Imtech NV reveals acquisition intention on the Romanian market

Imtech, the global independent supplier of electrical engineering, IT&C and mechanical engineering services, has entered the Romanian market via the acquisition of Sapphir IT & Management Consulting GmbH. The company is looking to expand its capabilities on the Romanian market and reveals what it has in mind, for BR.

The acquisition that ensured Imtech the presence on the Romanian market was made through one of the companies owned by Imtech, ILS ICT Group, which was renamed Imtech ICT Austria at the beginning of the year. The value of the transaction is confidential.

Sapphir Romania, which opened in 2006, was also renamed Imtech ICT Romania. The local firm will be led by Petre Pupaza, former CEO of Sapphir.
“The company in Austria now holds the majority stake in the Romanian company. The remaining shares represent local capital. The shareholding structure is still the same as when the company was called Sapphir,” said Pupaza.

Sapphir Romania was founded as a mixed company between Sapphir IT & Management Consulting GmbH and local consultancy firm Accent Business Consulting. “Accent Business Consulting, represented by me and my son, kept the rights and obligations after this takeover. We did not sell our stake, but we will probably have to sell in four-five years. All I can say is that we still have the veto right,” Pupaza told BR.

The strategy also includes the acquisition of another firm that should have complementary capabilities to those of Imtech.

”The company we are looking for can be very large compared to us because we have the resources. It is not a matter of money but of complementarity. We are not looking only in Bucharest; distance is not an issue. The company needs to have been profitable and to have been sufficiently honest with the state, meaning this profitability must have been reflected in the official figures published in the last two-three years,” Pupaza told BR.

By 2015, Imtech plans to increase its turnover threefold to EUR 1.5 million. A potential acquisition is not included in the takeover prediction.

At the moment, Imtech ICT Romania has 30 clients including General Fluid, Uniqa Asigurari, VES, Fast Eco, Pifati, Romfluid, the Romanian Space Agency and Emon Electric. Its clients come mainly from the private sector. “We were too small to approach projects in the public sector, in turnover, size, certain criteria that you have to meet when you are applying for a state project. We broke our wings in 2009 when the crisis started. We were planning to double our turnover and number of employees in 2009 compared to 2008. All our plans had to be resized. We had to adjust,” said Pupaza. Imtech NV posted a global turnover of EUR 4.5 billion last year.

Otilia Haraga