Partner Group has agreed to buy Version 1, a digital transformation services provider headquartered in Dublin.
Subject to approvals, the Swiss private equity firm will become a majority Version 1 shareholder and help support the company through its next phase of growth.
Since 2017, Version 1 has been led by Tom O’Connor, its chief executive.
The firm said the agreement is the conclusion of a process through which the company’s management team sought a new partner to deliver on its future business plan.
It said it follows a successful five-year period of ownership by exiting shareholder Volpi Capital. Over that period, Version 1 tripled in size since it acquired its majority interest from the firm’s founders who exited the business in 2017, according to the firm.
“We thank Volpi Capital for their important and supportive role that has enabled Version 1 to triple in size over the past five years,” said O’Connor. “We are extremely pleased to have secured Partners Group as our new partner and majority shareholder. We are also pleased for our customers and staff who will benefit as we continue to grow and add more great people to the Version 1 team.”
With over 2,100 staff distributed across offices in Ireland, the UK, India and Spain, Version 1 made its first UK acquisition in 2013 and has made 13 acquisitions to date, including Northern Ireland headquartered digital services specialist Neueda last year.
“We have been tracking Version 1 through our thematic focus on digital transformation,” added Kim Nguyen, partner, co-head of private equity services at Partners Group. “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.”
Jefferies International Limited acted as financial adviser and Maples and Calder (Ireland) LLP acted as legal adviser to Version 1 on the transaction.
Picture: Paddy O'Hagan, Neueda CEO (left) and Tom O'Connor, Version 1 CEO
