Endava (NYSE:DAVA) signs agreement to acquire Australia’s Lexicon

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 Endava (NYSE:DAVA) signs agreement to acquire Australia’s Lexicon
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Highlights:

  • NYSE-listed Endava has acquired Australian digital solutions firm, Lexicon.
  • As per the company’s FY22 financial report, Lexicon generated 94% of its revenue from the Australian market and 6% from the USA.

NYSE-listed pure-play technology company named Endava (NYSE:DAVA) announced on 6 October 2022, that it has signed an acquisition deal with Lexicon Digital Pty Ltd and Lexicon Consolidated Holdings Pty Ltd.

Lexicon represents itself as a digital solutions company headquartered in Melbourne, Australia. The company focuses on curating tech-advanced digital solutions for its clients. Lexicon takes care of factors like consulting, designing, and engineering these digital solutions to help businesses accelerate their digital transformation programs.

Industry leaders in Australia's insurance and wealth management sectors, as well as a wide range of businesses in the entertainment, retail, agribusiness, and automotive industries are among Lexicon's clients. Moreover, nearly 90% of Lexicon's sales came from multinational corporations in FY22, with 6% of its revenue coming from the United States and the remaining 94% from Australian companies, as per media source.

Details about the acquisition

The primary reason behind this acquisition comes down to enhancing Endava’s presence in Australia. According to the company’s announcement, Endava speculates that its current position in Australia will be strengthened by this acquisition, along with offering a solid framework for accelerated in-market expansion.

Apart from this, a nearshore delivery facility in Vietnam will also be made available to Endava for supporting its current operations in Malaysia and Singapore.

Talking about the deal,

About Lexicon

Chris Carydias founded Lexicon in 2016, and the company currently has 127 billable staff in Australia and Vietnam. Lexicon collaborates with scale-ups and reputable corporate clients to create innovative digital products along with pushing large-scale transformation. The digital solutions company is known for its software delivery, pragmatic approach to problem-solving, and sustainable attitude to business behaviour and social responsibility.

About Endava

Endava, as a next-gen technology company, is focused on redefining how people and technology interact. The company’s agile, multi-disciplinary teams use next-generation technologies to deliver a combination of engineering, product and technology strategies.

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