Endava (DAVA) Announces Acquisition of Pet Minuta
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Endava (NYSE: DAVA) announced today the acquisition of Pet Minuta d.o.o. of Croatia and its U.S. subsidiary, Five Minutes Studio, Inc. (together “FIVE”).
FIVE, based in Brooklyn, NY and Croatia, is a digital agency delivering a full spectrum of services, including product strategy, the design, build and delivery of digital experiences, and ongoing growth marketing using agile methodology combined with a scientific/metrics-driven approach to product design.
With this acquisition, Endava increases its capacity in the ideation, design and delivery of intelligent digital experiences and enhances its capabilities in digital product strategy and performance optimization services.
FIVE brings to Endava a list of clients primarily based in the United States. This list includes well-known companies such as Rosetta Stone, Bullhorn Inc. and Napster. FIVE partners with clients to create new revenue streams and applies its results-driven focus to help those clients increase revenue, and user engagement, while lowering acquisition costs, all results that are critical to digital product success in the long term.
FIVE has a team of 157 operational employees based in Brooklyn, NY and Croatia. The majority of its people are based in delivery centers in Croatia’s four largest cities.
The transaction is expected to be earnings enhancing in year one.
“I am delighted to welcome FIVE into the Endava family. They are a wonderful team who bring additive skills into Endava, particularly in the product strategy and growth optimization space, which we believe many of our clients will find compelling. Additionally, their credentials as a leading New York agency with delivery centers in Croatia is aligned with our business model and further strengthens our footprint in the Adriatic region,” said John Cotterell, Endava’s CEO.
“We are thrilled to be joining Endava. We saw early on the cultural fit and were very excited about Endava’s interest in our people and core services, including Product Strategy, Design and Growth Marketing. We believe being part of a larger platform and joining forces with Endava will open up even more opportunities for our talent and provide our clients with additional capability and capacity,” said Viktor Marohnić, Founding Partner at FIVE.
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