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Munich, Germany, June 22, 2017 - CANCOM has today signed a notarially certified agreement to buy 100 percent of the shares in synaix Gesellschaft für angewandte Informations-Technologien mbH and synaix Service GmbH (together forming the synaix Group), both of which are based in Aachen, Germany.
The synaix Group is an IT service provider with a comprehensive portfolio of digital transformation solutions. Based on the 'as a service' model, it operates core digital processes in the areas of Standard IT, Managed IT and Digital Process Hosting on behalf of clients in various sectors. It provides IT services both from its own and from third-party computer centers. The synaix Group currently has 80 employees and in 2016 generated sales revenues of EUR 13.7 million with an earnings margin in the mid-double digits.
Although the deal will be settled mainly in cash, part of the total will be financed through an issue of new CANCOM shares without subscription rights by means of a non-cash capital increase out of the company's authorized capital. The deal also includes a variable earn-out component. The total purchase price is in the mid double digit millions. CANCOM SE hopes to complete the deal in the next few weeks once it has been approved by the antitrust authorities.
The senior managers and founders of synaix will bring years of experience in the IT sector and an extensive network of contacts to the CANCOM management team. The acquisition will give the CANCOM Group access to additional solutions know-how and a broader client base, allowing it to expand its IT as a Service, Cloud and Managed Services operations and build a stronger market position as a digital transformation partner.
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