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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (5111)	1/9/2019 10:38:14 AM
From: richardred	Respond to of 7254

CTG acquisition bulks up its European business By David Robinson \| Published January 3, 2019 \| Updated January 3, 2019 Computer Task Group, moving to expand its information technology business in Western Europe, has agreed to acquire a technology consulting business in Luxembourg, the Buffalo-based company said Thursday. CTG said the $10.3 million acquisition of Tech-IT PSF will bring an additional $20 million in annual sales to the company and expand its technology solutions business in Europe. CTG said the two companies have little client overlap and that there should be cross-selling opportunities between their clients. Europe is expected to account for about 35 percent of CTG's sales in 2018. The deal is expected to increase CTG's exposure to the financial services and government markets, which account for about half of Tech-IT's revenue. The deal, which needs to be approved by regulators in Luxembourg, is expected to close later this month. The acquisition is expected to add to CTG's operating results immediately, excluding one-time acquisition costs. "Tech-IT further complements the portfolio growth and business momentum we've achieved in our European operations as we continue to make focused investments in the highest performing areas of our business," said Bud Crumlish, CTG's president and chief executive officer, who plans to retire at the beginning of March. CTG currently has about 1,100 workers and independent consultants in Europe, accounting for almost a quarter of the company's total work force of 4,100 people. The bulk of CTG's European operations are centered in Luxembourg and France. CTG said it will pay for the acquisition through the use of cash and borrowings from its credit line. buffalonews.com