Endava Acquires Croatian Digital Agency Pet Minuta For Digital Transformation - Endava (NYSE:DAVA)

Endava PLC (NYSE: DAVA) announced 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.