Discovery of a USD10m pre-acquisition forgery at Aricent
This morning, Altran revealed that it has identified an incident within Aricent, linked to forged purchase orders. This forgery relates to one individual, in his relation to one client, for a total amount of c. USD10m, for the period Q3 2017 to Q1 2018, i.e. before the closing the the Aricent acquisition. Immediate actions on SG&A have been made immediately to adjust the cost base to the true situation, and management has not changed its margin outlook in the perspective of 2022 (14.5%).Altran Technologies is a global player in the advanced engineering and innovation consultancy market, operating in more than 20 countries, particularly in Europe, Asia and North America. Co. advises and accompanies clients in creating and developing new products and services, intervening during the strategic planning stages of new technologies and offering products support and services throughout all developmental phases. Co. offers its consulting services as technical backing, project support and end-to-end services, providing deliveries of customized products. Co. operates in two segments: Innovation and Advanced Engineering Consulting and Organization and Information Systems Consulting.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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