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Coeus Acquired By Wavestone

Tuesday 20 September, 2022

Wavestone, a leading independent, global technology and management consultancy, has announced the acquisition of Coeus Consulting, an independent IT Advisory. Wavestone also acquired PEN Partnership, a specialist, independent management consultancy, in August. The three companies all share strong growth ambitions to build together a leading player in the UK consulting market.

The merger of the three teams immediately and significantly widens the playing field of Wavestone in the UK and creates new development opportunities.

The addition of Coeus Consulting's leading IT expertise to Wavestone's will allow the firm to provide its clients with a genuine unbiased world-class value proposition. The presence of Coeus Consulting in the Energy, Utilities, Manufacturing and Retail sectors, combined with PEN Partnership's deep expertise in the Financial Services and Life Science sectors and Wavestone's historic Financial Services footprint creates a solid foundation to partner with blue-chip companies on their major transformation challenges.

Ben Barry, James Cockroft and Rob Walker, Directors and co-founders of Coeus Consulting, comment: “Wavestone and Coeus Consulting's combination perfectly addresses the CIO agenda. We both have a complementary value proposition and client portfolio, as well as close corporate values. In addition, the business consulting expertise of PEN Partnership in the Financial Services and Life Science industries creates an exciting opportunity for us to address the transformation challenges of our clients in these sectors with a holistic value proposition. We were amazed by the strong cultural fit and we believe that the project will provide our teams with numerous opportunities.”

Chris Gibson, PEN Partnership's CEO, adds “We are very enthusiastic to have Coeus Consulting join our project. It strengthens and expands the expertise of our UK practice, particularly in the technology area, one of the most important levers for our Financial Services and Life Science clients to develop new services and offers as well as enhance their business and operational performance. Together, we are accelerating our growth agenda in order to position Wavestone as a preferred consulting firm for large enterprises.”

Reza Maghsoudnia, Strategic Development Director of Wavestone, concludes “We were impressed by Coeus Consulting's ability to engage with very large enterprises at a very senior level. That says a lot about the expertise and value of the team. This project is a game changer and creates the conditions for a step change of dimension in the UK and, accelerates our globalisation.”

Terms of the operation

Wavestone has acquired 100% of Coeus Consulting's share capital.

The purchase price is £17.5m in enterprise value, plus an additional consideration of up to £3.5m conditioned by Coeus Consulting's performance over the next 12 months.

The acquisition has been financed by Wavestone's own funds.

Coeus Consulting will be integrated in Wavestone's accounts as of October 1st, 2022.

Next events: H1 2022/23 revenue: Thursday, October 27, 2022, after Euronext market closing.

Find out more about Wavestone and the acquisition here.

Wavestone draws on about 4,000 employees across Europe – where it is a leading independent player in consulting, the United States and Asia.

Wavestone is listed on Euronext Paris and recognised as a Great Place to Work®.