As a fast-growing player in the IT consulting industry, with expertise in business systems, BI, cloud services and management consulting, CoreChange Group had developed a strong position in the market. In order to fully focus on its core areas and maximize its long-term growth potential, the company chose to divest its consulting operations within SAP and BI.
The background to the deal was strong. SAP is one of the most widely used business systems in the world, and the demand for expert consultants in the field is high – especially at a time when companies are migrating from legacy on-premise solutions to cloud-based systems. CoreChange's business in SAP and BI was reputable, profitable and had a stable customer base, making it an attractive investment case.
Focus on a competitive process
CoreChange had been approached by potential buyers. To ensure the best possible deal, a structured and competitive process with the help of an advisor was needed. It resulted in both a better financial outcome and a more strategically suitable buyer.
"There was a lot of interest in this business. The market was favorable and in the tailwind, through an orderly process we were able to attract strong bidders," says Mattias Nilsson, Associate Director at Clearwater Sweden and adviser on the deal.
"It is clear that 1+1 became more than 2 in this case. CoreChange and Implema reinforce each other in a way that creates long-term value for customers and employees. There is a natural affinity here," says Mattias Nilsson.
Buyer identified
In the consulting industry, competence and people are the core of the business, and the cultural alignment between CoreChange's SAP and BI operations and potential buyer was especially important in a merger.
After an intensive selection process, it was clear that Implema was the optimal partner. As one of Sweden's leading players in SAP and Microsoft Dynamics, Implema had a clear growth strategy and culture that matched CoreChange's SAP and BI operations. Through the deal, Implema gained access to a group of highly competent consultants and a customer portfolio that complemented their existing offering. Both businesses share a strong customer focus, an entrepreneurial spirit and a culture marked by collaboration and innovation. Throughout the process, it was also important to ensure that the employees would feel comfortable in the new constellation.
"It is clear that 1+1 became more than 2 in this case. CoreChange and Implema reinforce each other in a way that creates long-term value for customers and employees. There is a natural affinity here," says Mattias Nilsson.
Clearwater advisers
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