The cross-border transaction was accomplished through an all-cash tender offer and second-step short-form merger, for a total value of approximately $100.2 million. With the acquisition, Stefanini achieved its principal objectives of further penetrating both the US and European markets and strengthening relationships with major Fortune 500 clients including Ford, Alcoa, John Deere, Proximus, Travelport, Ernst & Young, Essilor and Sanofi Aventis. TechTeam employs over 2,200 individuals in 16 countries and generates annual revenues of approximately $135 million.
Marco A. Stefanini, Chairman of Stefanini IT Solutions said, "We are excited about this pioneering transaction for Brazilian companies and believe it to be a significant step in Stefanini IT Solutions' strategy of expanding its international presence. The prospective combination will create a truly global presence from two customer-focused and service-driven companies." Added Mr. Stefanini, “Fredericks Michael & Co. provided critical guidance at key decision points during this transaction after conducting a broad search and screen process that identified numerous attractive potential targets for Stefanini in the US and Europe. The value of Fredericks Michael & Co.’s timely advice far exceeded our expectations.”
About TechTeam Global, Inc.
TechTeam Global, Inc. is a leading provider of IT outsourcing and business process outsourcing services to large and medium businesses. The company's primary services include service desk, technical support, desk-side support, security administration, infrastructure management and related professional services. TechTeam also provides a number of specialized, value-added services in specific vertical markets. Founded in 1979, TechTeam has approximately 2,200 employees across the world, providing IT support in 32 languages. For more information, please visit www.techteam.com
About Stefanini IT Solutions
Stefanini IT Solutions is a global provider of onshore and nearshore IT consulting, systems integration and development, and outsourcing services. With more than 9,400 employees and 36 offices in 17 countries worldwide, Stefanini IT Solutions services more than 350 active customers across a broad spectrum of industry verticals, including energy and utilities, insurance, manufacturing and distribution, oil and gas, financial services, and telecom. Founded in 1987 and with roots in Sao Paulo, Brazil, Stefanini IT Solutions has grown to be a multinational IT services company and one of the largest IT consulting companies in Latin America.
