KKCG Completes Acquisition of Avenga from Oaktree and Cornerstone

LUZERN, Switzerland, Feb. 28, 2024 (GLOBE NEWSWIRE) -- KKCG, a leading European investment and innovation group, announces the successful completion of its acquisition of Avenga, an end-to-end software engineering and consulting platform, previously owned by funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and funds managed by Cornerstone Investment Management, L.P. (“Cornerstone”).

Effective at the closing of the transaction, Avenga, a global technology platform headquartered in Germany, with 31 offices internationally, and nearly 4,000 professionals, has become a wholly owned subsidiary of KKCG.

This acquisition marks a turning point in the strategic development of KKCG’s technology pillar. Commenting on the completion, Michal Tománek, Investment Director at KKCG, said, “Avenga bolsters KKCG’s presence internationally and seamlessly complements KKCG’s custom software development company Qinshift, making KKCG Technologies one of Europe’s largest digital transformation architects, catering to a diverse global client base.”

Ludovic Gaudé, Head of KKCG’s software engineering activities and CEO of Qinshift, is leading the integration process, in collaboration with Yuriy Adamchuk, CEO of Avenga. Following the successful closing, Gaudé explained, “Now, it is time to roll up our sleeves and commence the merger process, marking the first step in the shared Avenga-Qinshift journey.”

About KKCG
KKCG is an investment and innovation group with expertise in lotteries and gaming, energy, technology, and real estate. Founded by entrepreneur, investor, and philanthropist Karel Komárek, KKCG employs over 10,000 people in 37 countries across its portfolio companies, with more than €9 billion in assets under management. Its businesses include, amongst others, ARICOMA GROUP Holding a.s., comprehensive IT services provider and custom software development across Europe and the US; Allwyn, a multi-national lottery operator with leading market positions in Austria, Czech Republic, Greece, Cyprus, Italy, the United Kingdom and the United States (Illinois); MND Group, an international producer and supplier of traditional and renewable energy, active in drilling and exploration, energy storage, retail, and trading; and KKCG Real Estate, which creates internationally recognized, award-winning architecture in the residential, commercial, and industrial sectors with a focus on innovative and sustainable development. With operations on several continents, KKCG businesses draw on capital, networks, and insights from across the group to enable profitable, sustainable growth for the long term. KKCG is committed to supporting the communities where it operates, contributing to the societies it works within. 

About Avenga
Avenga is a global engineering and consulting platform with deep industry knowledge, especially in pharma, insurance and finance, and advanced manufacturing. The company's IT specialists operate from 31 offices worldwide and support global corporations and complex organizations in their digital transformation with projects along the entire digital value chain - from digital strategy to the implementation of software, user experience, and IT solutions. Avenga's many world-renowned clients include organizations like ABB, Allianz, GSK, Santander, and Volvo.

About Qinshift
Qinshift is a global technology company with a strong European presence, aiming to solve business problems for forward-leaning companies worldwide. Qinshift has over 3000 genuine tech experts across 28 offices that build and design software and deliver end-to-end enterprise solutions, visionary UX and UI design, reliable managed services, and innovative product development offerings. Qinshift also provides cutting-edge tech consultancy services. The company caters to a diverse clientele, including large telecom and satellite operators, financial & banking institutions, manufacturing and automotive companies, and mobility and health organizations, supporting their digital transformation journey.