A London company with most of its engineers in Romania, Moldova and the Balkans chose New York for its IPO. Endava wrote and maintained software for banks, payment companies, telecoms and media firms. Its engineers worked in delivery centers close to Western Europe in time zone and culture. In July 2018, when it listed, every big company was trying to rebuild itself around software, and good engineers were scarce and expensive in London and New York.

A Short Flight Away

John Cotterell led Endava from its start in 2000. Indian outsourcers sent work across many time zones. Endava kept its engineers a short flight from its clients, so teams could work the same hours and meet in person. It focused on newer work, such as mobile apps, cloud systems and data, instead of keeping old systems running. Payments and banking clients made up a large share of its revenue.

A Strong Start, Then a Slide

Endava priced its ADSs at $20 in July 2018, above its expected range, and listed on the New York Stock Exchange as DAVA. The shares rose 26 percent on the first day. Demand for digital projects boomed through the pandemic, and the stock climbed for three years. Then clients cut spending, and the shares fell hard. By August 2026 they traded near $3, and Endava remains public.

Cover: Danube, Otto Henry Bacher. Art Institute of Chicago, public domain. Chosen for the Danube (engineers across Eastern Europe).