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Hg agrees to sell IT services provider itm8 to Axcel after doubling size of business

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European software and services investor Hg has agreed a sale of IT services provider itm8 to fellow private equity player Axcel after four years in its portfolio.

The company has more than doubled in size since Hg bought the business from Adelis Equity Partners in 2018, when it was known as IT Relation. That growth includes 13 bolt-on acquisitions engineered by Hg.

Denmark-headquartered itm8 now has a team of more than 1,100 IT experts supporting customers within cloud services, digital transformation, application services and cybersecurity.

Hg partner Nick Jordan said, “For many years we had seen a clear opportunity to develop a high quality, single scale provider which could deliver a wide set of services to SMEs in the cloud.

“[CEO Henrik Kastbjerg] and his team had built an exceptional business to do this and there was a clear opportunity scale.”

AltAssets reported in March that Hg was raising more than $15bn across a pair of new funds, with its new large-cap vehicle said to be set for a $10bn final close in Q2.

The firm had collected at least $8bn for its large-cap Saturn 3 fund at the time according to PEI, which cited an unnamed source it said was familiar with the matter.

It added that the firm was also in the market for its 10th Genesis mid-cap vehicle, eyeing up to €5.5bn

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  • Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/hg-agrees-to-sell-it-services-provider-itm8-to-axcel-after-doubling-size-of-business.html

This Post was originally published on Altassets

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