mVISE AG (DE:C1VG) is a fast-growing German IT firm with a focus on the high-demand area of digital transformation. Management has been active over the last 12 months with the highly promising autumn 2017 acquisition of a consulting business of SHS Viveon, new marketing partnerships with Magic Software and Deutsche Telekom (DE:DTEGn) to sell the elastic.io platform and a new Strategie 2018+. Helped by this, we believe the group is well placed to achieve its three-year target of doubling revenue and c 7pp EBIT margin expansion through higher sales of high-margin products, employee efficiencies of scale and increased pricing power.
Strategy and acquisitions driving growth
SHS Viveon team and marketing partnerships
The recent acquisition of the consulting business of SHS Viveon is a major step forward for the group. The 50% increase in specialist IT consulting staff for a low 3x EV/EBITDA outlay has boosted customer numbers, market shares in telecoms and finance, and the capacity to take on digital transformation projects. At the same time, new marketing partnerships with a major telco and Magic Software should lead to increased volumes of higher-margin product sales.
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