Deltek and Maconomy set to join for global leadership

COPENHAGEN — (BUSINESS WIRE) — June 3, 2010 — U.S.-based Deltek, Inc. (NASDAQ: PROJ), a leading provider of enterprise applications software and solutions for project-focused businesses, today announced an offer to acquire 100 percent of the stock of the Danish ERP provider Maconomy. The all-cash offer is for DKK 20.50 for each Maconomy share. If the final offer is accepted by Maconomy’s stockholders, both companies see significant benefits and a bright future ahead for the combined company.

Deltek, the leading provider of enterprise applications software and solutions designed specifically for project-focused businesses, has announced an offer to acquire the Danish ERP provider Maconomy. Deltek’s cash offer of DKK 20.50 per share represents a premium of approximately 50 percent over prior days’ closing prices on the NASDAQ OMX Copenhagen Exchange.

The Board of Directors and the Executive Group of Maconomy unanimously endorse the offer expected to close in early July. Consequently they recommend that all Maconomy stockholders tender their shares. To complete the deal, stockholders representing over 90 percent of all Maconomy shares must approve the offer. Maconomy’s two largest stockholders controlling more than 30 percent of the shares have already agreed to tender their shares to Deltek. The Board of Directors and the Executive Group of Maconomy have also agreed to tender their shares to Deltek.

Deltek is headquartered in the United States, employing approximately 1,100 people worldwide and posting revenue in excess of $266 million last year, and with net income last year in excess of $21 million. The company has operations throughout the U.S. as well as in the U.K., Australia and the Philippines. Copenhagen-based Maconomy, employing approximately 230 people and with prior-year revenue of DKK 220 million and net income of DKK 20 million, has five European offices and a U.S. office as well as an extensive network of resellers worldwide.

Deltek and Maconomy to benefit from combination

Deltek and Maconomy form an excellent strategic match, and the combination pairs two best-in-class companies that are leaders in their respective markets. This combination offers multiple opportunities for both companies. Both companies have a complementary geographic presence and unique strengths in North America and Europe. Deltek sells software mainly in North America. Maconomy has a very strong presence in Europe, but with customers spread across the globe in approximately 60 countries. Additionally, Maconomy’s ERP product suite for the Professional Services segment is a valuable supplement to Deltek’s own suite.

“We are very excited to combine Maconomy’s industry-leading capabilities and domain expertise with Deltek, and we are committed to investing in both the Maconomy and Deltek product suites to provide maximum value and flexibility to our combined customers. There are obvious strategic opportunities from this combination, and Maconomy’s innovative software solutions and geographic reach perfectly complement Deltek’s existing offerings for professional services firms. By merging the two organizations together, we will accelerate growth internationally, penetrate new markets around the world, and deliver new, innovative functionality to our customers,” says Kevin Parker, President and CEO of Deltek.

Combining to create a true global leader

If the deal is finalized, Maconomy believes it will help accelerate Maconomy’s recently announced growth plan “Global Choice 2015”. Additionally, the deal will provide Maconomy with an even stronger financial base to continue the development of its proven software solutions.

“Deltek has emphasized that they see the Maconomy ERP solution and product roadmap as central value drivers for them. Therefore we expect to continue investing in our innovative solutions and expanding our sales. In Maconomy we’ve always been at our best when we move into narrowly defined verticals in the Professional Services segment and teaming up with Deltek would enable us to continue with that approach. This is a great fit between two strong companies that complement each other on geographies, industries and product portfolio. The combination of Deltek and Maconomy will create a true global leader with a shared vision for streamlining project-focused and professional services companies,” says CEO Hugo Dorph, Maconomy.

“Deltek and Maconomy share the same long-term goal of pursuing global leadership in our field. By joining forces we can accelerate our strategic plan. It’s a win-win situation for both companies and the proposed combination makes great sense for Maconomy, for Deltek and for all involved stakeholders,” says Kevin Parker, President and CEO of Deltek.

About Maconomy (

Maconomy (OMX: MACO) is a global provider of ERP business solutions for Professional Services organizations. Maconomy’s fully integrated business solution incorporates financial management, project management, time registration, resource planning, CRM, HR and business intelligence for profitable results. Selected international clients include TNS, Devoteam, Semcon, ErgoGroup, Deltares and Rambøll, as well as all of the three biggest global marketing communications networks and four of the Big Five global accounting firms. Maconomy services and supports around 600 clients in more than 50 countries worldwide.

About Deltek (

Deltek (NASDAQ: PROJ) is the leading provider of enterprise applications software and solutions designed specifically for project-focused businesses. For more than two decades, Deltek’s software applications have enabled organizations to automate mission-critical business processes around the engagement, execution and delivery of projects. More than 12,000 customers worldwide rely on Deltek to measure business results, optimize performance, streamline operations and win new business.

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