Clearwater International has acted as exclusive financial advisor to Irish IT services firm Version 1 and Volpi Capital on the management buy-out of one of Western Europe’s fastest growing IT services companies. This transaction, Volpi Capital’s largest to date, sees the London-based private equity firm invest €90m of equity for a significant stake in Version 1.
Version 1 is an IT services business, founded in 1996 by Justin Keatinge and John Mullen, and is one of Ireland’s biggest technology success stories. The funding, which is Version 1’s second round of private equity investment, will drive phase two of the company’s ambitious international growth plan. Version 1 will further expand into the UK and Europe, through both organic growth and developmental acquisitions, with the intention of doubling in size over the next three years. The business will deliver revenues in excess of €100m this year.
The investment will see all of the original shareholders stay on with the exception of its first round investor, Development Capital, who have successfully exited as part of this deal, two years earlier than originally anticipated. Founders Justin Keatinge and John Mullen will remain as Board members with former COO, Tom O’Connor, taking up the role of CEO.
The Clearwater International team was led by John Sheridan with support from Associate Cian McComb.