One Equity Partners (OEP), a middle market private equity firm, has completed the acquisition of VASS Consultoría de Sistemas (VASS), a European provider of digital transformation, cloud infrastructure and managed IT solutions. Financial terms of the transaction have not been disclosed.
Headquartered in Madrid, Spain, VASS is focused on digitally transforming its customers’ value chain by implementing and servicing customer relationship management, enterprise resource applications, and providing technology infrastructure services. The Company has deep experience with big data, the implementation of robot process automation, intelligent business process management and similar technologies.
“After having spent the past 18 months analysing the Spanish IT Service market in detail, we are convinced that VASS is the perfect buy and build platform as it is a best-of-breed digital solution advisor to businesses that are seeking to stay competitive through digital transformation solutions that span across the entire value chain,” says Joerg Zirener, Senior Managing Director at One Equity Partners. “This transaction is representative of OEP’s approach to partnering with founders of businesses who have demonstrated a strong track record of organic growth and investing in market-leading technology businesses.”
OEP has a long track record of partnering with founders and shareholders of high-quality, high-growth global IT service and enterprise software businesses, where OEP applies its expertise to transformational acquisitions and organic growth investments for step-change expansions in technology capability, geographic reach, and market share.
“A comparable OEP investment in the European IT services sector, the Italian digital solutions provider Lutech, managed to grow from EUR180 million to EUR440 million of revenues in less than three years under OEP’s ownership. During that time, Lutech completed 15 add-on acquisitions in highly sought-after technologies convincing founders and management teams to become part of this exciting development of being a larger channel for its suppliers and broader partner for its customers,” said Sebastian Schatton, Associate at One Equity Partners. “We are convinced that Vass is the perfect platform to execute a similar growth story in Spain and Latin America.”
“We’re excited about partnering with OEP and look forward to providing next-generation IT consulting solutions across Europe to companies seeking to improve their business models, deliver innovative services and enhance their customers’ experience through digital transformation,” says Francisco Javier Latasa, Founder and CEO of VASS, who will remain an investor in the business.
The demand for cloud infrastructure services, cloud software and cybersecurity is expected to drive growth in Spain’s digital services sector. Infrastructure services are the largest segment of the managed IT services market in the country, generating around half of total annual sales, followed by networking and security services.
OEP has experience building IT consulting and software businesses, including Infobip, a global cloud communications platform for the world’s largest enterprises; CDI, a leading US provider of technology infrastructure hardware and software, consulting and managed services; and Lutech, an Italian IT system integration and solutions provider.
Source: Private Equity Wire
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