(By Anthony Miller). Logica has sold Integrata, its German IT training business to a management buy-in, backed by private equity firm Cornerstone Capital. No clue was given as to the consideration, but we suspect it won’t have been much. Integrata came part and parcel with Logica’s acquisition of French SI, Unilog, back in September ’05. Unilog acquired Integrata, in '98, then the eighth largest IT training company in Germany. Integrata turned over €29m in 2007, with a marginal net loss.
In my previous incarnation ‘on the dark side’ as an equity analyst, I had been harping on for ages that Logica needed to sell Integrata as it was simply non-core and a drag on margins. IT training really is a horrible place to be in a downturn. It’s about the most discretionary part of the IT budget, so CIOs usually slash their training spend, adopting a ‘just in time and only if completely unavoidable and why the hell can’t they just read the **!* manual instead’ mentality! Anyway, it's one less distraction for Andy Green.
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