- Cloudflight develops software to help firms digitise their businesses
- Partners Group will aim to help Cloudflight expand into new markets
- Cloudflight has more than doubled its revenues over the last three years
Partners Group bought a controlling stake in digital transformation services provider Cloudflight from Deutsche Beteiligungs. The deal gave an enterprise value of just under €400 million.
Cloudflight develops software to help firms digitise their businesses. It focuses on aiding long-term projects, using fields such as internet of things, cloud architecture, machine learning and artificial intelligence. It has more than doubled its revenues over the last three years.
Partners will aim to build out Cloudflight’s technical capabilities and expertise, expand into new markets and institutionalise its organisation and operations.
“For many industries and businesses, digital transformation remains top of the agenda for improving value propositions and overall competitiveness in a period of macroeconomic challenges,” said Bilge Ogut, partner, head private equity technology industry vertical, at Partners, in a statement. “This is creating long-term tailwinds for specialist providers such as Cloudflight.”
“Based on our extensive insights into this sector and thematic approach, we have found that Cloudflight has several competitive advantages over its peers,” added Joel Liebi, member of management, private equity technology industry vertical, Partners Group. “This includes technical expertise, speed of delivery, unique culture and access to talent, and understanding of customer needs.”
Cloudflight is headquartered in Munich and has 19 offices across Germany, Austria, the Netherlands, Poland and Romania.
Partners Group is a private equity firm headquartered in Baar-Zug, Switzerland. Kim Nguyen, co-head of the firm’s private equity services business, told PE Hub Europe last week about Partners’ thematic focus on digital transformation.
Deutsche Beteiligungs is a private equity firm based in Frankfurt.