Oaktree, Cornerstone to exit IT consulting service provider Avenga

Avenga is an end-to-end software engineering and consulting company.

  • Oaktree is a global investment manager with $183bn in assets
  • KKCG is a European private investment group
  • The deal is for the sale of a 100% share in Avenga

Oaktree Capital Management and Cornerstone Investment Management have agreed to sell Avenga, an end-to-end software engineering and consulting company, to KKCG.

The deal is for the sale of a 100 percent shares in Avenga, subject to customary closing conditions.

Avenga is based in Cologne, Germany.

“Avenga, from the very beginning, has been strategically steering towards new horizons in the ever-evolving landscape of the IT industry, and becoming a key player in delivering future-focused innovations,” said Przemysław Krych, founder of Cornerstone.

Avenga’s addition will enable KKCG to strengthen its presence in target markets in Europe and North America, contributing capabilities especially in healthcare & pharma, while complementing the footprint of KKCG’s portfolio company Qinshift in custom software development for telecoms, banking and financial services, and the automotive industry, according to a release.

Ludovic Gaudé will lead the process of future integration.

Cornerstone and Oaktree launched Avenga in 2019.

Los Angeles-based Oaktree is a global investment manager specialising in alternative investments. It managed $183 billion in assets as of 30 September.

Warsaw, Poland-based Cornerstone is a private equity investment firm with €10 billion of assets.

KKCG is a European private investment group based in Lucerne, Switzerland.

No financial details of the transaction were disclosed.

Oaktree and Cornerstone were advised by Citigroup Global Markets Europe.