Advised Deltek on its acquisition of Maconomy, a provider of business solutions for project- and knowledge-intensive organisations
Jun 2010
acquired
  • Sector: Application Software; Industrial Tech
  • Deal Type: Strategic Deals; Public Deals
  • Engagement type: Buyside
  • Size: <$200m
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Arma Partners is pleased to announce that it is acting as lead financial advisor to Deltek Inc. (NASDAQ: PROJ) (“Deltek”) on its proposed acquisition of Maconomy A/S (OMX:MACO) (“Maconomy”) for approximately $75 million. Deltek’s all-cash offer price of DKK20.5 per share represents a premium of approximately 50% to Maconomy’s closing price on 1 June (the last day of trading before the publication of an announcement by Maconomy) and 77% to Maconomy’s 90-day volume-weighted average price. The Maconomy Board and management team have undertaken to tender their shareholdings as part of the recommended voluntary conditional public tender offer. Together with the undertakings of another major shareholder, these undertakings relate to shares representing approximately 39% of Maconomy’s issued share capital. The transaction is conditional, inter alia, on Deltek receiving offer acceptances representing 90% of Maconomy’s issued and to be issued share capital.

Headquartered in Herndon, Virginia, Deltek is the leading provider of enterprise applications software and solutions developed specifically for project-focused organisations. More than 12,000 customers worldwide rely on Deltek’s software solutions, spanning numerous project-focused industries and ranging in size from small organisations to large enterprises.

Headquartered in Copenhagen, Maconomy is an international enterprise software provider that offers solutions to the professional services market. Maconomy has more than 600 customers in approximately 60 countries and has a significant presence among top advertising, public relations, accounting and consulting companies, complementing Deltek’s market-leading position in the architecture and engineering and management consulting markets.

Deltek and Maconomy are an excellent strategic match and the combination pairs two best-in-class companies that are leaders in their respective markets. This combination offers multiple benefits for both companies: Maconomy’s large presence in Europe is an ideal complement to Deltek’s strong position in the U.S. market and the combined company will cover all major segments of the professional services market. Deltek and Maconomy also share similar vision and goals, including an intense focus on delivering world-class solutions to professional services organisations, a common mission to drive innovation for project-focused organisations, and a passion for customer success.

“We are very excited to combine Maconomy’s industry-leading capabilities and domain expertise with Deltek, and we are committed to investing in both the Maconomy and Deltek product suites to provide maximum value and flexibility to our customers” said Kevin Parker, Deltek’s president and CEO.

This transaction results from Arma’s strategic advisory work with Deltek, examining potential opportunities to expand Deltek’s business in Europe, and marks a substantial step forward for Deltek’s expansion into international markets. This transaction also highlights Arma Partners’ world-class cross-border M&A advisory capabilities as well as continued strong momentum in our US investment banking business.

– Headquartered in Copenhagen, Denmark

– Maconomy is an international enterprise software provider that offers solutions to the professional services market

– Maconomy has more than 600 customers in approximately 60 countries and has a significant presence among top advertising, public relations, accounting and consulting companies

– Headquartered in Herndon, Virginia

– Deltek is the leading provider of enterprise applications software and solutions developed specifically for project-focused organizations

– More than 12,000 customers worldwide rely on Deltek’s software solutions, spanning numerous project-focused industries and ranging in size from small organizations to large enterprises

– Deltek and Maconomy are an excellent strategic match and the combination pairs two best-in-class companies that are leaders in their respective markets

– This combination offers multiple benefits for both companies

  • Maconomy’s large presence in Europe is an ideal complement to Deltek’s strong position in the U.S. market
    and the combined company will cover all major segments of the professional services market
  •  Deltek and Maconomy also share similar vision and goals, including an intense focus on delivering world-
    class solutions to professional services organizations, a common mission to drive innovation for project-
    focused organizations, and a passion for customer success

– This transaction results from Arma’s strategic advisory work with Deltek, examining potential opportunities to expand Deltek’s business in Europe, and marks a substantial step forward for Deltek’s expansion into international markets

– This transaction also highlights Arma Partners’ world-class cross-border M&A advisory capabilities as well as continued strong momentum in our US investment banking business