Bahrain - Investcorp, a leading global alternative investment firm, today announced that it has agreed to make a significant investment to become a majority shareholder in Eficode, a leading global provider of DevOps consulting and managed services.
Investcorp will partner with the company’s founder Risto Virkkala and its CEO Ilari Nurmi to support Eficode through its next phase of ambitious growth and international expansion.
Virkkala, Nurmi and the rest of the Eficode management team will continue to be significant shareholders in the company alongside Investcorp.
The terms of the acquisition were not disclosed.
Founded in 2005 in Helsinki, Finland, Eficode is a pioneer of DevOps and Agile practices that have transformed how companies across industries develop software. Eficode grew its revenues from €22 million to over €150 million in the last four years, and now serves over 1,400 customers. Today, Eficode is present in 10 countries around the world, including Finland, Sweden, Denmark, Germany, Switzerland, the UK and the US, and employs approximately 600 professionals.
Eficode is the partner of choice for many of the world’s leading companies, including Volvo, P&G, Nokia, The Royal Bank of Scotland, OP Financial Group, Vodafone, ABB, Kone, Rovio and Vestas, among others.
Eficode is amongst the most significant Atlassian, GitHub and GitLab partners worldwide, measured by number of certified professionals, partnerships, and acclaimed industry awards.
Yusef Al Yusef, Head of Investcorp’s Private Wealth, said: “We see a great opportunity to leverage our extensive track record of supporting the growth of professional services firms to Eficode’s advantage – the sector has enormous scope for growth and Eficode has the fundamentals and market position to scale and expand rapidly. We look forward to being a central part of the next chapter of Eficode’s phenomenal growth story.”
Tarek AlMahjoub, Head of UAE and Oman for Investcorp’s Private Wealth, said: “We are excited to partner with Eficode in a sector that holds such huge potential. Eficode’s organic growth to date has been extraordinary, and their expertise is increasingly valued by the world’s leading multi-national corporations. We look forward to working closely with Eficode, leveraging our knowledge of technology-enabled companies to help the business expand their digital transformation solutions to more global customers.”
Investcorp has a history of investing in and successfully growing technology and professional services businesses, with some notable investments including Swedish-based Electronic Health Record software and services provider Cambio; leading global provider of ticketing software solutions Vivaticket; tech-enabled digital sales and marketing solutions platform CloudCare; modern data, technology, and digital transformation consulting firm Resultant (formerly KSM Consulting); leading business advisory firm CrossCountry; and global consulting firm AlixPartners.
As a global investor, Investcorp also has significant experience investing in the Nordics. Current investments in Nordic countries in addition to Cambio include leading telematics solutions provider ABAX, leading manufacturer of premium skiing and cycling apparel and equipment POC, and leading provider of specialized clinical trial services Sanos.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2023, said a statement.
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