Benzinga | Mar 4, 2021 01:20PM EST

Endava Acquires Croatian Digital Agency Pet Minuta For Digital Transformation

* Endava PLC (NYSE: DAVA) announced the acquisition of Pet Minuta d.o.o. of Croatia and its U.S. subsidiary, Five Minutes Studio, Inc. (together "FIVE").

* Based in Brooklyn, NY, and Croatia, FIVE is a digital agency that delivers product strategy, design, build, and delivery of digital experiences and ongoing growth marketing using agile methodology combined with a scientific/metrics-driven approach to product design.

* The financial terms of the transaction were not disclosed.

* The acquisition will help Endava boost its capacity in the ideation, design, and delivery of intelligent digital experiences and improve its abilities in digital product strategy and performance optimization services.

* The transaction is expected to be earnings accretive from the first year.

* Endava's cash and cash equivalents amounted to ?84.2 million as of December 31, 2020.

* Price action: DAVA shares are down 3.16% at $86.32 on the last check Thursday.