ZURICH, July 28, 2021 /PRNewswire/ --
HIGHLIGHTS
[1] [2]"We are very pleased to announce today that AKKA Technologies and Modis will come together in a landmark transaction. Alongside our Workforce and Talent Solutions global pillars, we are creating a global market leader in technology and digital engineering. The combined business will be a trusted partner to the world's leading companies, with an ability to capture the accelerating demand for digital transformation through its Smart Industry focus," said Alain Dehaze, CEO of Adecco Group.
"By combining AKKA Technologies and Modis, we are delivering a step-change moment in our Future@Work strategy. This is a compelling investment in a higher growth, higher margin business that has more predictable and resilient earnings and will create significant value for all stakeholders."
He added: "The two businesses strongly complement one another, united by a shared passion for technology and talent and a dynamic, entrepreneurial culture. We also see potential for the Adecco Group's ecosystem to provide exciting new opportunities for AKKA Technologies and its team of engineers, with an enhanced ability to combine technology solutions with workforce and talent solutions as part of a truly unique service offering for our customers."
Mauro Ricci, Chairman and CEO of AKKA Technologies said: "Today marks a turning point in AKKA's history as we announce the creation of the number 2 global player in the Smart Industry, through combining with Modis. The innovation that our customers need is a never-ending story, and we must constantly evolve and invest in new technologies and in new skills to remain a valuable and long-term partner. While the engineering industry keeps changing, and its consolidation has not been completed yet, I am convinced that Modis is the ideal partner to write this new chapter in our history, together."
He added: "The addition of leading-edge digital engineering skills combined with our deep expertise in the engineering of the full product life-cycle that we have acquired working with our blue-chip clients for decades will create value for all our stakeholders. This opens up exciting opportunities for our engineers, who will access a larger playing field to continue to innovate alongside our customers and keep expressing their passion for technologies."
"This is a milestone day and major leap forward in our mission to be a leading enabler of Smart Industry, which is where IT and engineering technologies converge into a digital and connected world. We look forward to joining forces with AKKA Technologies, combining their excellent market reputation in engineering with Modis' strong digital experience. Together we will provide cutting-edge high-tech solutions through highly experienced engineers and digital experts," said Jan Gupta, President of Modis.
"United, we will be a global engineering and digital solutions powerhouse, one that is a well-positioned and trusted partner worldwide, able to meet accelerating demand from customers who are facing technological disruptions and who need our services and skills to scale their transformation. We have the joint ambition to lead the market and to be in the forefront of accelerating innovation and time to market for our customers and partners. Together, we will engineer a smarter future."
Contact Details:The Adecco GroupInvestor Relations+41 (0)44 878 88 88
[1] Enterprise Value assuming 100% equity acquired for €1.5 bn and including reported net debt as at end June 2021 and excluding the ODIRNANE, which is equity accounted under IFRS (€175 mn, first call in 2025). Multiple based on consensus estimates. Source: Société Générale.
[2] Excluding one-time integration and implementation costs.
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