Mercedes-Benz EQ Formula E Team and Modis enter into partnership for Season 7

Posted 29 October 2020


  • Adecco Group to acquire AKKA Technologies and combine the business with Modis to create the global #2 in the engineering R&D market, a powerful platform to drive future Smart Industry leadership

  • Transaction consideration of €2.0 billion of Enterprise Value, equivalent 10.6x EV/EBITDA 2022e (a)

  • Accelerates Adecco Group’s Future@Work strategic implementation toward high-value, technology-led services in less-cyclical markets, while reinforcing the strength of Adecco Group’s unique solutions ecosystem; the three Global Business Units will be recognised market leaders

  • Combined, AKKA Technologies and Modis will have scale, through 50,000 engineering 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

  • AKKA Technologies and Modis will offer larger scale and scope for career growth and development for team members of both companies

  • New business will have extensive capabilities in innovative technologies, as well as a differentiated end-to-end service offering, enhancing AKKA Technologies and Modis’ ability to capture accelerating demand for Smart Industry

  • Strong value creation opportunity that elevates Adecco Group’s exposure to structural growth markets, enhances margins and improves the quality and resilience of earnings, while providing greater opportunities for AKKA Technologies and its engineers as part of Adecco Group’s ecosystem

  • Revenue synergies in excess of €200 million and cost synergies of €65 million identified

  • Margin and EPS accretive in year one (b), EVA positive in year three

  • Closing of first stage of transaction to be followed by Mandatory Tender Offer in Belgium and France for remaining AKKA Technologies securities

  • Closing expected in H1 2022, subject to regulatory approvals

  • Mr Jan Gupta appointed President-elect of combined business. Mr Mauro Ricci to be appointed as Special Advisor to the CEO of the Adecco Group and Mr Jean-Franck Ricci to be appointed as Chairman of the Customer Advisory Board of the AKKA Technologies & Modis combined business

Read full press release

In Modis, we have found a global technology brand as a partner, together with whom we aim to shape the future. Modis gives the team access to a large global pool of technology and digital engineering talent and consulting solutions. In such a competitive field as Formula E, the highly specialised technical skills that we require are not easy to find. That’s why we are delighted to partner up with Modis.

Ian JamesTeam Principal of the Mercedes-Benz EQ Formula E TeamTweet this

We are really excited about our partnership with the Mercedes-Benz EQ Formula E Team. Being part of a carbon-neutral race series is an important way for us to contribute to creating a sustainable future. We also want to inspire people to think about the jobs of tomorrow, and how they can positively shape that future. As an Official Engineering Partner with a network of 30,000 consultants around the world, we look forward to supporting the team with our expertise and talent that will continue to drive them forward.