ICON Corporate Finance advises shareholders of Insight Test Services on its sale to Sogeti.
Insight, based in Dublin is a market leader in software testing services, primarily for major clients in the financial services, utility, ICT and public sectors. Founded in March 2003, the company has grown rapidly to become the leading software testing provider in Ireland and the UK with over 75 staff.
The acquisition will see Sogeti Ireland grow to 200 staff by the end of 2008. Globally the company employs 18,000 people in high tech consulting and application services/systems. It is the market leader globally in software quality assurance and test services with over €1.3bn in global revenues. Sogeti is a member of French listed Cap Gemini Group.
Michael Connolly, CEO of Sogeti Ireland commenting on the deal said: “We believe that by joining forces with the Insight team, we will immediately be able to provide a broader, deeper range of services to our clients. The combined organisation gives us critical mass to increase our delivery capability across all of our services lines, from Client Advisory Services, SAP, Microsoft, IBM and of course testing. This will make us more attractive to our current and future clients and as an employer.”
Brian Parker, Head of M&A at ICON Corporate Finance, who advised the Insight shareholders, said: “We had interest from a number of parties in Europe and the US but Sogeti represented the best offer both financially (with its cash and earn out structure) and strategically, given their global presence. We are delighted to close another cross-border technology deal and complete our first exit in Ireland; despite the challenging macro environment brought on by the credit crunch in the global financial markets.”
“We are delighted with the commitment and professional advice that we received from ICON, it was crucial in guiding us through the complex range of issues that arose throughout the exit process.”
Declan Kavanagh, Founder and CEO, Insight