Insider Information: Digia acquires the Polish company Savangard – creating a new Northern European "powerhouse" of integration services

Artificial intelligence is built on data and integrations. Together with Savangard, Digia creates a significant Northern European provider of integration and API services. The company aims for growth from Poland and more broadly from Europe, while also improving offering and cost competitiveness in the Finnish and Swedish markets.

Digia Plc and the owners of Savangard Sp. z o.o. have signed an agreement whereby Digia Plc will acquire the entire share capital of Savangard Sp. z o.o. The acquisition is set to go through on 2 June 2025.

The Savangard Group consists of Savangard Sp. z o.o. and its wholly owned subsidiaries Peoplevibe Sp. z o.o. and Finnovative Solutions UAB ("Savangard").

Founded in 2002, Savangard is a profitably growing Polish group that provides its customers with high-quality integration, API, and software development services. Savangard’s clients are mainly in the financial, energy, manufacturing and public sectors.

Peoplevibe Sp. z o.o. is an expert network that focuses on providing high-quality and cost-effective expertise. Peoplevibe will expand the offering of Digia Hub's expertise networks.

"Digia's strategy centres on profitable growth in the long term. We now have nine consecutive years of profitable growth behind us. This acquisition expands our offering and target market to enable future growth. In 2024, almost 30 per cent of Savangard's business was generated in Europe, outside the Polish market. This transaction also balances out the country-specific risks of our business," says Timo Levoranta, CEO of Digia.

"The acquisition is part of the implementation of our “Unlock Your Intelligence” strategy. Data utilized by artificial intelligence requires high-quality integrations and API interfaces of the underlying systems. Digia is the leading provider of integration and API services in Finland; together with Savangard, we will become a major player in Northern Europe as well. Our vision is to be a Northern European powerhouse of integration services. I welcome all Savangard personnel to join us on this growth journey," says Levoranta.

Savangard Sp. z o.o. will continue to operate under the full ownership of Digia as one of the subsidiaries of Digia Plc. Janusz Konik will remain at the helm of the company.

Savangard's net sales under Polish GAAP for the fiscal year ending in December 2024 amounted to around EUR 16.4 million and its operating profit adjusted with normalisation items to approximately EUR 2.2 million (approximately 13.4 per cent of net sales), excluding Finnovative Solutions UAB, as it is expected that its pending sales process will be completed after the transaction has been implemented. The

The total purchase price consists of a fixed debt- and cash-free purchase price of EUR 11.62 million and a conditional additional purchase price amounting to a maximum of EUR 4.98 million that is tied to operating profit and net sales targets. The fixed purchase price will be reconciled using the net cash on the closing date of 12/2024 and a reconciliation item for net working capital. The transaction will be financed with a bank loan.

Group employs over 150 people in Warsaw and Czestochowa. All Savangard employees will be part of Digia's Managed Solutions business unit, and the acquisition will have no impact on personnel. Savangard's figures will be consolidated into the Digia Group from the acquisition date.

"We share a strong vision and growth objective. With Digia's support, we’ll be able to expand our operations much faster and continue to pursue growth, enabling us to take on even more varied and extensive projects and clients internationally," says Janusz Konik, CEO of Savangard.

"This merger will provide our existing and new customers with a broader range of services and both the expertise and resources to deliver them. Additionally, the acquisition strengthens our position in European tenders, e.g. in the defence sector. The acquisition also opens up new development opportunities for current and future Digia employees. Together, we’re very strong in terms of expertise, delivery capabilities, partners and references," says Janne Tuominen, SVP of Digia's Managed Solutions business.

For further information, please contact:

Timo Levoranta
CEO, Digia Plc
tel. +358 (0)40 500 2050

The Group’s pro forma key figures (Polish GAAP) for the financial position and earnings of Savangard Sp. z o.o. and Peoplevibe Sp. z o.o. The 2024 pro forma key figures for the Group do not include Finnovative Solutions UAB, as its pending sales process is expected to be completed after the transaction has been carried out, and the income statement figures in the table below have not been adjusted with normalisation items.

Key figures originally in Polish zloty (PLN). Converted into euros at an average rate of 0.2331. The figures are audited by MOK Audit, with Michał Okoniewski as the responsible auditor.

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Nasdaq Helsinki
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digia.com