Capgemini, a provider of consulting, technology and outsourcing services, has acquired the German IT services company CS Consulting from LRPC, a fund managed by SüdBeteiligungen (a subsidiary of Landesbank Baden-Württemberg), founder Berndt Blumenthal and Kurt Rommel.
The operation will be funded using the group’s net cash position.
The contract was signed yesterday under conditional approval by the relevant anti-trust authorities.
Capgemini more than doubles its market share in IT services for local banking clients.
CS Consulting generated revenues of EUR47.4m in 2009 with an adjusted Ebit margin of 12.6 per cent. It specialises in the migration of core banking systems as well as the implementation of business intelligence systems.
Berndt Blumenthal, chief executive of CS Consulting, says: “Joining Capgemini will enable us to benefit from the experience of a truly international group with a solid delivery network, and to offer promising perspectives to our employees. We will combine our strengths to serve German banks expansion and transformation.”
“The service portfolio and company culture of CS Consulting, which focuses on reliability of services, independence in terms of consulting and strong collaborative client approach, fit perfectly with Capgemini. With this step, we are giving a clear signal for the further growth of our business in Germany,” adds Olivier Sevillia, member of Capgemini group executive committee.
