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Sopra Steria continues German buying spree

France-headquartered outsourcer Sopra Steria is acquiring German IT services firm it-economics, a specialist in digital transformation, agile development, cloud services and the management of large-scale enterprise IT projects.

Sopra Steria plans to acquire 100% of the share capital of the company, which has a strong base in the banking, insurance and utilities verticals.

The acquisition, said Sopra Steria, would bolster its position in Germany by “enriching its end-to-end capacities in consulting and software development” while “strengthening its relations with major key accounts in the group’s strategic vertical markets”.

Founded in 2003, it-economics generated organic double-digit growth in 2017, with an estimated revenue of about €20m, said Sopra Steria. If the deal is completed successfully, Sopra Steria says it will consolidate it-economics in its accounts in the second half of 2018. Earlier this month, Sopra Steria finalised the acquisition of BLUECARAT, another German IT services company. The plan to acquire BLUECARAT was announced this January.

With 42,000 employees in over 20 countries, Sopra Steria generated revenue of €3.8bn in 2017. The company has also announced it will hold its annual shareholders' meeting in Paris on 12 June.