Established in 2002, ConCor has a solid position in Denmark, with revenues amounting to approximately EUR 3.5 million in 2020. The company specializes in providing IT services to large and medium-sized businesses in the region and is a long-standing technology partner of Salesforce and an expert in Agile methodology: Scaled Agile Framework (SAFe), which allows for efficient management of team work in large organizations. ConCor fits into TTMS’s development strategy in the area of foreign acquisitions. The company’s business model aligns with TTMS’s operating methods, and its technological profile matches its key competencies. The high demand for modern IT outsourcing in Denmark creates an opportunity for the growth of such initiatives.
Services provided jointly by TTMS and ConCor will be based on near-shoring from Poland (i.e., outsourcing services to geographically and culturally proximate regions) within efficiently cooperating Polish-Danish teams.
The transaction with ConCor A/S is a significant step in the implementation of our development strategy. Through the acquisition and utilization of identified synergies, we aim to build our position not only in Denmark but also in other important Scandinavian markets. We assess the demand for TTMS and ConCor’s competencies as very high. Scandinavia is home to many international corporations and potentially interesting projects for us. ConCor has many years of experience in the IT industry, is well-acquainted with the local market, its specifics, and work culture. Meanwhile, TTMS continues its rapid growth in the number of new hires. We believe that together we can reach a significantly larger number of clients, strengthen our brand, and acquire more high-margin projects. The Danish company is an attractive player, debt-free, with competencies that largely overlap with ours. We want ConCor to be our window to the local markets. The transaction will also bring us closer to achieving our goal of becoming a global IT services provider,” says Sebastian Sokołowski, President of the Management Board of Transition Technologies MS S.A.
Potential of Foreign Markets
Scandinavia, the Nordic countries, along with the DACH countries (Germany, Austria, Switzerland), and the United Kingdom are key regions where TTMS aims to scale up its business in Europe.
Outside Europe, TTMS is also expanding in Malaysia, where through its subsidiary it reaches the Asian and Australian markets. The Group’s international offices are located in the USA (San Francisco and Tampa), Austria, and Singapore. TTMS also holds the status of an R&D Center in France, a result of long-term cooperation with one of its largest industrial sector clients, Schneider Electric.