AKKA and Modis unite to build a global Smart Industry leader

Press releasesJuly 28 2021

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  • Acquisition by the Adecco Group of Ricci family and CNP controlling stakes (59.92% of share capital) at €49 per share
  • Subsequent launch of a Mandatory Tender Offer for the remaining shares expected end of Q1 2022, subject to relevant approvals being obtained and closing
  • Intention to combine AKKA with Modis to create the number #2 player in the global engineering R&D market
  • Modis’ cross-industry expertise in technology and digital engineering consulting, tech talent services and up- and re-skilling ideally complement AKKA’s skills and assets
  • Combined workforce of 50,000 engineers and digital experts with deep cross-sector expertise, a global footprint, balanced industry profile, and strongholds in higher growth sectors such as mobility and software & technology services
  • Jan Gupta appointed President-elect of combined business. Jean-Franck Ricci to be appointed Chairman of the Customer Advisory Board of the newly combined business and Mauro Ricci to be appointed Special Advisor to the CEO of the Adecco Group


  • Mauro Ricci and Jean-Franck Ricci agreed on a cash and share offer, showing commitment to future success of the combined entity within the Adecco Group
  • Premium of approximately 115% to the share price of €22.82 on 23 July 2021 and 108% on the last three weighted months average share price
  • Transaction consideration of €2.0 billion of Enterprise Value


  • Organic growth of +9.2% compared to Q2 2020
  • All Business Units recorded positive organic growth in Q2
  • Ongoing business improvement across industries, strong momentum in non-mobility sectors (+20.5% sequentially)


  • Previous outlook on costs for FY2021 confirmed
  • Lower than expected cash outflows in H1 due to tight cash management
  • End of June 2021 net debt of c. €430m (preliminary figures)
  • Covenant leverage ratio <4.0x as of June 30th, 2021
‘’ Today marks a turning point in AKKA's history as we announce the creation of the number 2 global player in the smart industry, through the combination with Modis. AKKA’s focus since its inception has always been to accelerate innovation for our customers and in taking this next step with Modis, we become even better positioned to do so, reinforcing our capabilities as a valuable long-term partner. The addition of cutting-edge digital engineering skills combined with our deep expertise in the engineering of the full product life cycle that we have acquired working with our blue-chip customers for decades will create value for all our stakeholders. This opens up exciting opportunities for our engineers, who will access a larger playing field to continue to innovate alongside our customers and keep expressing their passion for technologies. I am convinced that Modis is the ideal partner with whom to write this new chapter in our history, powering the future of smart industry together. ‘’

Mauro Ricci

Chairman and CEO of AKKA

‘’ We are very pleased to announce today that AKKA and Modis will come together in a landmark combination. Alongside our Workforce and Talent Solutions global pillars, we are creating a global market leader in technology and digital engineering, a trusted partner to the world’s leading companies, with an ability to capture the accelerating demand for digital transformation through its Smart Industry focus. By combining AKKA and Modis, we are delivering a step-change moment in our Future@Work strategy. This is a compelling investment in a higher growth, higher margin business that has more predictable and resilient earnings and will create significant value for all stakeholders. The two businesses strongly complement one another, united by a shared passion for technology and talent and a dynamic, entrepreneurial culture. We also see potential for Adecco’s ecosystem to provide exciting new opportunities for AKKA and its engineers, with an enhanced ability to combine technology solutions with workforce and talent solutions as part of a truly unique service offering for our customers. ‘’

Alain Dehaze

CEO of Adecco Group

‘’ This is a milestone day and major leap forward in our mission to be a leading enabler of Smart Industry. Smart Industry is where IT and engineering technologies converge into a digital and connected world, and we look forward to joining forces with AKKA, combining their excellent market reputation in engineering with Modis’ strong digital experience. Together we will provide cutting-edge high-tech solutions through highly experienced engineers and digital experts. United, we will be a global engineering and digital solutions powerhouse, one that is a well-positioned and trusted partner worldwide, able to meet accelerating demand from customers who are facing technological disruptions and need our services and skills to scale their transformation. We have the joint ambition to lead the market and to be in the forefront of accelerating innovation and time to market for our customers and partners. Together, we will engineer a smarter future. ‘’

Jan Gupta

President of Modis

Jul 28 2021

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AKKA and Modis unite to build a Global Smart Industry Leader


Jul 28 2021

.pdf — 1.89 MB

Analyst & Investor call