Tag Archives: Information technology

Belgian software company Itineris accelerates expansion in the U.S.

GIMV

3 contracts signed, including one with the ninth largest city in the country. Additionally, Flanders’ largest drinking water company extends its partnership with the company.

Ghent, Belgium & Atlanta, U.S. – December 13th, 2024 – Itineris, a global leader in innovative SaaS solutions for utilities, has recently secured three new contracts in the United States. Dallas, the ninth largest city in the country, is one of the three new customers. Additionally, De Watergroep, the largest drinking water company in Flanders (Belgium), has extended its partnership with Itineris by five years.

Dallas partners with Itineris to modernize its IT landscape

With Itineris’ software, Dallas Water Utilities (DWU), located in Texas, aims to modernize its business processes and enhance services for the 2.6 million residents of Dallas and 27 surrounding cities. DWU delivers more than 150 billion gallons of water annually through an extensive network of more than 5,000 miles of pipelines.

Following an intensive evaluation process, DWU selected Itineris—headquartered in Ghent, Belgium and supported by their U.S. division in Atlanta, GA—and its cloud-based software solution, UMAX. UMAX will replace outdated systems for meter readings, billing, and water management, and will also include a brand-new customer portal.

The contract spans 10 years. Following previous successful implementations in cities such as New York City; Boston; Baltimore; Tallahassee, Florida; and Lansing, Michigan; this marks the second-largest contract for Itineris in North America.

Two additional major contracts secured in the U.S.

Itineris has also recently signed contracts with Gwinnett County Water, serving 270,000 water customers in Georgia, and Arizona Water Utilities, its first investor-owned utility (IOU) customer, heralding the company’s entrance into a new market segment.

Largest drinking water company in Flanders extends partnership

Alongside its successes in the U.S., Itineris has extended its collaboration with De Watergroep—the largest drinking water company in Flanders, Belgium—by at least five years. This partnership, which began in 2007, highlights the strong relationship and mutual trust between the two companies.

 

Read more: https://www.itineris.net/accelerated-expansion-in-the-us/

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Equistone portfolio company TIMETOACT GROUP acquires JOIN(+) and further expands its expertise in Big Data & AI

Equistone

TIMETOACT GROUP, a leading provider of IT services for upper medium-sized companies, corporations and public institutions, is acquiring JOIN(+), an experienced German IT consulting service specialised in Big Data & AI. The partnership marks TIMETOACT GROUP’s third acquisition in the past twelve months and tenth overall since the Equistone funds acquired a majority stake in the business.

TIMETOACT GROUP, headquartered in Cologne, comprises specialised IT companies across 30 locations in Germany, Austria and Switzerland, as well as in Latvia, Malaysia, Singapore, Spain, Ukraine, Hungary and the USA. With over 1,350 employees and a comprehensive portfolio of software and consulting services, the digitalisation expert primarily concentrates on medium-sized and large companies from the industrial, financial and service sectors, as well as public institutions.

Funds advised by Equistone Partners Europe acquired a majority stake in the business in June 2021. Since then, TIMETOACT GROUP has successfully pursued a targeted buy-and-build strategy focused on strengthening the group’s service portfolio and accessing new market segments. In February 2024, TIMETOACT GROUP acquired Austrian IT consulting firm Trustbit to form one of the leading digitalisation players in Austria. In November 2024, the group announced the planned acquisition of Hungarian-based EverIT through its portfolio company catworkx, a transaction which will further strengthen its global consulting portfolio. With the acquisition of JOIN(+), TIMETOACT GROUP has achieved another important milestone in its dynamic growth journey and the expansion of its group-wide consulting portfolio.

With offices in Villingen-Schwenningen and Konstanz, Germany, JOIN(+) GmbH is an established IT consulting service provider which has been operating for over 25 years. JOIN(+) acts as a technical consulting and implementation partner to support customers in a range of industries in the DACH region. The company specialises in business analytics, business intelligence, Big Data & AI, and data visualisation, and is able to draw on highly trained employees who work every day to fulfil the company’s mission of focusing on quality, flexibility and trust.

