Endava Announces the Acquisition of Mudbath, Australia
May 10 2023 - 7:50AM
Business Wire
Endava (NYSE “DAVA”) announced today the acquisition of Mudbath
& Co. Pty Ltd, headquartered in Newcastle, Australia
(“Mudbath”).
Mudbath is an Australian-based technology firm specialising in
strategy, design and engineering services. Mudbath partners with
businesses to build new digital solutions, enhance user experiences
and accelerate digital transformation programs across enterprise
systems, web and mobile products using their proven agile delivery
methodology. Mudbath’s clients span broad industry verticals,
including retail, mining (and adjacent activities including rail
and tools), health, insurance, banking and travel. Mudbath’s
employees are based primarily in Newcastle, Sydney and Melbourne,
Australia.
The acquisition of Mudbath follows Endava’s organic entry into
the Australia market in 2021 and acquisition of Lexicon in 2022,
and further enhances Endava’s depth and breadth in Australia.
Endava continues to see Australia as a growing and attractive
market with strong demand for high-quality technology product
creation delivered both onshore and nearshore by multidisciplinary
delivery teams. Mudbath’s teams and strong client relationships are
expected to complement Endava’s expanding nearshore capability in
Malaysia and Vietnam to continue to deliver innovative,
high-quality, digital solutions.
“Mudbath brings a new and exciting client base, a very talented
team and strengthens our leadership bandwidth in Australia.
Together, we see exciting potential to do more for existing and new
clients, whilst creating attractive opportunities for our people,”
said John Cotterell, Endava’s CEO.
“As we explored partnering with Endava, it became increasingly
evident that our compatibility in terms of culture, capabilities
and strategy made this merger highly beneficial for both parties.
Endava’s wealth of experience, expertise and steadfast commitment
to being a technology partner present a significant opportunity for
our region and we are thrilled to be joining the Endava family. We
hope this merger will enhance the scope and scale of services we
can deliver to our clients,” said Josh Doolan, Founder and CEO of
Mudbath.
ABOUT ENDAVA:
Endava is reimagining the relationship between people and
technology. By leveraging next-generation technologies, our agile,
multi-disciplinary teams provide a combination of product &
technology strategies, intelligent experiences, and world class
engineering to help clients become digital, experience-driven
businesses by assisting them in their journey from idea generation
to development and deployment of products, platforms and solutions.
Endava collaborates with its clients, seamlessly integrating with
their teams, catalysing ideation and delivering robust
solutions.
Endava services clients in Payments and Financial Services, TMT,
Consumer Products, Retail, Mobility and Healthcare. As of December
31, 2022, 12,183 Endavans served clients from locations in
Asia-Pacific, Middle East, North America and Western Europe and
delivery locations in Argentina, Bosnia & Herzegovina,
Bulgaria, Colombia, Croatia, Malaysia, Mexico, Moldova, North
Macedonia, Poland, Romania, Serbia, Slovenia, Uruguay and Vietnam.
https://www.endava.com/
ABOUT MUDBATH:
Founded by Josh Doolan in 2014, Mudbath is an Australian
technology consultancy specialising in digital transformation and
digital product delivery. Collaborating with a variety of clients
from established corporations to rapidly expanding scale-ups,
Mudbath attracts a diverse group of bright minds across digital
strategists, technologists, experience designers and product
experts who succeed through a culture of collaboration, recognition
and delivery. Learn more at www.mudbath.com.au
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements may be identified by the use
of terms and phrases such as “believe,” “expect,” "outlook," “may,”
“will,” and other similar terms and phrases. Such forward-looking
statements include, but are not limited to, the statements
regarding Endava’s and Mudbath’s expectations with respect to the
benefits of the merger including the ability to leverage and
integrate Mudbath’s teams and client relationships; and Endava’s
expectations with respect to the market opportunities in Australia
and its ability to further enhance its market presence in the
country. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause actual
results to differ materially from the results anticipated by these
forward-looking statements, including, but not limited to: Endava’s
ability to successfully integrate Mudbath’s business and personnel
and to realize the benefits of the merger; Endava’s ability to
manage its rapid growth or achieve anticipated growth; Endava’s
ability to retain existing clients and attract new clients,
including its ability to increase revenue from existing clients and
diversify its revenue concentration; Endava’s ability to attract
and retain highly-skilled IT professionals at cost-effective rates;
Endava’s ability to maintain favorable pricing and utilization
rates; the effects of increased competition as well as innovations
by new and existing competitors in its market; Endava’s ability to
adapt to technological change and innovate solutions for its
clients; Endava’s ability to collect on billed and unbilled
receivables from clients; Endava’s ability to effectively manage
its international operations, including Endava's exposure to
foreign currency exchange rate fluctuations; Endava’s future
financial performance, including trends in revenue, cost of sales,
gross profit, selling, general and administrative expenses, finance
income and expense and taxes; impact of general economic conditions
on Endava’s business, results of operations and financial
condition, including increased inflation; and other risks and
uncertainties discussed in the “Risk Factors” section of Endava’s
Annual Report filed with the SEC on October 31, 2022. In addition,
the forward-looking statements included in this press release
represent Endava’s views and expectations as of the date hereof and
are based on information currently available to Endava. Endava
anticipates that subsequent events and developments may cause its
views to change. Endava specifically disclaims any obligation to
update the forward-looking statements in this press release, except
as required by law. These forward-looking statements should not be
relied upon as representing Endava’s views as of any date
subsequent to the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20230510005543/en/
INVESTOR: Endava Plc Laurence Madsen, Investor Relations Manager
Investors@endava.com
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