Telvent Outsourcing SA, the Spanish investment holding company who have interests in IT consulting and software companies and the wholly owned subsidiary of Telvent GIT SA, the listed Spanish IT solutions and business information services provider, has agreed to acquire the remaining 42% stake in Matchmind Holding SL, the Spanish holding company of Matchmind SL and Matchmind Ingenieria de Software SL, the Spanish based IT consulting and software companies, for a consideration of EUR 17.84m.
In October 2007, Telvent had acquired a 58% stake in Matchmind and retained the right to purchase the remaining 42% between 2009 and 2011. Matchmind SL generated annual revenues of EUR 78.2m for the year 2008. Post acquisition, Telvent will integrate Matchmind by consolidating its 400 clients, over 1800 professionals, CMMI certified eight software factories and five neutral data centers. The acquisition is in line with Telvent’s strategy to build a business model comprising Systems, Services, and Information.
Clearwater International advised on sale of the company.