With this transaction, the companies are now joining forces and will be optimally positioned to benefit from important synergy and growth potential, especially through their extensive expertise in the area of Big Data & AI. The managing directors of JOIN(+), Erich Anhut and Jürgen Lutz, will continue to lead the company and oversee the integration of the business into the TIMETOACT GROUP.

“We are becoming part of a strong brand by joining the TIMETOACT GROUP and will benefit from increased efficiency and performance, which will ultimately strengthen our position as a reliable partner in the IT industry. With an expanded portfolio, we are now even better positioned to meet the constantly changing needs of our customers and offer innovative, tailor-made solutions,” commented Erich Anhut, Managing Director of JOIN(+). “The merger also increases stability and planning security for our employees and allows us to offer new development perspectives and exchange opportunities with many international experts,” adds Jürgen Lutz, Managing Director of JOIN(+).

“The acquisition of JOIN(+) is an important step in expanding our Data & AI portfolio. With Erich and Jürgen, we have also gained two highly motivated managers and we are very pleased to be able to further develop the TIMETOACT GROUP together,” says Frank Fuchs, Co-Managing Director of TIMETOACT GROUP.

Felix Binsack, Co-Managing Director of TIMETOACT GROUP, adds: “Through the merger with JOIN(+), we are gaining a highly competent and dynamic team, who perfectly complement the TIMETACT GROUP culturally. The acquisition supports our offering to our customers and gives us broad and cross-manufacturer consulting expertise in the key growth area of Data & AI.”

“TIMETOACT GROUP has been pursuing an ambitious growth strategy since Equistone funds acquired a majority stake back in 2021. The acquisition of JOIN(+) marks another decisive step for the group on its journey towards becoming one of the leading players in the IT consulting sector in the DACH region. TIMETOACT GROUP is not only strengthening its competencies in Big Data & AI, but the merger will also maximise synergies from which both customers and employees will benefit in the long term,” adds Moritz Treude, Director at Equistone Partners Europe’s Munich Office.

Frank Fuchs, Christian Koch and Christian Reifenhäuser are responsible for the transaction on behalf of TIMETOACT GROUP. TIMETOACT GROUP was advised on the transaction by AC CHRISTES & PARTNER (Financial & Tax), de Angelis Rechtsanwälte (Legal) and McDermott Will & Emery Rechtsanwälte Steuerberater (Legal, Antitrust Law). The JOIN(+) shareholders were advised on the transaction by LFK PARTNER (Legal, Financial & Tax) and GROUP BUILDERS HAMBURG (M&A).

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Carlyle Agrees to Sell 1E to TeamViewer

Carlyle

London, 10 December 2024 – Global investment firm Carlyle (NASDAQ: CG) has agreed to sell 1E, a leader in Digital Employee Experience (“DEX”) software solutions, to TeamViewer SE (TMV.DE) at an enterprise value of $720 million.

1E offers a leading DEX platform that delivers real-time visibility on enterprise IT landscapes. Its products, which identify issues in real-time and automate remediation directly at the endpoint, enable customers to minimise IT downtime, disruptions, and costs, thus enhancing overall IT performance and employee experience. Founded in 1997 and headquartered in London, the business has around 300 employees across the UK, the US, India, and Ireland.

During its ownership period, Carlyle Europe Technology Partners (“CETP”) worked in partnership with 1E’s founder, Sumir Karayi, and the company’s management team led by CEO Mark Banfield to build a high-calibre senior leadership team and deliver on a number of value creation initiatives. This included improving the company’s product and market position as a differentiated DEX leader with an enterprise-grade multi-tenant SaaS product and strong AI capabilities, attracting industry recognition (e.g. as a leader in Gartner’s Magic Quadrant for DEX management tools in August 2024), refining the go-to-market strategy, and driving both commercial momentum and operational efficiencies throughout the business.

Fernando Chueca, Managing Director on the CETP investment advisory team, said: “We are pleased to have supported Mark and his team on the transformation of 1E into a recognized global DEX leader with strong fundamentals. We believe that the business will continue to thrive as part of TeamViewer, building on its position as a full SaaS DEX platform.”

