ETTEPLAN OYJ, Press release, June 18, 2024 at 9:15 a.m. (EEST)

Etteplan acquires stake in Bangladesh's largest IT consulting firm

Etteplan, a growing technology service company serving the world's leading industrial companies, extends its global delivery capability by acquiring a minority stake of 19,99% in BJIT, a global IT consulting enterprise headquartered in Dhaka, Bangladesh. The deal extends Etteplan's geographical delivery base and opens access to a pool of cost efficient expertise. Etteplan and BJIT intend to collaborate and widen the co-operation to product engineering and technical information services in the future. BJIT employs around 800 skilled experts and already works with customers in Finland, Sweden, the Netherlands, USA, Japan and Thailand, among other markets.

"Technology services is a global industry by nature. As our clients diversify and re-allocate their global operations, we want to create even higher value for them. Etteplan and BJIT have complementary capabilities that extend our ability to help customers and to provide a larger array of services. The co-operation with BJIT gives Etteplan an opportunity to provide even better cost-efficiency in all Etteplan service areas in the future," says Juha Näkki, President and CEO, Etteplan.

As the largest IT consulting enterprise in the fast-developing Bangladeshi market, BJIT is strong in software and digitalization and across several fields of engineering, for example product data management (PDM) and product lifecycle management (PLM) services. From now on, Etteplan has exclusive rights to offer BJIT's services in Etteplan's current geographies. BJIT's largest shareholder is its founder and chairman JM Akbar. Other shareholders include Japanese equity partner Marubeni Corporation.

"The relationship with Etteplan significantly strengthens BJIT's position in key European markets. Both companies specialize in the technology services business with different strengths. We have complementary capabilities that extend our ability to boost the business of our joint customers. With Etteplan support we will be able to widen our services to also new areas of expertise which will help us to grow and serve our customers even better. We are now ready to start familiarizing the two teams with each other, and project work will begin soon," says JM Akbar, Founder and CEO of  BJIT.

Following in neighboring India's footsteps, Bangladesh is an emerging global IT services hub. It is one of the fastest-growing economies in Asia and highly market-competitive both in terms of talent quality and cost-efficiency. Bangladesh has heavily invested in education, notably in engineering, computer science, and information technology. There is an ongoing initiative to digitalize society, and the country boasts a thriving startup community. The best universities in Bangladesh rank well within the Asian context.

"We anticipate increased delivery capability to result in new and growing customer projects in Finland and other European markets. This agreement is perfectly aligned with our growth strategy, and we look forward to leveraging BJIT's expertise. We expect to realize benefits both in existing customer relationships as extensions to the scope of current work, and with new customers in our key markets," says Juha Näkki.

Further information:
Juha Näkki, President and CEO, Etteplan tel. +358 10  307 2077
Outi Torniainen, Senior Vice President, Marketing and Communications, Etteplan tel. +358 10 307 3302
JM Akbar, Founder and CEO, BJIT, jm.akbar@bjitgroup.com

About BJIT

BJIT is a leading technology solutions provider based in Bangladesh, offering a wide range of services, including software development, IT consulting, and digital transformation solutions to clients worldwide. With a focus on innovation, quality, and customer satisfaction, BJIT is dedicated to delivering cutting-edge technology solutions that drive business success. With the primary delivery center in Dhaka, BJIT employs around 800 engineers and software developers. CMMI Level 3 and ISO 9001 certified, the enterprise has over 20 years of experience working for its global customers. www.bjitgroup.com