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SmartData Collective > Uncategorized > Deltek announces intent to acquire Maconomy
Uncategorized

Deltek announces intent to acquire Maconomy

mfauscette
Last updated: 2010/06/03 at 2:38 PM
mfauscette
5 Min Read
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201005311603.jpg 201005311604.jpg

Today Deltek announced its intent to acquire Maconomy, a European based services resource planning (SRP) vendor. In the realm of project based businesses there are only a handful of vendors that offer complete, end-to-end solutions, and this acquisition brings together two of those vendors, each with strong products and each with unique focus areas both in geography and micro-vertical. Both companies are public so first let’s look at the financials:

Maconomy:

Total Revenue 2009: $41.1M

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Breakout: $9.8M new license, $15M maintenance and $16.3 services

This statement is taken from their consolidated financials report for 2009: “Total revenue declined 5 percent compared to 2008. This was mainly due to a licence revenue decline of 19 percent, which means that this revenue comprised 24 percent of total revenue in 2009. Subscription revenue rose by 10 percent to comprise 36 percent of total revenue, while consulting revenue dropped by 5 percent to make up 38 percent of total revenue.”

Approximately 211 employees

Deltek:

Total Revenue 2009: $271M

Breakout: $72.2 new license, $108.8M maintenance, and $90.1M services

From a product perspective Maconomy X1 is similar to Deltek …

201005311603.jpg 201005311604.jpg

Today Deltek announced its intent to acquire Maconomy, a European based services resource planning (SRP) vendor. In the realm of project based businesses there are only a handful of vendors that offer complete, end-to-end solutions, and this acquisition brings together two of those vendors, each with strong products and each with unique focus areas both in geography and micro-vertical. Both companies are public so first let’s look at the financials:

Maconomy:

Total Revenue 2009: $41.1M

Breakout: $9.8M new license, $15M maintenance and $16.3 services

This statement is taken from their consolidated financials report for 2009: “Total revenue declined 5 percent compared to 2008. This was mainly due to a licence revenue decline of 19 percent, which means that this revenue comprised 24 percent of total revenue in 2009. Subscription revenue rose by 10 percent to comprise 36 percent of total revenue, while consulting revenue dropped by 5 percent to make up 38 percent of total revenue.”

Approximately 211 employees

Deltek:

Total Revenue 2009: $271M

Breakout: $72.2 new license, $108.8M maintenance, and $90.1M services

From a product perspective Maconomy X1 is similar to Deltek Vision but is tailored for different segments of the professional services vertical, specifically its micro-segments are agency, consulting, audit and tax, research and PR Consulting. Deltek Vision is mostly sold and deployed into architectural, engineering and consulting firms (AEC) and some consulting firms, which was a new area of product focus over the last two years. Maconomy has another interesting product that could offer opportunity across the entire Deltek customer base, People Planner. People Planner, a resource and capacity planning solution, could be offered in the Vision customer base but also could be appealing to Deltek’s government contracting CostPoint customers. The product would also make a good cloud-based add-on offering. Maconomy has already moved toward cloud offerings with roughly 1/3 of its revenue from subscription last year, which could help Deltek accelerate its moves in that direction. Deltek is committed to fully supporting and investing in Maconomy’s product portfolio and the Vision product line moving forward, which is consistent with the treatment of its other acquired products.   

Here’s a simple graphic depiction of the X1 product:

201006011809.jpg

From a geographic perspective there is great synergy between the two companies, Deltek is strongest in the North American market and Maconomy is strongest in Europe. Deltek gains a seasoned sales organization in Europe, a chance to take Vision to AEC firms there and a solid product in X1 to sell in the NA market in adjacent verticals. Europe is clearly the next growth opportunity for Deltek and the addition of a seasoned distribution organization that has local expertise will accelerate that move. Maconomy headquartered in Copenhagen has offices in The Netherlands, Sweden, Norway, UK and Boston.

Overall this is a smart move on the part of both companies and strengthens Deltek’s offerings through expanded verticals, geographies, delivery models and additional vertical expertise. The combined company is a strong player in the SRP market, a market that has and should continue to outpace the overall applications market for the foreseeable future.

mfauscette June 3, 2010
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