GWS has acquired a majority stake in faveo AG of Essen. Founded in 1995, faveo is a long-standing ERP specialist offering (among other things) cloud business solutions based on Microsoft Dynamics NAV. The company currently supports several hundred reputable companies across Germany, both small and medium-sized. The acquisition will see GWS expand its product portfolio while underpinning the growth strategy of faveo, especially in its cloud ERP business. There will be no changes affecting customers or employees.
Through the majority share in faveo, GWS will enlarge its service portfolio to include established applications widely sold on the market and aimed at trading, online and production companies. faveo’s main strength is a solution the company developed on the basis of Microsoft Dynamics NAV, offered as a cloud SaaS product and successfully marketed as faveo365. In doing so faveo has followed a megatrend in IT, and one which is set for significant growth in the years ahead.
GWS Managing Director Udo Lorenz believes the main benefit of the acquisition will be a significantly expanded product portfolio. “By pooling our expertise, we will be able to offer customers even better solutions, and especially cloud-based services.” Moreover, since the specialist knowledge held by both sides is very similar, personnel resources on both sides will be consolidated. As Georg Mersmann, also Managing Director of GWS, continues, “The products and services offered by faveo are a perfect fit for our business policy and growth strategy. The synergy effects will benefit our customers greatly.”
faveo founder Christoph Eberz takes up the theme: “For faveo, the merger with GWS is a logical step in terms of meeting the rising expectations of clients in the cloud ERP market. With faveo365, we can offer the GWS Group a tried and tested cloud product that dovetails ideally with the GWS product strategy.”
Mersmann and Eberz were quick to come to the agreement that the respective management teams share similar perspectives, values and goals, all of which would suggest a successful working relationship for the future. With faveo365, GWS has access to a brand that is established in the cloud/ERP market and the Microsoft environment.
About faveo AG
Founded in 1995 and with head offices in Essen, faveo AG is a leading supplier of ERP (enterprise resource planning) solutions based on Microsoft Dynamics NAV that are customized to precise customer needs. As a Microsoft Gold-certified partner for ERP, the company produces solutions for customers designed to make business processes transparent, cut costs and raise efficiency. faveo software is available to customers as a cloud-based faveo365 solution, and via faveo Flex ‘on premise’. faveo AG also helps reputable businesses, both small and medium-sized, implement and adapt software according to their business requirements. The faveo client base comprises customers in the trade and industry sectors.