Groupe Steria SCA [Euronext:RIA] today announced that it has successfully completed the acquisition of Xansa plc (“Xansa”). This operation will enable Steria to create one of the most advanced business models in the European IT service sector through highly client-customised services and a fully integrated Europe-India delivery model. The new Group reinforces its position in the top 10 IT Service providers in Europe (1.8bn euros revenue with more than 18 000 employees ), and propels it to a number nine position in the UK IT Services market.
“We are delighted that the acquisition has been successfully completed. The combination of Steria and Xansa creates a leading force in European IT services” said François Enaud, Group Steria CEO. “The two companies share a common culture of entrepreneurship, innovation and client focus and the enlarged Steria group will benefit from a broadened client base with significant cross-selling opportunities within the UK and Europe, and a state-of-the-art Indian platform”.
The acquisition of Xansa will considerably accelerate the implementation of Steria’s strategic plan: Firstly it will accelerate the industrialisation of the Group’s delivery processes and consequently increase further the level of service excellence for clients through the implementation of a fully integrated Europe-India delivery model based on a successful 10 year history and more than 5 000 highly skilled Indian-based employees (making up more than 25% of the Group’s total workforce). Secondly, it brings to the Group market-leading experience in the fast-growing Business Process Outsourcing (BPO) area. This new offering, which is a key component of the Group’s business transformation and business operation capability, represents a significant cross-selling advantage with the opportunity to deploy outside of the UK. Thirdly, it considerably reinforces the Group’s position in the UK IT Services market in terms of visibility (number 4 in the public sector , and a strong footprint in the financial services sector) and value chain coverage for its clients (consulting, application development, infrastructure management, and BPO).
The new management structure, the integration governance and the project management methodology have been announced internally and are largely implemented. The overall integration goal is to be fully operational on 1st January, 2008. The integration is being monitored as a Group programme driven by Group Executive Committee who are committed to the synergies objective which has been announced.
John Torrie has been appointed CEO of the new combined entity in the UK. Furthermore, two former Xansa senior executive directors will join the Group Steria Executive Committee: Mukesh Aghi as Indian CEO and David Leigh as Group BPO Director.
Change of control
Xansa’s Directors recommended Steria’s offer, and following acceptances by more than 99 percent of its shareholders, Xansa has ceased to be listed on the London Stock Exchange. The consideration is expected to be paid on the 31st October 2007 at the latest.
From 17 October 2007 Xansa will be fully consolidated. The 25.4% of Xansa shares owned by Steria between the 30th of July 2007 and 16th of October 2007 will be considered as an affiliate accounted for under the equity method.
Next publication: Q3 revenue on October 29th, 2007 after the market close.
Steria is listed on Euronext Paris, Eurolist (Compartment B) ISIN: FR0000072910, Bloomberg Code: RIA FP, Reuters Code: TERI.PA CAC MID&SMALL 190, CAC MID 100, CAC Soft&CS, CAC Technology SBF 120 general index, SBF 250, SBF 80, IT CAC, NEXT 150 For further information, please visit our website: http://www.steria.com
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