Private equity firm Partners Group has acquired the majority stake in software enterprise Version 1 from PE peer Volpi Capital.
Version 1 has tripled in size since Volpi Capital acquired its majority interest from the firm’s founders, who exited the business in 2017.
The transaction is subject to regulatory approvals.
Version 1 is a leading digital and cloud transformation partner to public sector and private sector customers across the UK and Ireland.
The company’s annual turnover is c.€240m and it employs 2,100 staff in Ireland, the UK, India and Spain.
In Association with
Version 1 made its first UK acquisition in 2013 and has made a total of 13 acquisitions to date, including digital services specialist Neueda in Northern Ireland in 2021.
Version 1 chief executive Tom O’Connor commented: “We are extremely pleased to have secured Partners Group as our new partner and majority shareholder. Partners Group's sectoral knowledge and international reach will be as important to Version 1 as their investment and endorsement of our growth strategy.”
Kim Nguyen of Partners Group stated: “We have been tracking Version 1 through our thematic focus on digital transformation.
“Based on our investment and value creation track record related to this theme, we value Version 1's strong leadership team, differentiated offering, and operations, which are reflected by excellent customer and employee satisfaction scores, and impressive organic growth.
“The company is well positioned to capitalise on the tailwinds driving increased digitisation across both the private and public sectors, and we have conviction in its growth prospects.”
Jefferies International acted as financial adviser and Maples and Calder acted as legal adviser to Version 1 on the transaction. Blackthorn Capital supported management shareholders with the transaction. PwC provided tax advice on the transaction.
Photo: Tom O’Connor (second from right) with minister Simon Coveney (right), Version 1’s Alan Crowley (left) and Cllr Mick Finn. (Pic: Darragh Kane)
