Ibermática is left without Basque shareholders after being acquired by the technology company Ayesa – El Diario Vasco

Ayesa has acquired Ibermática. The Sevillian company acquires 100% of the shares of the company, which maintains its headquarters in Donostia but is left without the participation of Kutxabank and the Basque directorsAyesa, a global provider of technology and engineering services, has reached a agreement with ProA Capital and other minority shareholders, including ONCE and Kutxabank, for the acquisition of 100% of Ibermática. A major operation as Ibermática is one of the leading Basque technology services companies with deep roots in Gipuzkoa and Donostia, where it has its headquarters in the Miramón technology park. The buying group from Seville guarantees that the headquarters remain in San Sebastian and that the firm will continue to operate in the Basque Country. However, when buying 100% of the company, there are no longer Basque shareholders, among which Kutxabank stood out, one of the promoters of Ibermática in its day, with which Basque roots remain in the air. The transaction, for which the economic details have not been disclosed, is expected to close in the coming months, after approval by the competent authorities. The objective of this operation, as reported by Ayesa in a statement, is to form a leading group in digital services with the capacity to accompany large clients in their main digital transformation projects. The operation has caused some surprise among Ibermática workers. In fact, the firm from Gipuzkoa made a positive balance for 2021 in April, in which it broke records and for the first time exceeded the barrier of 260 million euros in turnover that it achieved in 2008, before the crisis, (276 in total, 8.8% more). In this sense, it announced its intention to continue growing and increase its turnover by around 5% to 290 million. Now, with the purchase of Ayesa, the joint turnover of both companies amounts to 600 million euros, which already places them as one of the top five players in the Spanish IT market. After the majority investment by A&M Capital Europe, Ayesa has deployed a plan for organic growth and through acquisitions, with Ibermática being the third corporate operation to materialize this year. Founded in 1973, Ibermática is a firm focused on the digitization of large companies and public administrations. It has offices throughout the Basque Country and Spain, although it is in Gipuzkoa where its headquarters are located in Donostia, in addition to offices in Elgoibar, Mendaro and Bergara. It offers a wide range of digital services in the fields of development and maintenance of software applications and infrastructures, in addition to the implementation of emerging technologies such as artificial intelligence, advanced data analytics, cybersecurity and migration to the cloud, among others. At the end of 2021, it had 4,750 workers and a turnover of 276 million euros. Implementation throughout Spain The operation will form a group with high technological capabilities and broad sector penetration, as well as implementation throughout Spain. Both companies present an enormous complementarity in all these factors. Regarding the offer, the group will strengthen its services in artificial intelligence, data analytics, automation and robotization of processes or development of native applications in the cloud. In addition, it will occupy a “privileged” position due to the number of certified SAP consultants and to undertake large-scale migration projects from data centers to multi-cloud environments. Likewise, the combination of both will place the new organization as a “reference” provider in Spain of technological services for energy and utilities companies and public administrations, according to Ayesa in a statement. At an international level, it will have a commercial and operational network in 22 countries. In short, it is expected that the existing synergies will boost the business in a “relevant” way, since it will have a very competitive offer to tackle ‘end to end’ technological projects, with a focus on the combination of technologies, experience and functional knowledge. For this operation, Ayesa has relied on Arcano as financial adviser, with Houlihan Lokey as debt adviser and with Pérez-Llorca as legal adviser. For their part, the Ibermática partners have relied on EY to prepare the due diligence reports, Deloitte as financial advisor and Linklaters as legal advisor. Ibermática will maintain its headquarters in Donostia The integration of Ibermática in the group will consolidate its presence in the territories where it operates, maintaining its current headquarters in the Basque Country, according to Ayesa. In terms of employment, they will make up one of the largest technological platforms at the national level, with more than 11,000 professionals specialized in more than 70 disciplines. On the other hand, Ayesa will continue with its investment strategy. This corporate operation would be the third executed throughout this year, after the incorporation of A&M Capital Europe as majority shareholder. In this context, the group will study new transactions to complement technological and engineering services, both inside and outside of Spain. José Luis Manzanares Abásolo, CEO of Ayesa, highlights that “both the geographical location and the service offerings of both companies are highly complementary. Our large clients will be able to entrust their largest digital transformation projects, as we will naturally extend our technological capabilities and services. Along with this, the sum of the management teams positions us as a leading group in talent and leadership within the national and international technology sector.” José Luis Manzanares Abásolo, CEO of Ayesa. On his side, Juan Ignacio Sanz, CEO of Ibermática, considers that «Ibermática will make a qualitative leap by joining a solid business project in expansion, with important commercial synergies and a very challenging professional horizon. We will concentrate a good part of the best technological talent, functional experience in our different sectors and innovation potential.” Ayesa, which has more than 6,300 employees and a direct presence in 20 countries in Europe, America, Africa and Asia, develops and implements digital solutions for companies and public administrations and applies the latest technologies to the design and supervision of infrastructures. In 2021, the group led by José Luis Manzanares Abásolo achieved sales of 322 million euros.