SAO PAULO, Dec. 13, 2010 /PRNewswire/ -- Stefanini IT Solutions Group today announced the completion of its tender offer to acquire the outstanding shares of TechTeam Global, Inc, resulting in a merger of the two companies to form a new subsidiary, Stefanini TechTeam.
With this acquisition, Stefanini will have a direct presence in 27 countries -- up from 16 today, creating a broader global presence. The newly-formed subsidiary also brings together Stefanini's traditional strength in areas like application outsourcing and software development with Tech Team's expertise in service desk and BPO.
With the addition of TechTeam employees, the Stefanini IT Solutions Group will now have nearly 12,000 employees worldwide and revenues of $600 Million USD.
The acquisition builds on Stefanini's existing relationship with TechTeam as a client and partner, which is expected to ensure a smooth and efficient integration of the organizations. Earlier this year, Stefanini and TechTeam formed a strategic partnership, and the success of that partnership led Stefanini to pursue a merger they believe will create even more opportunities for business growth.
"As our two companies worked together, it became clear that our geographic footprints and service portfolios were highly complementary, and we realized that Stefanini and TechTeam share similar customer-oriented cultures that will enable us to more effectively address emerging opportunities in global outsourcing," said Marco Stefanini, founder, president and CEO of the Stefanini IT Solutions Group. "Stefanini's acquisition of TechTeam and the formation of our new Stefanini TechTeam subsidiary aligns with several major trends driving growth in outsourcing: globalization, flexible and comprehensive services, rightsourcing and the emergence of Brazil as an economic powerhouse."
Stronger Global Presence
The addition of TechTeam's offices in Europe and Asia Pacific complements Stefanini's strong and growing position in Latin America and North America, giving Stefanini direct presence in 27 countries. Stefanini TechTeam will have a broader global reach and a combined 20 global accounts worldwide. Both Stefanini and Tech Team have experience managing global contracts with very large multinational companies, and the acquisition positions the combined company to increase this portfolio of global engagements with large enterprises.
More Comprehensive Suite of Services
The acquisition of TechTeam brings together Stefanini's offerings in application outsourcing and software development with TechTeam's strengths in areas like Infrastructure Outsourcing and BPO. TechTeam has been a leader in IT outsourcing and business process outsourcing services for large and medium-sized businesses, with offerings like service desk, technical support, desk-side support, security administration, infrastructure management and related professional services. In 2009, the Black Book of Outsourcing ranked TechTeam number one globally in help desk outsourcing across both Tier 1 and Mid Tier customers, as well as number one globally in IT infrastructure outsourcing for Mid Tier customers. The acquisition will allow Stefanini to offer TechTeam clients and its own customer base a more comprehensive suite of services to meet IT priorities and/or to scale into new areas as their needs evolve.
Deeper Rightsourcing Options
The acquisition strengthens Stefanini's ability to offer clients the full spectrum of delivery options, including offshore, nearshore, onshore – no matter where a client is based, leveraging the combined companies' development centers and other resources in regions worldwide. With the acquisition, Stefanini extends its position as an alternative to the traditional Indian offshore model, offering a nearshore option for the U.S. -- with the delivery centers in Latin America – as well as for Europe -- with Romania-based deliver services.
Reinforcing Brazil's Economic and Outsourcing Influence
The acquisition of U.S.-based TechTeam by a Brazil-based company is evidence of the growing influence and power of Latin America in global business. Brazil in particular is increasingly recognized as an emerging force in business and the global economy.
"The Stefanini IT Solutions Group's goal is to become a $1.2 billion company by the end of 2013, and we feel this acquisition of TechTeam will be a major contributor in our work toward that objective," said Marco Stefanini. "We are confident that the formation of Stefanini TechTeam will enable us to improve the support we provide our clients --with a more comprehensive portfolio of services and a broader global reach – and create more opportunities for our employees to grow and prosper.
"At Stefanini, we pride ourselves on an entrepreneurial spirit – encouraging employees to work together to develop new business opportunities aimed at providing the best services possible to a growing base of clients – and the merger of our companies will provide an extraordinary opportunity to put this philosophy to work."
Founded in 1979 and headquartered in Southfield, MI, TechTeam has approximately 2,200 employees across the world, providing IT support in 32 languages.
For more information on this announcement, please refer to formal acquisition news release.
About Stefanini IT Solutions
Stefanini IT Solutions is a global provider of IT consulting, systems integration and outsourcing services. The company has nearly 12,000 employees in 27 countries, and more than 400 active clients across a broad spectrum of markets, including energy and utilities, insurance, manufacturing and distribution, oil and gas, financial services, life sciences and telecom. Stefanini IT Solutions is ISO 9001:2000 certified and was awarded CMMI Level 5 certification in 2005. Founded in 1987, Stefanini IT Solutions currently has operations worldwide, including locations throughout North America.
SOURCE Stefanini IT Solutions