Mark Banfield, CEO of 1E, said: “1E’s driving mission is to create innovative IT solutions that shape the future of work. Together with TeamViewer, we can accelerate that mission by integrating our DEX platform with world-class connectivity solutions. As two companies with truly complementary products and technologies, TeamViewer is the ideal partner to help us scale our offerings and create an intelligent endpoint management leader. I’m excited to join TeamViewer’s management board as we enter this next chapter of our joint growth story. I would also like to thank Carlyle for their partnership and vision over the years. They have been instrumental in helping 1E grow.”

Sumir Karayi, founder of 1E, said: “I am incredibly proud of everything the 1E team have achieved since the business’s origins in 1997. Our leadership position in the DEX market today is a testament to their hard work and dedication. It has been a pleasure to continue working with the business alongside Fernando and the Carlyle team, and I have no doubt it will continue to go from strength to strength as part of TeamViewer.”

The transaction is subject to customary regulatory approvals.

This transaction marks the fourth exit for Carlyle Europe Technology Partners IV and the third signed in the last twelve months, following Work & Co and Jagex.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About 1E

More than 500 organizations in 42 countries trust 1E to help them create a better Digital Employee Experience (DEX). The 1E Platform provides real-time diagnosis, remediation, and automation to proactively fix issues before they ruin the workday. Reduce costs, move faster, and increase employee happiness with 1E. For more information, visit 1E.com.

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Carlyle

Nicholas Brown

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1E

Namita Tendolkar

press@1e.com 

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Blackstone and TCV Increase Investment in RELEX Solutions

Blackstone

Existing investors purchase shares from Summit Partners, who exits after nearly a decade of partnership with RELEX

Helsinki, Finland – December 10, 2024 – RELEX Solutions, a provider of unified supply chain and retail planning solutions, today announced that funds managed by Blackstone Growth (“Blackstone”), Blackstone’s growth equity investing business, and TCV, a leading investment firm focused on investing in global, category-defining, technology companies, have increased their investment in RELEX. The transaction represents an exit for original RELEX investor Summit Partners, which initially invested in the company in 2015. Blackstone and TCV first invested in RELEX in 2022 and 2019, respectively.

“We’ve been proud to support RELEX’s continued innovation and global expansion over nearly a decade of partnership,” said Steffan K. Peyer, a Managing Director at Summit Partners, who has served on the RELEX Board of Directors since 2015. “At the time of our investment, RELEX was one of the very few disruptive vendors leveraging leading-edge technologies and machine learning to process huge volumes of data to help drive better real-time outcomes in the retail supply chain. Today, against a backdrop of channel proliferation and ever-evolving consumer expectations, RELEX’s solutions continue to resonate with customers worldwide.”

Blackstone and TCV’s additional investment underscores their conviction in RELEX’s growth trajectory, and reaffirms their commitment to supporting the company’s strategy, which includes expanding its addressable market into the consumer packaged goods (CPG) and manufacturing sectors, following the acquisition of Optimity earlier this year.

As reported in August, RELEX continues to deliver impressive growth, with reported subscription revenue increasing 37% year-over-year (YoY), and total revenue growth of 35% YoY, during the first half of 2024. RELEX also benefitted from continued customer growth across all sectors, with new and expanded customer signings across the globe, as a variety of retailers and consumer goods companies recognize the inherent value in RELEX’s planning solutions.

“We are deeply grateful to Summit Partners for their decade-long commitment to RELEX. The firm’s support of our vision and strategy has been instrumental in our transformation and growth into new markets and new regions,” said Mikko Kärkkäinen, Group CEO and Co-founder of RELEX Solutions. “As we look ahead to the next chapter, we are thrilled to have Blackstone and TCV reinvest in RELEX. Their support will enable us to further expand our addressable market, strengthen our product offerings, and deliver even greater value to our customers worldwide. Our partnership is based on a shared commitment to our customers and building a very happy customer-base.”

“Our increased investment in RELEX reflects our confidence in their exceptional team and their AI-driven retail and supply chain planning platform. RELEX has shown remarkable growth and resilience, and their solutions are more relevant than ever in today’s dynamic market environment. We are thrilled to support their journey as they continue to innovate and leverage AI to bring more value to customers, and expand their reach, particularly in the consumer packaged goods and manufacturing industries,” said John Doran, General Partner at TCV.

