Wavestone strengthens its British division with a double acquisition

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Wavestone strongly boosted its British division with two acquisitions. The acquisition of Coeus Consulting in the wake of PEN Partnership has enabled the firm to add approximately 150 consultants to its team.

Last week, Wavestone announced that it had acquired Coeus Consulting, consulting firm specializing in DSI consulting, sourcing and delivery of complex computer programs. About fifty consultants in London (and a small team in Germany) have joined Wavestone. Coeus Consulting is primarily active in the energy, utilities, manufacturing and retail sectors.

Wavestone acquires Coeus Consulting for £17.5 million financed with equity. The total consideration could reach £21 million if Coeus Consulting achieves a number of financial targets.

The agreement came one month after the purchase of PEN Partnership, which added a hundred consultants to Wavestone. PEN Partnership is a management consulting firm specializing in delivering customer experience transformations, operational excellence and change management. The company works in many sectors, and is particularly active in the financial services and life sciences sectors.

According to Reza Maghsoudnia, Wavestone’s Director of Strategic Development, this double deal is part of Wavestone’s ambition to “build a leading player in the UK consulting market”.

“The merger of the three teams immediately and significantly expands Wavestone’s playing field in the UK and creates new development opportunities,” said Maghsoudnia.

Originally founded as Solucom, Wavestone entered the UK market in 2015 when the company bought Hudson & Yorke. Since then, the UK division of Wavestone has added parts of Kurt Salmon’s business (other parts have been acquired by Accenture) and strengthened Xceed Group. With the latest two acquisitions, the UK firm is now the firm’s second largest behind its French wing in the French home market.

Overall, Wavestone has 15 offices in 9 countries. The Paris-listed group is headed by CEO Pascal Imbert.

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