LONDON - Endava (NYSE: NYSE:DAVA), a global technology services company, has announced a definitive agreement to acquire GalaxE Solutions, Inc., a provider of IT and business solutions based in New Jersey.
The acquisition, valued at up to $405 million, is aimed at expanding Endava's North American footprint and establishing its presence in India, with the transaction expected to close in early April 2024.
The move will add approximately 1,650 employees to Endava's workforce and is anticipated to provide strategic benefits such as deepening domain expertise in the U.S. healthcare market and complementing digital transformation capabilities with GalaxE's GxFource accelerators.
Over 70% of GalaxE's revenues are derived from U.S. healthcare clients, which aligns with Endava's growth initiatives in this sector.
John Cotterell, CEO of Endava, expressed enthusiasm for the acquisition, stating that it aligns with the company's vision of offering a global delivery platform and positions them well for meeting complex customer needs. He also highlighted the potential of the GxFource accelerators to enhance digital transformation efforts for clients.
Tim Bryan, founder and CEO of GalaxE, echoed the sentiment, emphasizing the opportunities for professional growth and the synergies between the two companies' technical talent and client-focused approaches. The acquisition is expected to benefit clients of both organizations through sophisticated, proprietary solutions delivered on a global scale.
Endava, which serves various industries including healthcare, finance, and retail, will significantly bolster its North American presence with this acquisition. The company had over 11,500 employees as of December 31, 2023, and operates in multiple countries across the European Union, non-EU countries, Latin America, Asia-Pacific, North America, and the Middle East.
The acquisition is subject to customary closing conditions and approvals, including the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The transaction is advised by BofA Securities and Akin Gump Strauss Hauer & Feld LLP for Endava, with JP Morgan (NYSE:JPM) Securities LLC and White & Case LLP advising GalaxE.
This article is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.