“RELEX has cemented its position as a leading next-generation supply chain software player globally. RELEX has an impressive track record of strong growth, successful customer implementation and exceptional customer satisfaction. We are excited to reinvest in the company and look forward to our ongoing partnership to support their continued expansion into new markets and sectors,” said Paul Morrissey, Senior Managing Director and Nicolas Dupuis, Principal at Blackstone Growth.

Financial details of the transaction are not disclosed.

About RELEX
RELEX Solutions provides a unified supply chain and retail planning platform that aligns and optimizes demand, merchandising, supply chain, operations, and production planning across the end-to-end value chain. We help retailers, manufacturers, and consumer goods companies like ADUSA, AutoZone, Coles, Dollar Tree and Family Dollar, M&S Food, PetSmart, and The Home Depot drive profitable growth across all sales and distribution channels, leading to higher product availability, increased sales, and improved sustainability. Learn more at: https://www.relexsolutions.com/customers/

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Jolene Peixoto
Vice President of Communications
RELEX Solutions
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Savannah Yawn
Communications Manager
RELEX Solutions
Savannah.Yawn@relexsolutions.com

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Evolve and Purple partner to enhance Wi-Fi offering

BGF

BGF portfolio companies enter strategic partnership to empower new and existing customers with improved Wi-Fi offering. Hear from their CEOs.

5 December 2024

Evolve, the leading provider of Managed Network Solutions and IT services, has announced a strategic partnership with Purple, a leading provider of Wi-Fi and place-based analytics solutions.

Both Evolve and Purple are part of the BGF portfolio. Evolve announced its investment with BGF earlier this year and Purple has already experienced rapid growth under BGF’s guidance since October 2023.

The alignment in ambition and values between the two companies made Evolve a natural choice as part of Purple’s growth strategy, supporting increased efficiency and freeing up resources to focus on other areas of business development. As Purple expands into new sectors, including hospitality, it will leverage Evolve’s established experience to provide an industry-leading Guest Wi-Fi experience to new and existing customers.

“Purple has an impressive track record when it comes to enhancing visitor experiences, optimising efficiency and increasing cost-effectiveness. I am confident that this partnership, and the change in Wi-Fi provider, will only benefit our customers and their customers with a scalable and modern solution.”
Alan Stephenson-Brown
CEO of Evolve

The partnership also marks a strategic move for Evolve, as it shifts away from its existing in-house Guest Wi-Fi to use Purple Wi-Fi for its own services. This will offer Evolve’s customers increased functionality from personalised communications and promotions (thanks to Purple’s automation tool) to automatic customer surveys, with a 97% average response rate.

Alan Stephenson-Brown, CEO at Evolve, said: “Guest Wi-Fi is no longer a ‘nice to have’, but vitally important to businesses across the retail and hospitality sectors. Enabling customers to connect and use various digital services in-store or on-the-go, as well as being a valuable marketing tool for businesses that offers insights into customer behaviour, Evolve remains committed to providing our customers with industry-leading Guest Wi-Fi services.”

Initially started in 2012 out of frustration for poor guest Wi-Fi connection, Purple has evolved into the ultimate tool for businesses to turn their physical venues into intelligent spaces. Today, Purple helps physical venues thrive by enhancing visitor experiences, optimising staff efficiency, and driving additional revenue, with its hardware-agnostic indoor locations services. With a team of over 120 dedicated employees, Purple is focused on delivering a cutting-edge, industry-leading solution, and is expanding rapidly.

“We are delighted to be working with Evolve as they embark on the next chapter of their growth plan. Evolve has an established and respected role in the hospitality industry, among other sectors, and we are confident that our joint offering will provide real added value to those businesses.”
Gavin Wheeldon
CEO at Purple

Founded in 2005, with Guest Wi-Fi as its core offering, Evolve has since seen exponential growth with the incorporation of SD-WAN, internet connectivity, and a range of innovative IT support solutions. Today, Evolve is a fully managed B2B network provider operating in 12 countries, offering its customers reliable, secure and resilient solutions.

Since its inception, Evolve has built a strong reputation for helping businesses to reduce costs and simplify the management of services across a variety of sectors including retail, hospitality, food-to-go (FTG) and petroleum franchises. Evolve’s fully managed network solutions and Guest Wi-Fi services are essential for businesses to operate efficiently and deliver a seamless customer experience.

