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Wavestone acquires Xceed Group as part of a long term aspiration to expand globally




 

Established in London in 2003, Xceed Group is a leading technology consultancy who specialises in implementing large IT transformation programmes for major financial services organisations. These services include the planning and delivery of complex IT change programmes.

The company provides its clients with five main fields of expertise:

– Banking platform modernisation
– IT infrastructure transformation
– Cards engagement platform
– Digital transformation
– Sourcing strategy

More than 80% of the company\-\-s revenue is derived from the financial services industry, with a focus on retail banks, insurance companies and financial data processors.

Xceed Group has a headcount of 60 permanent employees, spread across London and New York, with the vast majority located in London.

For its last fiscal year (ended 30/11/17), Xceed Group recorded consolidated revenue of GBP13.3m (approximately EUR15.3m), up 8%, and an adjusted EBITDA margin of over 20%. These figures do not include the FIMS activity of Xceed Group (Flexible Infrastructure Managed Services), which is not part of the project.

A boost in international development in line with Wavestone 2021 strategic plan

This acquisition accelerates the international development of Wavestone in line with the strategic plan Wavestone 2021.

Xceed Group will play a key role to enrich Wavestone\-\-s value proposition in the UK and the US and will help to develop these markets.

For Xceed Group teams, this acquisition is a fantastic opportunity to become part of a new growth dynamic and benefit from a larger business strike force, with a greater international dimension.

John Casserly, CEO and shareholder of Xceed Group, comments \”Wavestone and Xceed together make a powerful combination and this is really good news for Xceed\-\-s clients and staff. The two companies provide complementary services and share a common footprint in the Financial Services sector. Wavestone have an exciting growth plan and I am very pleased that the team at Wavestone recognises the part that Xceed can play in that plan. I am really looking forward to seeing the expanded Wavestone succeed in the years to come.\”

Reza Maghsoudnia, Strategic development director of Wavestone, says \”With this merger, Wavestone not only bolsters its footprint in London and New York, but also enhances its ability to address global programmes. Xceed also enriches Wavestone\-\-s client portfolio with complementary global accounts across the Finance Industry. We saw in our discussions that Xceed and Wavestone share identical values, which is a key success factor for our project.\”

Terms of the operation

Wavestone has acquired a 100% stake in Xceed Group.

The operation has seen a carve-out of the FIMS activity, excluded from the acquisition\-\-s perimeter and retained by the current shareholders of Xceed Group.

John Casserly, current CEO of Xceed Group, and the other shareholders of the company, will support the merger during a 6 to 12 months transition phase, in order to ensure the successful integration of the company within Wavestone. Xceed\-\-s activity will continue to be driven by the current leadership team composed of 5 managers.





Posted by on 6. April 2018. Filed under Computer & Software, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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