Equiteq has advised leading Australian consulting, design and engineering firm Lexicon on its sale to Endava, a leading global provider of digital transformation consulting and agile software development services.
Lexicon is an Australian technology consulting, design and engineering firm that partners with clients to build new digital solutions or accelerate digital transformation programs across enterprise systems, products and IoT using agile delivery methodologies. Lexicon has 145 employees and was founded in 2016 by Chris Carydias and has won numerous awards including Deloitte’s Technology Fast 50 in 2020, CRN Fast 50 2020 & 2021, LinkedIn Top Startups 2021, Statista fast growth 2022 and Great Place to Work 2022-23.
The acquisition of Lexicon enhances Endava’s existing presence in Australia and provides a strong foundation for accelerated 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.
Chris Carydias, Founder and Managing Director of Lexicon, said “High on our list of criteria for a merger partner was a strong alignment on capability, strategy and culture. With Endava we have found that. We are very excited about the opportunities ahead for our people and our clients.”
About Equiteq's role in the transaction, Chris Carydias added: “We partnered with Equiteq based on their detailed understanding of our business, their unique market insights and their track record of advising on M&A transactions in our space. Their guidance through the process was invaluable. Equiteq was absolutely the right choice for us: their engagement approach ran as they promised, and the team is great to work with.”
Alex Monck, Managing Director of Equiteq Australia & New Zealand said: “Chris and Dave have built a special business with a market leading offering and we are delighted to have worked with them on the next stage of growth for Lexicon. This transaction demonstrates yet again that companies with a leading, differentiated proposition will attract high-quality partners. We are very proud to have supported Chris and Dave and we are sure that their partnership with Endava will be a very successful one.”