Endava Announces Two Corporate Transactions
03 Junho 2019 - 8:56AM
Business Wire
- Endava announces the sale of the
Captive to Worldpay; Strengthens relationship under MSA.
- A 32 person strong team of highly
experienced cloud software implementation specialists joined Endava
in Romania.
Endava (NYSE: DAVA): As previously disclosed, Worldpay has an
option to purchase Endava Technology SRL, also referred to as “the
Captive,” from us. The Captive is located in Bucharest, Romania and
its 138 current employees work exclusively for Worldpay. Worldpay
requested, and Endava agreed to allow, an early exercise of the
option, which was not exercisable until September 2019. The
aggregate purchase price for the Captive is within the previously
agreed range as disclosed in Endava’s filings with the Securities
Exchange Commission. The transaction is expected to close during
the first quarter of Endava’s 2020 fiscal year, subject to Romanian
regulatory approval. Upon closing, the employees of the Captive
will become employees of Worldpay.
In connection with the transaction, Endava has agreed to provide
Worldpay certain transition services under the existing Master
Services Agreement (MSA) between Endava and Worldpay, which will
remain in place following the closing of the sale of the Captive.
This strong relationship is being further strengthened through an
extension of volume commitment timelines under the MSA and a
potential opportunity to expand our collaboration into the US,
which remains subject to entry into a binding agreement. Currently
291 Endavans are deployed on Worldpay projects contracted for under
the MSA, which is in addition to and separate from the work done by
the Captive and its employees for Worldpay. This transaction does
not impact Endava’s FY19 guidance and we plan to provide FY20
guidance on our next earnings call.
Further, in recognition of growing demand for cloud-based CRM
expertise as a facilitator for digital transformation, including
requirements identified in many of Endava’s clients, we are
delighted to announce that a 32 person strong team of highly
experienced cloud software implementation specialists based in
Romania joined Endava on 1 June 2019, bringing with them a
profitable revenue stream. Endava intends to build on this core to
rapidly grow its cloud software implementation capability.
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements may be identified by the use
of terms and phrases such as “believe,” “expect,” "intend," “plan,”
and other similar terms and phrases. Such forward-looking
statements include, but are not limited to, the statements
regarding the impact to current guidance and expected timing of
future guidance, expected timing of the closing of Endava’s sale of
the Captive to Worldpay and Endava’s relationship with Worldpay
following the closing, the impact of the acquisition of the team of
cloud software implementation specialists in Romania and the
potential expansion of that team. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially from the
results anticipated by these forward-looking statements, including,
but not limited to, : the risks and uncertainties discussed in the
“Risk Factors” section of Endava’s Annual Report on Form 20-F filed
with the Securities and Exchange Commission on October 11, 2018 and
final prospectus filed with the Securities and Exchange Commission
pursuant to Rule 424(b)(4) on April 18, 2019.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190603005441/en/
Investor Relations:Laurence Madsen,
Endavainvestors@endava.com
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