Tessi, a global provider of Business Process Services, today announces the signing of an agreement to sell the majority of its Spanish businesses (Graddo, BPO Solutions, Diagonal Company and Atacas) to Spanish group Servinform.
The divested businesses, which operate in a single sector with high exposure to the mortgage and housing market, will benefit from the backing of a diversified local group to help them achieve sustainable growth and expand their sphere of operation.
Accounting for €83.3 million of Group turnover and €0.8 million of current operating income in 2019, the companies have a total enterprise value of around €17 million.
Tessi will maintain its presence in Spain via Insynergy Consulting España (ISYC), Todo En Cloud, its Consulting & Integration division with Gdoc España and the Spanish operations of ADM Value.
These disposals reflect the Tessi Group's renewed focus on core business in France, Spain, Switzerland and Latin America. Tessi will continue to develop its service and technology offerings through a combination of organic growth and acquisitions.
The completion of this sale is subject to standard conditions precedent and is expected to take place by early 2021 at the latest.
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Q3 2020 turnover, 5 November 2020 after market close