Endava sells Romanian fintech subsidiary to its partner Worldplay
British IT services and solutions provider Endava, with over 2,300 employees in Romania, will sell its fintech subsidiary Endava Technology to US-based payment processor Worldpay.
Endava Technology and its 138 employees based in Bucharest currently work exclusively for Worldpay, which holds a buy option for the entity. The price, under the agreement, has to be between GBP 2.5 million and GBP 6 million, according to Profit.ro.
Worldpay requested, and Endava agreed to allow early exercise of the option for which the maturity was September 2019. The completion of the transaction is anticipated for the first quarter of the fiscal year 2020 and requires the approval of the Romanian regulators.
Founded in 2000 in London, Endava now has more than 4,700 employees, of which more than half are in five Romanian centers located in Cluj-Napoca, Bucharest, Iasi, Pitesti, and Targu-Mures. The company also operates centers in Bulgaria, Macedonia, Republic of Moldova, Serbia and four Latin American countries while having offices in Western Europe and the USA. Last year, Endava Romania posted RON 500 million (EUR 107 mln) in revenues and a net profit of RON 60.2 million (EUR 13 mln).
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