Tefen has acquired a UK Project Management consultancy Severn Group PLC

The acquisition will enable Tefen a rapid penetration into the UK financial sector and increase the company's growth potential in Europe

Tefen, a Management Consulting firm has announced that its UK subsidiary Tefen Ltd has completed the acquisition of Severn Group PLC, a UK consulting firm. The projected transaction volume amounts to NIS 16 M, of which 6.5. M will be paid in cash, with the remainder spread over a three-year period, subject to the financial performance of the acquired entity.

Severn Group PLC has been operating in the Project Management Excellence field for about 18 years specializing in the UK financial and retail sectors and reporting annual revenues of approximately NIS 27 M. The firm's customers include ABN AMRO, HSBC, British Airways, GMAC, MasterLease, and others.
According to Aaron Lichtenstein, CEO of the Tefen Group, the acquisition will enable Tefen a rapid expansion into the UK financial and retail sectors, which are currently the two largest consumers of management consulting on the UK market. It also marks another milestone in the realization of Tefen's business strategy." Severn's and Erskine's activities combined (the acquisition of Erskine was announced in December 2006) will both double and diversify Tefen's activities across the sectors it has been actively involved in Europe solidifying its position on the UK market, which is the second largest consulting market in the world, " he added.

According to Eli Peleg, COO of the Tefen Group, the acquisition of Severn, which followed the acquisition of project management activities of Pilat Israel, has further strengthened the capacities of Tefen Israel Ltd in Project Management Excellence, expanding the scope of services the company offers to its clients in Europe. Project Management Excellence represents part of the professional services that Tefen provides in Israel and worldwide along with business strategy, operational excellence and organizational consulting, which make up the management consulting model that Tefen proposes to its clients.
Jon Ward, the founder and Managing Director of Severn Group PLC, will continue his tenure and join the management team of Tefen UK. The other members of Severn senior management team will continue holding their positions in the company.