mynth
04/2019

ACANDO acquired by CGI

SWEDEN IT Services / Consulting & Integration EV 3b - 100b SEK

Context

CGI has successfully completed the acquisition of Acando AB, a leading Northern European consultancy specializing in management and digital services. This strategic transaction significantly expands the organization's technical capacity and operational density in key European markets, particularly within Sweden, Norway, and Germany. The rationale for the move centers on the integration of specialized strategic consulting and system integration capabilities, which complement the group’s existing portfolio of end-to-end digital transformation solutions. By incorporating a highly skilled workforce across metropolitan hubs like Stockholm and Hamburg, the organization reinforces its expertise in mission-critical industries such as manufacturing and retail. The partnership is designed to leverage a strong cultural compatibility and a shared focus on customer satisfaction to drive regional growth and capture additional market share in the European IT services landscape. This integration allows the group to offer enhanced innovation-led services while maintaining its localized delivery model. The acquisition marks a significant step in the group’s expansion strategy, positioning it as a dominant player in the Northern European technical services market.

ACANDO, which reported an EBITDA margin of in 2018, is valued in this transaction at an EV/EBITDA multiple of , representing a level the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

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Target

Acando is a prominent European provider of digital and management consulting services, specializing in IT management, system integration, and customer-centric innovation. The organization’s business model centers on delivering high-level strategic advisory combined with technical execution to facilitate digital transformation for its clients. Its value proposition is built on solving complex industrial and governmental challenges through a multidisciplinary approach that blends business insight with technological excellence. Strategically, the entity focuses on key vertical markets such as manufacturing, retail, and public services, maintaining a strong regional presence in Northern Europe and Germany. By fostering relationships based on trust and specialized expertise, the firm assists organizations in navigating the complexities of the digital economy. The organization prioritizes innovation and excellence, positioning itself as a strategic partner for large-scale enterprise modernization.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (SEK)

Year
Rev
EBITDA
EBIT
2018
2017

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REFERENCES

Valuation range: EV 3b - 100b SEK

Revenue range: 1b - 3b SEK

EBITDA range: 250M - 500M SEK

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: cgi