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Etteplan strengthens its foothold in Sweden via acqusition
Etteplan is following through with its growth strategy, at the core of which is organic growth and strengthening the company’s expertise and market position through acquisitions, by acquiring Swedish engineering company Devex Mekatronik AB.
Established in 1998, Devex Mekatronik specialises in mechanical and electronical engineering, software development, embedded systems and life science. Devex Mekatronik’s turnover in 2018 amounted to approximately EUR 9.2 million, and the company’s customers operate in a wide range of industries. Devex Mekatronik employs 120 experts in six locations in Sweden: Stockholm, Uppsala, Linköping, Karlstad, Lund and Sundsvall. Etteplan will significantly reinforce its knowledge base and market position in Sweden thanks to the acquisition. Once the transaction is complete, Etteplan will have more than 600 employees working in 15 different locations in Sweden. “The acquisition of Devex Mekatronik will considerably enhance our position in Sweden’s growing market and expand our expertise, especially in the area of medical technology. At the same time, we will strengthen several of our customer relationships and be able to more effectively challenge other players in the market,” says Etteplan’s President & CEO, Juha Näkki, in a press release “It has been 20 years with many interesting development phases for Devex Mekatronik and I am very proud of what we have accomplished over the years. Our customer projects are becoming even larger, which is why we need access to a larger resource pool and wider capabilities to be able to meet our customers’ needs. Etteplan’s business has developed favorably in Sweden. They are located in the same cities as we and share our ambition to work in increasingly challenging projects,“ says Eric Boström, founder and chairman of the board of Devex Mekatronik. Etteplan expects the transaction to generate roughly EUR 400,000 in synergies from 2020 on. The parties have agreed not to reveal the price of the transaction.
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