French IT services firm Atos has agreed to buy communications firm Unify for 340 million euros ($373 million) as it looks to expand into corporate telephony.
Atos, which is 12 percent owned by Siemens, has said the transaction is subject to employee representative’s bodies’ information and consultation and the approvals of the regulatory and antitrust authorities. Closing is expected in the first calendar quarter of 2016.
The purchase would give the business an enterprise value of 590 million euros. Atos said it was paying 340 million euros in cash, taking over 200 million euros of pension deficit and 50 million euros of net debt.
Thierry Breton, Chairman and CEO of Atos said: “The contemplated acquisition of Unify will increase our offerings for the digital transformation for our customers. They are looking for seamless services solutions for their entire digital portfolio and a reliable partner that can service their needs end-to-end. Unify portfolio and customer base is a perfect match that uniquely complements existing Atos digital capabilities”.
Joe Kaeser, President and CEO of Siemens AG, said: “I am convinced that Atos is the perfect solution for a sustainable future of Unify and its customers. Atos is a proven and a trustful partner and a specialist for successful integration of acquisitions. At the same time, we are diligently executing on our Vision 2020, focusing our business and position Siemens along the value chain of electrification, automation and digitalization.”
Founded in 2008 as Siemens Enterprise Communication, Unify was a joint venture between The Gores Group and Siemens, mainly active in Europe and the Americas. It employs about 5,600 people and generates 1.2 billion euros in revenue.