Gavin Wheeldon, CEO at Purple, added: “By working together with Evolve to provide an improved Guest Wi-Fi service, we are creating a unique and best-in-class solution for the market. The joint credibility of Purple and Evolve will ensure that we can help to scale businesses in a robust marketplace.”

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Freqens raises $3M to bring transparency to indirect purchases

Seedcamp

With global inflation on the rise, companies and more specifically corporate buyers, are finding it challenging to anticipate and manage cost fluctuations that directly impact their margins and profits.

We are excited to partner with Freqens, a Paris-based fintech company dedicated to transforming B2B purchasing practices through a cost benchmarking solution for indirect expenses (opex). By reducing the information asymmetry that often favors sellers in B2B transactions, Freqens enables buyers to instantly spot overvalued expenses and uncover significant savings opportunities.

Founded by a seasoned team of serial entrepreneurs and former scale-up executives, including CEO Maxime Liebens (former CSO at MakiPeople, JobTeaser), COO Richard Gozlan (former CEO of Cleanio, sold to Rocket Internet, COO of Agricool and Gopuff), and CTO Alexandre Barreira (former CPTO of Ornikar), Freqens’s technology uses real-time market data and peer benchmarking to help companies achieve a simple yet crucial goal: buying at the right price, every time.

In France, its home market, Freqens has already attracted several clients, including Electra, Polène, MemoBank, Homa Games, and Safran.ai, and has received support from purchasing experts such as Laurence Laroche (La Poste) and Florence Baiget (Veolia).

Martin Londe, CFO of Homa Games emphaises:

“We love this one-stop-shop for real-time cost overcharge detection and future spending assessment. This tool has definitely impacted our negotiation approach.”

Maxime Liebens, Co-founder and CEO of Freqens explains.

“What surprises us the most is how many companies buy quickly and inefficiently. SMEs and mid-sized companies lack the resources to benchmark their conditions, and in large enterprises, negotiation activities have been deprioritized in favor of a business partner role, where buyers must satisfy all stakeholders. The digitalization of procurement has also contributed to this shift, prioritizing execution speed and control over cost performance. We’re witnessing large-scale waste, whereas, in light of sales uncertainty, cost control is more crucial than ever.”

Richard Gozlan, Co-founder and COO, adds:

“We enable companies to instantly know the right price to pay and to benchmark complex categories — a task humanly impossible to achieve in a matter of seconds. Unlike recently emerged solutions, particularly in SaaS Management, which promote outsourcing and lack neutrality as they must satisfy both buyers and sellers, we remain an independent, trusted third party. I am convinced that the key to securing the best terms is to maintain and nurture a direct supplier relationship. Our analyses reveal price variations of up to 45% for comparable scopes.”

Freqens’ foundation is built on an experienced team with a track record of building high-growth companies. This team identified significant optimization opportunities in how companies evaluate their purchasing performance against the market, noting that the benchmarking process remains largely manual, time-consuming, and heavily dependent on individual skills and internal resources. This is why venture capital firms like Seedcamp and family offices such as Motier and Kima invested in this funding round.

On why we partnered with Freqens, our Partner Sia Houchangnia highlights:

“We were very impressed by Max, Alex, and Richard — especially their individual backgrounds and their complementarity as a founding team. We’ve seen several companies in the procurement/fintech space, which are often complex replacement suites. Freqens’ highly targeted approach, beyond its impact, avoids disrupting an already crowded procurement tool ecosystem, bringing maximum value and a very quick deployment capability.”

We are excited to participate in Freqens’ $3 million pre-seed funding, alongside Kima Ventures, Zebox, Motier Ventures, Financière Saint James, and prestigious business angels, including Mark Ransford, Alexandre Berriche, and Roxanne Varza.

With the new funding, the company aims to grow the team, invest in the development of its innovative product, and support its growth in the French and international markets.

For more information, visit freqens.com.

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TEEPTRAK announces €5 million fundraising to drive global expansion and equip industrial manufacturers of all sizes and across all sectors

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Shift Invest

TEEPTRAK, European leader in industrial performance monitoring and a pioneer in connectivity and data analytics for production equipment, has announced a €5 million funding. This financing is supported by its longstanding investors, XAnge and EDF, along with a new lead investor, SHIFT Invest, an impact-driven European fund known for its strategic role in supporting innovative, sustainable projects. The round also benefits from an expertise and financial partnership with management consulting firm Sia Partners through its B2B startup investment vehicle.

