To fast track its expansion plans in the region, UK-headquartered software development company Endava has acquired Melbourne-based consultancy outfit Lexicon.
The acquisition of Lexicon enhances Endava’s existing presence in Australia and provides a foundation for in-market growth. In addition, Lexicon provides Endava with a nearshore delivery location in Vietnam, which complements Endava’s existing operations in Singapore and Malaysia.
“We see Lexicon as a high-performing business providing high-quality services in an attractive market with good clients, bringing a strong talent base across delivery, support and leadership,” Endava CEO John Cotterell said.
Founded in 2016, Lexicon has 127 staff in Australia with offices in Melbourne and Sydney, as well as in Ho Chi Minh City, Vietnam. The integration process between the two organisations will take place throughout the 2023 financial year.
“High on our criteria for a merger partner were a strong alignment on capability, strategy and culture. With Endava we have found that,” Lexicon founder and managing director Chris Carydias said.
Lexicon’s clients span insurance and wealth management sectors, entertainment, retail, agribusiness and automotive featuring companies such as ANZ, Coles, Kmart, myob, Toyota, Lexus, youfoodz and shippit.
In the year ending 30 June 2022, 94 per cent of Lexicon’s revenue was from Australian clients and 6 per cent from the US, with close to 90 per cent of revenue from large corporations.
Financial terms of the deal haven't been publicly disclosed.