European player emagine buys 400-person Dutch consulting group Waada
European consulting company emagine has acquired Waada, a Dutch group with more than 400 professionals based across the Netherlands, the United Kingdom, and India.
Founded in 2004, Waada supports enterprise organisations in the delivery of large-scale digital transformation initiatives, including AI adoption, agile transformation, data and analytics, and software engineering. The company offers an end-to-end proposition spanning strategic advisory and change management through to technology implementation and managed services.
Waada operates with two brands. Prowareness is an award-winning transformation partner with deep expertise in agile, lean and change, while DevOn delivers software development services and operates an offshore hub in India.
Dutch presence
The acquisition significantly strengthens emagine’s presence in the Netherlands. The firm recently established a local operation organically in the country, which has grown into a small team. Waada now provides emagine with a substantial foothold in the market and adds approximately €40 million in annual revenue to the group.
The bolt-on increases emagine’s headcount to more than 1,300 employees across offices in 13 countries. In addition, the firm operates a large-scale talent-hiring model. According to company records, emagine currently has around 5,000 consultants on active assignments, drawing on a global network of more than 500,000 independent consultants and practitioners worldwide.
Commenting on the deal, Anders Gratte, CEO of emagine, said: “This partnership marks a defining step in emagine’s growth journey. Waada brings the kind of high-end advisory and specialised engineering capabilities our customers are looking for as they take on increasingly complex transformation programmes and navigate the shift to AI. By expanding our footprint, we can deliver at scale as demand continues to grow.”
Vikram Kapoor, CEO of Waada, added: “Over the past 15 years, I have focused on building Waada into the company it is today. I am extremely proud of our journey and am convinced that now is the right time for Waada to take its next step with the support of emagine. By combining our strengths, we can deliver even stronger outcomes for both clients and employees.”
Derk Zegers (Managing Director of Prowareness) and Rahul Sah (CEO of DevOn International) said jointly: “This agreement opens up new opportunities for our clients and colleagues, while allowing us to preserve the strengths and successes that have driven Waada’s growth for more than two decades.”
Headquartered in Denmark, emagine is backed by Axcel, which invested in the firm in 2021. According to recent reports from Bloomberg, the Danish private equity fund is considering a sale of emagine this year, potentially paving the way for a highly lucrative exit.
The dealmakers
The transaction was advised on by several M&A consultancies. Equiteq acted as exclusive financial adviser to Waada, which was also supported by BDO (financial and tax adviser) and BarentsKrans (legal adviser).
Buyer emagine was advised by PwC (financial and tax adviser), Plesner Advokatpartnerselskab (legal adviser) and JSA (legal adviser).
