Ctac acquires strategic majority stake in Purple Square
’s-Hertogenbosch, 17 December 2019 – Business & Cloud Integrator Ctac N.V. (Ctac) (Euronext Amsterdam: CTAC) has signed a letter of intent with a view to the acquisition of 70% of the shares in Purple Square Management Partners B.V. (Purple Square), a company that specialises in Programme & Project management and Change management.
Purple Square was founded in 2014 and is based in Weert, Limburg. The team currently comprises 25 project and programme managers. They are very experienced, highly educated and work successfully on strategic organisational change projects for their clients from a People, Process & Platform perspective.
Henny Hilgerdenaar, CEO of Ctac: “Ctac and Purple Square are highly complementary in terms of portfolio management. We are therefore very pleased with this significant step. The collaboration offers synergies and strengthens our portfolio management, which aims to achieve the optimum client-centric approach.”
“Purple Square records annual revenue of more than EUR 5 million and will contribute to the growth of our Consultancy activities as of the 2020 financial year. The acquisition will also contribute to Ctac’s EBITDA and earnings per share,” says Pieter-Paul Saasen, CFO of Ctac.
Purple Square’s founder, Wil Daniels, will remain involved in Purple Square and will continue to hold a minority stake in the company, which safeguards his engagement. Ctac will settle the majority of the acquisition in cash. In addition, the parties have reached agreement on the acquisition of the remaining minority stake in three years’ time. The acquisition of the 70% stake is expected to be completed in mid-January 2020. Purple Square will continue to operate as an independent part of Ctac.
The acquisition of the majority stake in Purple Square is entirely in line with Ctac’s business model and strategy. Ctac aims to provide its clients with added value in their digital transformation journey, not only by offering the right IT solutions, but also through its active involvement during the business transformation.
Ctac’s strategy is aimed at taking up leading positions in the following domains: IT modernisation, Connected Intelligence, Transformation & Change Management, Security & Trust, and Business Transformation.