TEEPTRAK announces €5 million fundraising to drive global expansion and equip industrial manufacturers of all sizes and across all sectors

 

This funding will allow TEEPTRAK to strengthen its presence in the American and Asian markets, particularly in the United States and China, responding to growing demand for its industrial performance monitoring and optimization solutions. By the end of the year, TEEPTRAK will open an office in Chicago and expand its subsidiary in Shenzhen, with the goal of hiring around 100 new employees over the next three years. The company also aims to expand its reach in Europe by opening offices in highly industrialized countries to provide local support to its clients.

 

Sustainable and High-Quality Solutions

TEEPTRAK is a trusted partner for manufacturers looking to improve their performance in a measurable way, often achieving productivity gains of 5-30%. With robust, sustainable solutions perfectly aligned with the reliability and performance demands of the manufacturing sector, TEEPTRAK provides companies with the tools to increase output, reduce costs, and maximize efficiency.

Designed and assembled in France, TEEPTRAK’s solutions feature components specifically designed to meet the requirements of industrial environments. With full control over the hardware, TEEPTRAK delivers cutting-edge technologies that enable manufacturers to monitor and optimize production in real-time, ensuring reliability and performance.

Innovative Technology Serving the Global Industry

With over 120 industrial clients in 30 countries and nearly 2,500 connected production lines or equipment, TEEPTRAK is a recognized leader in industrial performance monitoring. Its multilingual platform, available in 20 languages, gives manufacturers instant access to valuable performance data and enables continuous improvement through corrective actions.

Tangible Results at Every Step of Production

TEEPTRAK’s solutions cover four essential areas to enhance industrial performance:

  • Machine Performance: Real-time monitoring of all types of machines to maximize efficiency.
  • Operator Pace: Measurement and tracking of repetitive tasks to enhance team productivity.
  • Quality: Elimination of paper-based processes and manual entries through digital solutions for enhanced quality control.
  • Process Monitoring: Collection of physical data, such as energy consumption and vibrations, through standard sensors.

These advanced, easy-to-install solutions, thanks to rapid, non-invasive integration, allow TEEPTRAK’s solutions to adapt seamlessly to existing industrial environments, ensuring effective deployment and a quick return on investment with competitive pricing.

Additionally, TEEPTRAK offers a standalone Machine Learning platform that utilizes advanced AI algorithms to leverage data collected through its solutions, as well as customer-specific data independently. This AI platform provides manufacturers with tailored analysis and forecasting capabilities, maximizing operational efficiency and continuous process optimization. Two algorithms are available: anomaly detection and process optimization.

Growth and Innovation on a Global Scale

With this new funding, TEEPTRAK is positioned to become a global player in Industry 4.0, with rapid expansion planned in strategic regions and a continued commitment to innovation in service of industrial companies. This momentum enables TEEPTRAK to meet the growing demands for digitization, performance, and sustainability in the manufacturing sector.

“This is the first time that TEEPTRAK, now profitable and experiencing strong growth, has had such significant resources to increase awareness of its products and accelerate its development. This is a great opportunity for the company, its employees, our clients, and the environment. SHIFT Invest’s entry as a shareholder confirms the strong environmental impact of large-scale industrial performance improvement.”

François Coulloudon, CEO

“Manufactured goods are essential to our daily lives, but their production can be energy and resource-intensive, with the industry accounting for around 37% of global energy consumption. Making this sector more efficient has a major positive environmental impact. That’s why TEEPTRAK perfectly aligns with our fund’s commitment to making the industrial sector more sustainable.”

Bart Budde, Investment Manager at SHIFT Invest

This fundraising round marks a turning point for TEEPTRAK, providing it with the resources to amplify its impact and continue revolutionizing the industrial sector. With this support, the company is ready to push innovation further and deliver ever more efficient and sustainable solutions to manufacturers.

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ITC Service secures BGF investment to drive growth

BGF

The IT managed services provider, based in the North East, has raised £7 million to support its organic growth and M&A strategy.

