Dominique Cerutti

Global leader in Engineering and R&D services


Sector: TMT Investment date: 2008 Apax position: Reference shareholder Activity: MidMarket
Why did we invest?

As the pioneer in its industry, Altran has developed the only international network with a comprehensive offering in innovation consulting. The company has a very strong brand in the industry and a diversified and well-balanced portfolio of blue-chip clients. At the time of investment, Apax Partners became the core shareholder that the Group needed.

How do we intend to create value?

The investment thesis is based upon growing sales and EBITDA through organic growth, increasing Altran’s share of the outsourced R&D market, rationalising its portfolio of activities and geographies and taking advantage of build-up opportunities.


The performance of the Group reflects the contribution of Aricent starting March 20, 2018. H2 2018 was the first reporting period including the full contribution of Aricent.

Altran reported robust 2018 revenues of €2,916.4m vs €2,295.3m in FY 2017 (up 27.1%), representing an organic growth of 8.0% and an economic growth of 7.5%, with a solid momentum across regions. Aricent contributed €445m revenues over the period.

N°1 worldwide, N°1 in Europe, N°1 in the US

The Altran Group’s priorities are to grow in high-potential markets such as the United States and India, and to seek innovations and expertise through acquisitions.

North and South America
In 2017, Altran was the leader in engineering and software R&D in the United States. This market is now the Group’s second largest area of business. The acquisitions of Aricent, GlobalEdge, Synapse, Foliage and Lohika, and the partnership with Divergent are in keeping with the expansion plan for this geographic region.

In 2017, Altran significantly expanded its presence in India with the acquisition of GlobalEdge. This follows the acquisitions of Pricol in 2016 and SiConTech in 2015, and it affirms the Group’s growth on this high-potential market.

The acquisition of IRM (Information Risk Management) in the United Kingdom significantly enhances Altran’s expertise and know-how in cyber security.
Germany is a key market for Altran, which has completed two acquisitions there: Benteler Engineering in 2016 and IndustrieHansa in 2013.
Through its acquisitions of Nspyre in 2015 and TAAS in 2014, Altran is now the largest innovation and high-tech engineering consulting firm in the Benelux region.

After starting out with two offices in China and India, Altran is also increasing its activities in Southeast Asia.
In 2017, Altran signed a strategic partnership with EMG (eMapgo), following the creation of two joint ventures: one with Beyondsoft in 2013 and the other with Launch Automotive Design Co, in 2014.

18 build-ups since 2012

Aricent (€687m in revenue, 10,500 employees)

GlobalEdge Software (1,000 employees)
IRM (100 employees)

Lohika (700 employees)
Synapse ($39m revenue)
Pricol Technologies (520 employees)
Swell (160 employees)
Benteler Engineering (700 employees)

Nyspyre (€64m revenue, 680 employees)
Tessella (€30m revenue, 230 scientists)
SiConTech ($20m revenue, 500 employees)
Oxo (€3.3m revenue)

Foliage ($50m revenue, 500 employees)
TAAS (€23m revenue, 230 employees)

IndustrieHansa (€161m revenue, 1,800 employees)
Scalae AB (40 employees)
Sentaca Communications Limited (40 employees)
AirCaD (60 employees)