The Adecco Group last month attained full ownership of Akka Technologies. 

Headquartered in Brussels, AKKA is a global engineering and technology consulting group. Adecco Group last year announced it was acquiring Akka at an enterprise value of €2.0 billion (US$2.36 billion) and combining it with Modis, the group’s high-tech services business.

Akka and Modis have named Mike Small as head of Akkodis, North America. Akkodis will be the new name for the combined Akka and Modis. Small has more than 22 years of experience leading and developing dynamic teams. He most recently was CEO of the Americas for Sitel Group. Prior to that, Small held leadership positions at IBM, Capgemini and Hewlett Packard.

Together, the new business is expected to generate around €4 billion of revenues and have 50,000 engineers and digital experts. The combined business will generate 50% of revenue from Europe, the Middle East and Africa; 30% from North America; and 20% from Asia Pacific, mainly from Japan and Australia.

The Adecco Group in February announced it had completed the acquisition of a majority stake in Akka; in March, the group launched an offer for all remaining Akka securities, which ended on April 13. As a result, the group held 96.97% of the outstanding shares and 94.40% of the outstanding convertible bonds issued by Akka.

As the Adecco Group held more than 95% of the outstanding shares, it then proceeded with a simplified squeeze-out bid. As of May 12, the group became the owner of all outstanding securities as Modis acquired all shares and convertible bonds in Akka. The payment of the squeeze-out took place May 13.

Akka shares were delisted on May 12. Akka Technologies recorded revenue of €412.0 million in Q4 2021, up 10.0% year over year, or 7.7% on an organic basis.

Akka had acquired PDS Tech Inc., one of the largest engineering staffing firms in the US, in 2018.