It’s M&A time yet again! Equity outfit Partners Group has announced it will acquire IT services and solutions provider Version 1.
Version 1 is currently owned by Volpi Capital and by management – the transaction by Partners Group is expected to be complete by mid-2022.
Headquartered in Dublin, Version 1 works with private and public sector clients on digital transformation programs.
It employs over 2,100 staff and has offices in Ireland, the UK, India and Spain.
Over the past five years, Version 1’s revenues have increased to over €240 million and has made 13 acquisitions in its life.
Since 2017, Version 1 has been led by chief executive Tom O’Connor, who will now with his management team partner with Partners Group to drive Version 1’s future growth.
Partners Group says its value creation plan aims to achieve double-digit growth by developing the company’s service offering and technical depth, building its international presence, and pursuing accretive M&A.
Kim Nguyen, Partners Group partner and co-head private equity services, said: “The Company is well-positioned to capitalise on the tailwinds driving increased digitisation across both the private and public sector and we have conviction in its growth prospects. We look forward to working with Version 1’s ambitious management team on our value creation plan.”
