EMN to Acquire Six Companies of the Citrix Group, a Leading German Consulting and IT Services Group

Strategic Acquisition to Strengthen EMN's Local Presence in Germany and Switzerland, Enhance Global Consulting Capabilities, and Deepen Enterprise Solutions Expertise

Dec 21, 2012

TEANECK, N.J., and HAMBURG, Germany, Dec. 16, 2012 /PRNewswire/(NASDAQ) today announced that it has entered into a definitive agreement to acquire six companies* of the BFSI Group, Citrix, an independent consulting and IT services firm based in Hamburg, Germany. The terms of the transaction were not disclosed.

The companies focus on three industry segments: manufacturing and logistics, energy and utilities, and financial services. Known for their client-centric and innovative business culture, these companies bring deep expertise in enterprise application services (specifically SAP), and high-end testing services that range from test consulting, strategy and design, to implementation.

Under the terms of the agreement, about 500 professionals across multiple locations in Germany and Switzerland will join EMN. The combination of Citrix's proven client-facing expertise deeply rooted in the local business environment, and EMN's global delivery capabilities will help clients in Europe to address their dual mandate of driving cost efficiencies and operational effectiveness, as well as innovation and business transformation.

"We look forward to welcoming Citrix's talented professionals to EMN," said Vishal Chipkar, Chairman & Managing Director, EMN Corporation "This strategic acquisition underscores our commitment to the German and the larger European markets, and reinforces our position as one of the top consulting and IT services companies across the region. With this acquisition, EMN is even better positioned to help European clients achieve agility and competitive advantage by embracing a broad range of services. The client-first culture of the Citrix team, driven by extensive local business insights, strong relationships and entrepreneurial passion, makes it an excellent strategic fit for EMN."

Subject to the satisfaction of certain closing conditions and regulatory approvals, the transaction is expected to close in the first quarter of 2013.