Dutch and Polish software solutions firm acquired by India's Aspire Systems

Dutch and Polish software solutions firm Goyello has been acquired by Aspire Systems, an Indian IT player with over 2.300 employees globally. The purchase of Goyello marks Aspire Systems’ first acquisition in Europe since 2014, when it bought Belgium-based Applied Development. 

With employees in North America, Singapore, India and the Middle East, Aspire Systems is one of the globe’s larger IT services companies. Around 20% of its $70 million in revenues is generated in Europe, and in line with its strategic plan to ramp up the share of Europe within its broader portfolio, the firm has bought Goyello. The move is part of the Aspire's broader growth strategy – the Chennai-based technology firm aims to grow its revenue base to between $85 million and $100 million in the coming 18 months.

Goyello is an IT firm that provides IT consulting, software development and mobile services to clients in Europe and North America. The company, founded in 2006 by two Dutchmen – Peter Horsten en Arie de Bruin – operates from Hardinxveld-Giessendam in the Netherlands, where Goyello is headquartered, and Koszaling and Gdansk in Poland, where it has two IT delivery centres and where most of its staff sits.The approximately 120-strong team of Goyello joins Aspire Systems, lifting the acquirers headcount to around 2.400 employees. “Goyello, with their extensive software development, project management and IT consulting expertise, will make it possible to serve our European clients better and from a shorter distance and with a better time overlap. The shared vision, strategy and cultural alignment of both companies is a major reason for Aspire and Goyello to join forces”, said Gowri Shankar Subramanian, Chairman and CEO of Aspire Systems. 

The acquisition of Goyello builds on a string of previous deals by Aspire Systems, including that of Versant Technologies and SRA systems. In Europe, Aspire Systems entered the market in 2014 when it bolted-on Applied Development, a Belgium-based IT service firm located in Ghent.

“With Goyello joining the Aspire family, we will be able to widen our presence in Europe while also tapping into near-shoring advantages by being in Poland,” Shankar Subramanian added.

Commenting on the deal, Goyello’s Managing Director Peter Horsten said, “The decision to divest 100% of the firm to Aspire Systems builds on strong synergies. We share similar core strengths and values such as deep employee focus, superior client partnerships, emphasis on technology leadership and creating a collaborative work environment.”

Goyello was advised on by IMAP Netherlands, the Dutch member affiliate of IMAP, an international network of corporate finance firms with 60 offices in 35 countries focused on the mid-market segment. Other dealmakers involved have not been disclosed.