19 November 2024
ITC Service secures BGF investment to drive growth

ITC Service, an IT managed services provider, has secured a £7 million investment from BGF.

Founded in 2016, by Christopher Potts and Peter Anderson, the Hebburn-based company delivers customer-focused, business-critical outsourced IT services to more than 400 SMEs across the North East of England. Services include managed IT support, cyber security, Microsoft 365 cloud services, voice, communication, consulting and digital transformation.

The funding from BGF will allow the business to continue scaling, through a combination of organic growth and the acquisition of complementary providers in neighbouring regions.

Commenting on the deal, Christopher Potts, ITC Founder and Director, said: “Over the last 18 years, we have built a highly successful, respected business that has developed a strong and valued client base. With the ongoing support of my co-founder Peter, I am excited to lead ITC forward, to continue to grow and support our region, to help more local businesses achieve their goals, and complete a carefully executed M&A strategy.

“In order to fulfil this potential, we need an investment partner that is willing to take a long-term approach to support our growth ambitions. With an excellent track record of backing exciting and dynamic businesses in the North East, we are confident BGF is the right choice and we’re delighted to have the team onboard.”

The deal was led by John Healey and Christian Pollard, investors in BGF’s Newcastle team. As part of the investment, Lee Shorten will join ITC’s board as non-executive chair.

“ITC is a real success story in the North East, where it has a long-established track record of delivering exceptional client outcomes. With an appetite to accelerate growth, through a leading service offering, combined with a client-focused approach, ITC is well positioned to expand its footprint in the regional market.”
John Healey
Investor at BGF

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Ciphr acquires employee benefits platform Avantus

ECI

ECI-backed Ciphr has moved into the employee benefits business, with the acquisition of Avantus.

Avantus, founded in 2005, serves over 400 businesses globally through its intuitive, and fully customisable, employee benefits and rewards platform, FlexGenius, and its popular, white-labelled solution MyWorkPal.

This is the third acquisition since ECI’s investment for Ciphr, having bought Marshalls (now Ciphr eLearning) in April 2023 and Shape Payroll in June this year, and builds on Ciphr’s strategy to acquire UK businesses that complement its core HCM offering. It’s also its largest acquisition to date – significantly expanding Ciphr’s customer proposition to include employee benefits and wellbeing for the first time.

Avantus’ robust platform enables employers to deliver unlimited, personalised benefits choices to multi-generational workforces with diverse needs and differing expectations and priorities. It can help strengthen organisations’ Employee Value Proposition, support their talent retention, recruitment and recognition strategies, and streamline the admin process for HR. And it empowers employees to manage and see the value of their eligible core and voluntary benefits, such as salary sacrifice, medical and dental cover, retail discounts, pensions, and financial protection, in one central, easy-to-use, portal.

Philip Curtis, Avantus’ co-founder and CEO, and his 30-strong team will also join Ciphr Group from today.

 

This is an exciting acquisition for Ciphr, and we’re delighted to welcome Philip and the Avantus team to the group. Avantus has a great reputation across the benefits and rewards industry for creating functionality-rich, people-centric technology that aims to make our working lives better.

This acquisition will truly enhance Ciphr’s HCM proposition and is an important step on our growth journey to becoming one of the UK’s top technology companies – providing cutting-edge HR, payroll, learning, recruitment and benefits software and services. One that not only serves its core market – UK-based, medium-sized organisations – but also is the provider of choice for companies based overseas looking to expand into Europe and the UK. Together, Ciphr and Avantus will be able to deliver an even better experience, and even better technologies, for our customers and their people.”

Sion Lewis

CEO, Ciphr

We are absolutely delighted that Avantus has become part of the Ciphr Group. With 20 years of experience behind us, our priority was to partner with an organisation that believes in, and shares, our customer-first ethos, and is committed to supporting us in our mission to deliver the very best in employee benefits technology. We are really excited about the opportunities that lie ahead, and are very much looking forward to working together with the Ciphr team to continue our growth journey.”

