Equiteq advises Intuitus on sale to Endava
Technology provider Intuitus has agreed to be purchased by Endava, in a deal expected to enhance the digital transformation firm’s private equity market penetration. Merger and acquisitions (M&A) advisory firm Equiteq supported Intuitus throughout the process.
Founded in 2002, Intuitus is an Edinburgh-based technology and digital insight provider which informs investment decisions and the achievement of business plans that maximise shareholder value at exit. This made the firm an attractive prospect for Endava, a global agile transformation and technology services group looking to extend its footprint in the private equity space.
Intuitus’s business model combines C-suite-level technology expertise and transaction advisory capability with a deep understanding of the private equity sector. The purchase of the firm is subsequently intended to strengthen Endava’s existing IT due diligence advisory capability, positioning it to serve its expanding private equity client base. Additionally, Endava’s digital product and software engineering capabilities will also be available to Intuitus’ list of over 100 active clients – including private equity firms such as Abry Partners, BC Partners, Carlyle, EQT and Inflexion.
Calum Stewart, CEO of Intuitus, said, “We are delighted to be joining Endava. Our due diligence expertise, combined with Endava’s technology know-how and international platform, will bring significant new growth opportunities for the combined team.”
Throughout the deal-making process, Intuitus received advice from M&A specialist firm Equiteq. Regarding Equiteq’s role in the transaction, Stewart confirmed that the firms have been working together for “several years,” before praising Equiteq for “highlighting our commercial synergies with Endava,” proving “instrumental in the achievement of a highly successful outcome.”
Jerome Glynn-Smith, Director at Equiteq, commented on the move, “We are delighted to have worked with the Intuitus team towards the next chapter of growth for the company. This transaction illustrates the significance and value of specialised, business-centric technology and digital advice as part of next generation technology services.”
Equiteq has advised on a succession of deals over the past 12 months. These include the acquisitions of Ducker Worldwide by Frontier Strategy Group and Axentel Technologies by Park Place Technologies in February, and the purchase of c3consulting by Ankura Consulting in April. In June, the M&A advisory firm also announced its participation in two further deals, between Dartmouth Partners and Literacy Capital, and The NAV People and FPE Capital.
