Aubay Group has announced the acquisition of a 76% stake in Spanish company Norma4, which is primarily located in Madrid and which specializes in software development, production support and technological consulting services.
Generating revenues of around €15 million, Norma4’s 285 employees work essentially within the banking sector for strategic accounts such as Banco Santander and BBVA. The acquisition will strengthen Aubay’s position in the banking industry in Spain, and means that the Group now works with virtually all of the financial institutions of the countries in which its consultants operate.
Following the acquisition which is financed entirely in cash, Aubay now employs over 500 members of staff across Spain and Portugal, leaving it ideally placed to capitalize on the recovery that is progressively taking shape across the region.
The acquisition will be consolidated in the Group’s accounts from 1 October 2014.