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Endava marks one year since IPO

Endava, one of the most important software companies, present on the local market with 7 delivery centers, reaches an almost double capitalization, 2.07 billion USD, on July 26, 2019, one year after listing. The share price also registered a 91.5 per cent increase, reaching 38.31 USD from an initial value of 20 USD per share on July 26, 2018.

2019-08-01 13:20:18

In July 2018, the British IT services provider Endava PLC raised 127 million UDSD after it had sold 6.3 million ADRs in an upsized offering priced at 20 USD, above the expected range, following a successful IPO on the New York Stock Exchange (NYSE).

"The IPO was a natural next step in the evolution of Endava and a year on I would like to take another opportunity to thank my colleagues, our clients and our partners for their contribution to our ongoing story and success," said John. "Since our IPO we have continued to build on our core purpose of creating an environment and culture that breeds success by caring for our customers as individuals and enabling our people to be the best that they can be, and I am immensely proud of our achievements," saysJohn Cotterell, CEO Endava.

During the last twelve months, Endava has been awarded a number of accolades including ‘Brand of the Year' and ‘Outsourcing Project of the Year' in Romania, as well as being featured in the "Best of the Global Outsourcing 100" IAOP list and named as "One of the 10 most innovative ICT disruptors to watch in 2019".

The company also announced a strategic partnership with Bain & Co and more recently were named as a principal partner of the Fintech Alliance, announced by Her Majesty's Treasury (HMT), and in partnership with the Department of International Trade (DIT).

Endava had over 5 500 employees as of March 31, 2019 located in offices in North America and Western Europe and delivery centres in Romania, Moldova, Bulgaria, Serbia, Macedonia, Argentina, Uruguay, Venezuela and Colombia.

In June, Endava announced two corporate transactions. As previously disclosed by the company, Worldpay had an option to purchase Endava Technology SRL, also referred to as "the Captive." The Captive is located in Bucharest, Romania and its 138 current employees work exclusively for Worldpay. Worldpay requested, and Endava agreed to allow, an early exercise of the option, which was not exercisable until September 2019. The aggregate purchase price for the Captive is within the previously agreed range as disclosed in Endava's filings with the Securities Exchange Commission. The transaction is expected to close during the first quarter of Endava's 2020 fiscal year, subject to Romanian regulatory approval. Upon closing, the employees of the Captive will become employees of Worldpay.

In connection with the transaction, Endava has agreed to provide Worldpay certain transition services under the existing Master Services Agreement (MSA) between Endava and Worldpay, which will remain in place following the closing of the sale of the Captive. This strong relationship is being further strengthened through an extension of volume commitment timelines under the MSA and a potential opportunity to expand our collaboration into the US, which remains subject to entry into a binding agreement. Currently 291 Endavans are deployed on Worldpay projects contracted for under the MSA, which is in addition to and separate from the work done by the Captive and its employees for Worldpay. This transaction does not impact Endava's FY19 guidance and we plan to provide FY20 guidance on our next earnings call.

Also, the company announced that a 32 person strong team of highly experienced cloud software implementation specialists based in Romania joined Endava on 1 June 2019.

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