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Endava Acquires Croatian Digital Agency Pet Minuta For Digital Transformation

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  • Endava PLC (NYSE: DAVAannounced the acquisition of Pet Minuta d.o.o. of Croatia and its U.S. subsidiary, Five Minutes Studio, Inc. (together “FIVE”).
  • Based in Brooklyn, NY, and Croatia, FIVE is a digital agency that delivers product strategy, design, build, and delivery of digital experiences and ongoing growth marketing using agile methodology combined with a scientific/metrics-driven approach to product design.
  • The financial terms of the transaction were not disclosed.
  • The acquisition will help Endava boost its capacity in the ideation, design, and delivery of intelligent digital experiences and improve its abilities in digital product strategy and performance optimization services.
  • The transaction is expected to be earnings accretive from the first year.
  • Endava’s cash and cash equivalents amounted to £84.2 million as of December 31, 2020.
  • Price action: DAVA shares are down 3.16% at $86.32 on the last check Thursday.
 

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