US-based IT staffing and solutions provider CTG (NASD: CTG) announced that it has successfully completed the acquisition of Luxembourg-based consulting and IT solutions company Tech-IT PSF S.A.

CTG first announced the transaction on 3 January 2019. CTG stated that it anticipates the acquisition to be immediately accretive to its operating results, excluding customary acquisition-related expenses.

In its initial announcement, CTG stated that the all-cash transaction is valued at approximately USD 10.3 million, not including potential future earn-outs. Furthermore, the deal adds an estimated USD 20 million in annualised revenue and approximately USD 1.5 million of cash and cash equivalents. 

Tech-IT will operate as a subsidiary of CTG Luxembourg.

CTG Europe’s offerings include application solutions, IT services management, testing, training and regulatory compliance. The company has a presence in Belgium, Luxembourg, France and the UK.

In the US, CTG ranks on SIA’s list of the largest IT staffing firms.