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Press Release

AKKA Technologies And Modis Unite To Build A Global Smart Industry Leader

ZURICH, July 28, 2021 /PRNewswire/ —

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  • Adecco Group to acquire AKKA Technologies and combine the business with Modis to create the global #2 in the engineering R&D market, a powerful platform to drive future Smart Industry leadership
  • Transaction consideration of €2.0 billion of Enterprise Value, equivalent 10.6x EV/EBITDA 2022e[1]
  • Accelerates Adecco Group’s Future@Work strategic implementation toward high-value, technology-led services in less-cyclical markets, while reinforcing the strength of Adecco Group’s unique solutions ecosystem; the three Global Business Units will be recognised market leaders
  • Combined, AKKA Technologies and Modis will have scale, through 50,000 engineering and digital experts with deep cross-sector expertise, a global footprint, balanced industry profile, and strongholds in higher growth sectors such as mobility and software & technology services
  • AKKA Technologies and Modis will offer larger scale and scope for career growth and development for team members of both companies
  • New business will have extensive capabilities in innovative technologies, as well as a differentiated end-to-end service offering, enhancing AKKA Technologies and Modis’ ability to capture accelerating demand for Smart Industry
  • Strong value creation opportunity that elevates Adecco Group’s exposure to structural growth markets, enhances margins and improves the quality and resilience of earnings, while providing greater opportunities for AKKA Technologies and its engineers as part of Adecco Group’s ecosystem
  • Revenue synergies in excess of €200 million and cost synergies of €65 million identified
  • Margin and EPS accretive in year one[2], EVA positive in year three
  • Closing of first stage of transaction to be followed by Mandatory Tender Offer in Belgium and France for remaining AKKA Technologies securities
  • Closing expected in H1 2022, subject to regulatory approvals
  • Mr Jan Gupta appointed President-elect of combined business. Mr Mauro Ricci to be appointed as Special Advisor to the CEO of the Adecco Group and Mr Jean-Franck Ricci to be appointed as Chairman of the Customer Advisory Board of the AKKA Technologies & Modis combined business

“We are very pleased to announce today that AKKA Technologies and Modis will come together in a landmark transaction. Alongside our Workforce and Talent Solutions global pillars, we are creating a global market leader in technology and digital engineering. The combined business will be a trusted partner to the world’s leading companies, with an ability to capture the accelerating demand for digital transformation through its Smart Industry focus,” said Alain Dehaze, CEO of Adecco Group.

“By combining AKKA Technologies and Modis, we are delivering a step-change moment in our Future@Work strategy. This is a compelling investment in a higher growth, higher margin business that has more predictable and resilient earnings and will create significant value for all stakeholders.”  

He added: “The two businesses strongly complement one another, united by a shared passion for technology and talent and a dynamic, entrepreneurial culture. We also see potential for the Adecco Group’s ecosystem to provide exciting new opportunities for AKKA Technologies and its team of engineers, with an enhanced ability to combine technology solutions with workforce and talent solutions as part of a truly unique service offering for our customers.”

Mauro Ricci, Chairman and CEO of AKKA Technologies said: “Today marks a turning point in AKKA’s history as we announce the creation of the number 2 global player in the Smart Industry, through combining with Modis. The innovation that our customers need is a never-ending story, and we must constantly evolve and invest in new technologies and in new skills to remain a valuable and long-term partner. While the engineering industry keeps changing, and its consolidation has not been completed yet, I am convinced that Modis is the ideal partner to write this new chapter in our history, together.”

He added: “The addition of leading-edge digital engineering skills combined with our deep expertise in the engineering of the full product life-cycle that we have acquired working with our blue-chip clients for decades will create value for all our stakeholders. This opens up exciting opportunities for our engineers, who will access a larger playing field to continue to innovate alongside our customers and keep expressing their passion for technologies.”

“This is a milestone day and major leap forward in our mission to be a leading enabler of Smart Industry, which is where IT and engineering technologies converge into a digital and connected world. We look forward to joining forces with AKKA Technologies, combining their excellent market reputation in engineering with Modis’ strong digital experience. Together we will provide cutting-edge high-tech solutions through highly experienced engineers and digital experts,” said Jan Gupta, President of Modis.

“United, we will be a global engineering and digital solutions powerhouse, one that is a well-positioned and trusted partner worldwide, able to meet accelerating demand from customers who are facing technological disruptions and who need our services and skills to scale their transformation. We have the joint ambition to lead the market and to be in the forefront of accelerating innovation and time to market for our customers and partners. Together, we will engineer a smarter future.”



Contact Details:

The Adecco Group

Investor Relations

+41 (0)44 878 88 88

[1] Enterprise Value assuming 100% equity acquired for €1.5 bn and including reported net debt as at end June 2021 and excluding the ODIRNANE, which is equity accounted under IFRS (€175 mn, first call in 2025). Multiple based on consensus estimates. Source: Société Générale.

[2] Excluding one-time integration and implementation costs.


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