Despite the stock market melt-down, ER&D vendors have continued to make tuck-in acquisitions in the past two weeks. The acquired firms were of small size and not likely to impact the net debt of their new owners. However, should the Covid-19-China-US trade-war-Stock Markets meltdown-oil price crisis degenerate into a recession, we expect suck tuck-in acquisitions to become scarce.
In a November blog, we had mentioned that Akka had issued €175m in convertible bonds. Akka acted fast and announced this morning its most expensive acquisition to date, that of Data Respons, a vendor headquartered in Oslo, Norway, for
ÅF Pöyry’s revenue growth (yoy, at CC/CS) continued to decelerate this quarter, declining from +8% in Q1 to +1% in Q3 2019, despite the positive impact of an additional working day (+90 bps on revenue growth during the quarter). The company suffered from the same issues as in Q2: a slowdown in the automotive sector from its largest automotive client, (impacting Industrial & Digital Solutions Division) and delayed decision-making in the Infrastructure Division in Denmark.
The purpose of ERDservices.org is and remains the ER&D industry across embedded systems, mechanical engineering, digital offerings, and technical documentation. We are starting the coverage of a different type of vendor: Sweco in infrastructure and building engineering vendor headquartered
Several readers reacted to the birth on February 22, 2019, of ÅF Pöyry. They argue that ÅF Pöyry has become a building engineering-centric firm and now shares more with the likes of Sweco, Arcadis, or SNC Lavallin in Canada, than with Altran, or HCL Tech.
We looked at the 2018 results of Pöyry, its last financials before its acquisition by ÅF. The results confirmed that Pöyry has succeeded in its recovery: its 2018 revenues were up 10.9% in 2018, to EUR 580m, and its adjusted EBIT margin was 7.5%, up 250 bps.
ÅF had a solid Q2, with CC/CS revenue growth of +6.9%, and reported growth of +11.7%, and reached revenues of SEK 3,608m (~USD410m). The company had a strong performance in its Infrastructure Division, which was up 15.8% at CS,
ÅF has acquired Facilia, a Swedish firm specialized in assessing safety for nuclear waste and nuclear plant decommissioning. Facilia is a small firm with 14 FTEs, and revenues of SEK 18.5m (USD 2m). Its client base includes tier-one Swedish
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