Finnish DevOps services firm Eficode has been acquired by investment firm Investcorp, which is committed to helping boost its global expansion.
Eficode founder Risto Virkkala and CEO Ilari Nurmi, and the rest of the Eficode management team, will continue to be “significant” shareholders in the company alongside Investcorp.
In April 2018, Eficode received an investment from Bocap’s private equity fund. Fuelled by this investment, Eficode grew its revenues from €22m to over €150m in four years, and is now present in ten countries.
Eficode's list of 1,400 customers include Volvo, P&G, Nokia, The Royal Bank of Scotland, OP Financial Group, Vodafone, ABB, Kone, Rovio and Vestas.
Virkkala said: “It’s great to partner with Investcorp who have a strong track record in supporting growing technology and professional services companies. Demand for DevOps grows all the time, as every company needs to put software development capabilities and software products as their strategic pillars.
“With Bocap, Eficode went to Europe. Now, with the backing of Investcorp, we expect to significantly accelerate our growth worldwide to make Eficode the leading DevOps services house in the world.”
The terms of the acquisition have not been disclosed. This October, Eficode acquired Clearvision, a solutions provider for Atlassian, Git and open-source tooling. The acquisition fortified Eficode’s presence in the UK and established it in the US.
Last year, Eficode expanded its reach in the DACH region by acquiring Beecom, a leader in Atlassian software and consulting in Switzerland.
