In a recent development, SPIE, the independent European leader in energy and communication multi-technical services, unveils its decision to acquire a majority stake in BridgingIT GmbH.
Boosting digital transformation in Germany
SPIE is set to accelerate its footprint in digital transformation services within Germany. This move follows their announcement regarding the acquisition of a significant 75.1% share in BridgingIT. Established in 2008, the Mannheim-based BridgingIT operates across Germany, boasting a robust team of 700 highly skilled professionals.
BridgingIT provides a vast array of customised digital transformation services. These span from consultation, systems architecture, and digital product/process creation to software engineering and managed services. The company serves a diverse clientele, comprising numerous blue-chip entities across varied sectors.
Financial details & growth prospects
BridgingIT anticipates generating a revenue of nearly 140 million euros this fiscal year, accompanied by a high single-digit EBITA margin. Recognising the surging demand for digital transformation services, especially in the realms of cloud migration and cybersecurity, BridgingIT stands at an advantageous position. This positioning hints at rapid growth and potential for improved margin levels in the approaching years.
The acquisition’s transaction multiple rests just under the 9.0x 2023E EBITA post synergies mark. With SPIE obtaining 75.1% of the share capital upon the deal’s closure, the residual 24.9% will be in the hands of the founders and managerial personnel. The deal encompasses both put and call mechanisms, specifically for the 24.9% stake. Maintaining the current managerial structure, the acquisition aims to synergise organic growth and high margin value services. Funding for this venture will come from SPIE’s existing reserves, ensuring a minimal leverage ratio impact.
What they said
Markus Holzke, Managing Director of SPIE Deutschland & Zentraleuropa, has stated that he believes BridgingIT’s comprehensive expertise will augment SPIE’s digital prowess.
Echoing these sentiments, Dr. Frank Wallner and Klaus Baumgärtner, the driving forces behind BridgingIT, expressed their enthusiasm about joining the SPIE family.
We are very pleased to join SPIE as the Group is a leader on its markets. We are impressed by SPIE’s long-standing and trusting customer relationships and firmly believe that we can add significant value to a now much broader base of customers with our comprehensive digitalization expertise…
Dr. Frank Wallner and Klaus Baumgärtner, Founders and Managing Directors of BridgingIT
Subject to antitrust approvals, SPIE is optimistic about concluding this transaction early in Q4 2023.
If you are looking to reshape your team and get new candidates in, we can help. Speak to a PL Talents recruitment specialist today.