire Deltek customer base – including government contracting,” he said.
In December 2009, Deltek 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.