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Merger instead of sale – Sycor considerably strengthens its market position

November 8, 2018

 The two globally active IT firms Sycor and Allgeier Enterprise Services, part of Allgeier SE, are planning a merger. 
With over 1,500 employees and an expected sales volume of more than EUR 220 million in 2018 overall, the two companies are significantly improving their future prospects in the market by joining forces. The portfolios of the two companies perfectly complement each other to successfully assist customers, mainly midsize enterprises, in their digital transformation with innovative IT solutions. Business will continue to be conducted from the headquarters in Göttingen under the "Sycor" brand. Sycor's owner Professor Näder is hereby terminating the selling process and taking Sycor to the next evolutionary level through a merger. 

(Göttingen) The search for a suitable strategic investment partner for Sycor announced by Professor Hans Georg Näder in the past year has ended. Ottobock Holding's managing partner is now presenting Sycor's employees with a result that fully accomplishes his stated goal of finding "the best home port" for the IT company based in Göttingen. Rather than selling Sycor, which is highly successful in the competitive IT market, to potential investors, Professor Näder has decided to position the company securely for the future through a merger.

Plans are in place to merge Sycor's strengths with those of the German IT firm for business performance, "Allgeier Enterprise Services AG", which also operates worldwide. The name of the new company in the form of a European company (SE) is going to contain the brand name Sycor and its headquarters will be in Göttingen. Allgeier Enterprise Services with about 750 employees generated sales of EUR 105 million last year. It is a division of Allgeier SE, one of Germany's leading IT service providers for digital transformation. Since the parent company's resources can be accessed, this group membership offers considerable advantages for the two companies working together in the future. Allgeier SE based in Munich has more than 120 locations in Europe, Asia, and America. In financial year 2017, Allgeier generated consolidated sales of EUR 574 million. The company is listed in the General Standard of the regulated market at the Frankfurt Stock Exchange. With around 8,000 employees and more then 1,400 freelance experts, Allgeier offers a comprehensive portfolio of IT solutions and services to its customers.

Sycor is also an ideal partner for Allgeier due to the latest developments: The company now has over 750 employees and its annual sales grew by almost 20 percent to EUR 85.1 million in 2017.

"This merger puts Sycor in an excellent position for further growth," says Sycor Managing Director Jochen Schwiersch about the new situation. "Just through the planned merger, I already see us among the leading midsize German companies in the IT consulting market." Sycor's co-founder and long-time Managing Director Rüdiger Krumes adds: "We now intend to jointly pursue the goal of becoming the market leader in this segment. The portfolios of the two companies put us in an ideal position to accomplish this, since they perfectly complement each other to meet the demands of our customers."

After the merger that is planned and currently being reviewed, the portfolio under the leadership of Allgeier as the majority partner will continue to encompass consulting services from strategy and process consulting to full implementation to managed services in the areas of application management, cloud, and hosting. From implementation, optimization, and expansion to operation, midsize companies and corporate groups can ensure the performance of their IT applications.

 "With a growth strategy aimed at innovations and future trends, we will be jointly seizing the opportunities of digitalization going forward," is how Hubert Rohrer, Member of the Management Board of Allgeier SE and Allgeier Enterprise Services, describes the interest in this merger. "Initially the two companies will operate independently in the market. In the future, customers and employees will reap the benefits of the combined size, the international presence, and the complementary know-how under the Sycor brand and the headquarters in Göttingen," Rohrer continues.

An important decision point for the negotiation team, which Professor Näder led in person, was the prospect that the Sycor brand, the culture with its emphasis on employee orientation, and all current jobs at Sycor will be protected in this planned merger.

Professor Näder paid special attention to the concept developed by Sycor employees in a private initiative for the company's purchase by the staff. "I was impressed by the interest and engagement of Sycor's employees. But in the end, the overall benefits for Sycor, and especially for Sycor's employees, due to the merger with Allgeier proved decisive," Professor Näder says.

Professor Näder considers the IT market and the merged company so attractive that he will continue to hold shares in the company. He views the future of his midsize start-up based in Göttingen, Lower Saxony, which is now 20 years old, with great enthusiasm: "With the prospect of EUR 100 million in sales expected for Sycor in 2018 and the strengths of Allgeier, we are now setting the direction for a great and successful future."

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About Sycor:

The Sycor Group is a digitalization service provider with more than 750 employees around the world. With headquarters in Göttingen and further locations in Germany, Austria, America, and Asia, the company has an international presence. Sycor supports customers with custom IT services and solutions for all corporate divisions along the entire value chain, integrating individual solutions harmoniously into existing ones or setting up completely new infrastructure and application landscapes. Sycor implements and operates cloud, on-premise, or hybrid solutions according to customer requirements.

Its own solutions, vertical add-ons, and all services in the area of SAP ERP and Microsoft Dynamics 365 are just as much a part of the selection as quality-assured solutions and services for IT outsourcing, Customer Relationship Management (CRM), and Enterprise Content Management (ECM). This broad know-how also includes unified communications, software asset management, licence procurement optimization and software lifecycle management, security and networks, Industry 4.0, Internet of Things (IoT), and Big Data. Sycor also implements professional online solutions in the field of business-to-business and business-to-consumer applications with ERP or CRM integration.

Sycor GmbH maintains a quality management system certified in accordance with DIN EN ISO 9001. ISO 27001 certification of the technology division is proof of a robust information security management system. Sycor is a Gold-Level Channel Partner and Partner Center of Expertise of SAP Deutschland SE. As a Microsoft partner, the company is a Cloud Solution Provider and Strategic Development Partner for the areas of leasing, trade, service, and maintenance of mobile goods and fleet management. Sycor's expert knowledge in the areas of professional services and manufacturing has made the company a member of the Microsoft Dynamics Industry Partner Program (EMEA). Various gold and silver competencies represent the broad expertise in the Microsoft environment.

The Sycor Group generated sales of EUR 85.1 million with an average of 690 employees in 2017.

Sycor increased its annual sales by 20 percent to a total of EUR 85.1 million in 2017. The company also grew organically by 100 employees to a total staff of 750 worldwide. Sycor opened its 20th location in Freiburg in August of 2017, and the company moved into a new office complex on the site of the "Alter Güterbahnhof" in Göttingen at the end of June 2018.

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Press release Ottobock

“Two agile, successful IT service providers are seeking to join forces. This is good for both companies, their customers and employees,” said Prof. Hans Georg Näder, President and CEO of Otto Bock Holding.

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Sycor to be merged rather than sold: 

IT-specialist significantly strengthens its market position

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