Econocom Group today announces three new external growth transactions to enhance its offering in high-growth markets and deploy its business model internationally with the acquisition of:
- 100% of BIS group, a multimedia solutions integrator in the Netherlands and Belgium
- a 40% stake in JTRS, an Apple and Google partner for digital solutions in the education sector in the UK
- 100% of LP Digital in France, a digital strategy consulting firm, through its satellite Alter Way
ACQUISITION OF THE BIS GROUP TO BUILD A COMPREHENSIVE OFFER IN BENELUX
Econocom Group has signed an agreement to acquire 100% of the BIS group, a multimedia solutions integrator on the Benelux market. This transaction is subject to the approval of the Dutch competition authorities. BIS Group posted a revenue of over 50 million euros in 2016 and employs over 220 people.
This transaction will enable Econocom to bolster its position in the buoyant multimedia segment (indoor and outdoor digital signage, visio-conference rooms, smart building, etc.), deploy its entire offering and develop new cross-business line solutions in the key Benelux area.
Econocom will now be present with its three business lines in the group’s five priority countries (Belgium, the Netherlands, Spain, Italy and France), which was one of the objectives of the current strategic plan.
Bruno Grossi, Executive Director of Econocom Group “We are happy to welcome BIS within Econocom and expect significant synergies between their know-how in the dynamic multimedia solutions segment in Benelux and our strong existing operations in the region. Being able to propose end-to-end digital solutions, including financing, brings in our view tremendous value to our clients and reflects the philosophy behind our next strategic plan, “e for excellence””
Jean-Pierre Overbeek, CEO of BIS added: “Together with Econocom, we will help organisations anticipate trends with more flexibility, embrace technology more quickly and bring continual innovation in the way people work and collaborate.”
CONTINUATION OF TARGETED INVESTMENTS IN KEY GROWTH AREAS
Econocom has also signed the agreements to acquire a non-controlling stake in JTRS (40%), a supplier of technology solutions in the education sector in the UK. This fast-growing company, which achieved c11 million euros in sales in 2016, is an Apple and Google Education partner. Econocom, which is already established in the UK via its Technology Management & Financing business, thus expands its offering in one of the key geographical areas of the next strategic plan.
Lastly, Alter Way, a satellite specialising in open source web solutions and DevOps services, has acquired 100% of LP Digital Agency, thereby increasing its annual revenue to €15 million. LP Digital Agency specialises in digital strategy consulting for key accounts.
Next press release: the 2017 half-year revenue release will be published after the close of trading on 27 July.