Proact acquires PeopleWare
October 2019 by Emmanuelle Lamandé
Proact IT Group AB announces the acquisition of PeopleWare ICT Solutions BV, an IT managed service provider based in the Netherlands and Belgium.
Acquisitions are a key part of Proact’s updated growth target with the ambition to broaden the portfolio of offerings and expand the presence in key markets. Founded in 2003, PeopleWare is a privately held company with over 220 employees and more than 170 active customers. The acquisition will greatly enhance Proact’s presence and ability to serve the medium sized enterprise segment in the Dutch and Belgian markets. PeopleWare’s core businesses are managed cloud services (outsourcing and infrastructure), business consultancy and IT-staffing. The company is acquired from the founders, who will remain with the company. Following the acquisition, PeopleWare and its employees will become an integral part of Proact in the Netherlands and in Belgium.
The purchase price amounts up to EUR 17 million and is based on 2019 full year performance, corresponding to 8x adj. EBITA. The purchase price will be released at its full during a 24 month period post-closing. PeopleWare has a yearly revenue of approximately EUR 28 million and will be consolidated into the group results as of now.