(CercleFinance.com) – Wavestone shares rose on the Paris Stock Exchange on Wednesday after the French consulting firm announced the acquisition of the American Aspirant Consulting for an initial amount of $24 million (22 millions of euros).
Founded in 2003 and based in Pittsburgh (Pennsylvania), Aspirant offers services in marketing and innovation, organization and change management and digital transformation.
Its main clients include leading companies such as GSK, Haleon, Novartis and PPG.
Aspirant RPO, its subsidiary specializing in outsourced recruitment services, is however not included in the scope.
Over its last financial year, ended December 31, 2023, the company achieved consolidated revenue estimated at $26.1 million (€23.8 million), for an adjusted Ebitda margin which should increase. establish beyond 10%.
In a reaction note, Stifel analysts note that the transaction will allow Wavestone to increase the size of its activities in North America by more than 50%.
‘Together, we estimate that Wavestone US, Q_Perior North America and Aspirant should generate turnover of around $70 million, or nearly 10% of the group’s consolidated turnover,’ underlines the design office.
Stifel adds that the group is thus getting closer to the objective of 100 million dollars that it has set for this region, a level that it considers a ‘critical’ threshold.
The management of Aspirant Consulting, including CEO Mike McClaine, will be responsible for continuing the development of the entity within Wavestone, alongside the Wavestone US management team.
Note that up to ten million dollars (9.1 million euros) may be added to the initial acquisition price depending on the company’s performance this year.
At 11:10 a.m., Wavestone shares were up almost 0.2%, going against the tide of a Parisian market down 1.1%.
Copyright © 2024 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends using the buttons below.