Philip Curtis

CEO, Avantus

Benefits has long been a focus for our M&A strategy, and we’re delighted to bring Avantus, a high-quality and fast-growth business, into Ciphr. Employee benefits is a rapidly growing market as employers seek to improve their value proposition and retain top talent in a competitive labour market. We’re looking forward to welcoming Philip Curtis and the rest of the Avantus team into the Ciphr group and continuing to work with Sion Lewis and the wider Ciphr team as they offer an even better service to HR teams across the UK.”

Stephen Roberts

Partner, ECI

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3i-backed Evernex continues its international growth with acquisition of Ultra Support

3I

3i Group plc (“3i”) announces that Evernex, a global leader in third-party maintenance (“TPM”) services for data centre infrastructure, has acquired Ultra Support, a leading UK-based TPM provider.

Ultra Support is a pure provider of third-party maintenance for data centres, servers and networking equipment. It is solely focused on channel sales through large IT service providers, reaching a user base of more than 1,100 end customers. The company combines expert technical and delivery capabilities with granular geographic coverage of the UK.

The acquisition marks the seventh since 3i’s investment in Evernex in October 2019. It sees Evernex reinforce its position in the UK, a strategic geographic expansion market due its size – the second-largest TPM market in Europe – as well as its rapid growth and the presence of international customers.

Evernex and Ultra Support have a track record of working together as commercial partners and combining the two groups is highly complementary. It will provide opportunities to deliver additional commercial synergies, building on the common values and culture between the two groups. The ongoing leadership of Ultra Support’s core team will maintain the same commitment to customer service and high standards that its partners expect and, as part of Evernex, Ultra Support will be able to leverage its expertise on a global basis.

Peter Hodgson, CEO and Co-Founder, Ultra Support, said: “Joining forces with Evernex represents an exciting opportunity for Ultra Support, our partners, and our team. Evernex’s global presence and comprehensive service offerings allow us to better meet the needs of our partners, both locally and internationally. Importantly, our commitment to a channel-only model ensures that it remains business as usual for our partners. Together, we are well-positioned to enhance the service experience for our partners and provide a wider range of solutions for data centre third-party maintenance.”

Stanislas Pilot, CEO, Evernex, said: “We are thrilled to welcome Ultra Support into the Evernex family. Their expertise in enterprise IT hardware maintenance and their strong channel relationships align perfectly with our mission to deliver reliable, flexible, and scalable IT solutions worldwide. A key element of this partnership is retaining the talented team at Ultra Support, who have been instrumental in the company’s success. This has always been our approach in M&A transactions, as we value and rely on local expertise to ensure seamless integration and growth.”

Marc Ohayon, Partner and Co-Head of France Private Equity, 3i, said: “With Ultra Support, Evernex gains an expert player in the UK TPM market, the second-biggest TPM market in Europe. Ultra Support’s expertise and quality of service make it an ideal partner. Since the beginning, our strategy has been to grow Evernex into an integrated global TPM provider, and this acquisition is another great step on that journey.”

-ENDS-

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For further information, contact:

3i Group plc

Kathryn van der Kroft
Media enquiries

Silvia Santoro
Shareholder enquiries

  

Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America.

For further information, please visit: www.3i.com

About Evernex

Evernex is a leading third-party maintenance provider that specialises in the support of data centre infrastructure, helping to extend the lifespan of IT hardware, minimise system failures, and repair functional equipment. Additional solutions include spare parts management, recycling, secure data disposal, data centre removal and relocation, library repair, IT hardware rental, and financing solutions.

With a global footprint across 165+ countries, 500,000+ IT infrastructure systems maintained, readily available spare parts in over 340 forward-stocking locations, 24/7 technical support, and multi-vendor expertise, Evernex is a dependable partner and a convenient single point of contact for IT departments across industries.

For further information, please visit: www.evernex.com

About Ultra Support

Ultra Support is a UK-based third-party provider of data centre maintenance and project services headquartered in Melksham, Wiltshire. Ultra Support has built a strong reputation within the IT services industry, specialising in responsive, reliable support for mission-critical IT assets. With a large network of forward-stocking locations across the UK, Ultra Support’s dedicated professionals support tens of thousands of IT assets, ensuring high levels of service.

The company holds ISO27001, ISO9001, and ISO14001 certifications, demonstrating its commitment to quality, data security, and environmental responsibility.

For further information, please visit: www.ultrasupport.co.uk

 

Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

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