Irish tech business Version 1 was founded in 1996.
Irish company Version 1 has been acquired by Partners Group in a deal that reportedly values the company at around €800m.
Since 2017, Version 1 has been led by Tom O’Connor, its chief executive, alongside fellow directors Jarlath Dooley and Andrew Langford.
“We are pleased for our customers and staff who will benefit as we continue to grow and add more great people to the Version 1 team”
Version 1 is currently owned by Volpi Capital (majority stake) and by management. Subject to customary approvals, the transaction is expected to complete by mid-2022.
Digital cloud transformation
Version 1 is a leading digital and cloud transformation partner to public and private sector customers across the UK and Ireland.
The Dublin business was founded in 1996. Over the past five years, Version 1’s revenues have increased to over €240 million through a combination of strong organic growth and selective acquisitions. Employing over 2,100 staff, it has offices in Ireland, the UK, India and Spain.
It made its first UK acquisition in 2013 and has made a total of 13 acquisitions to date, including Northern Ireland headquartered digital services specialist Neueda last year.
“We thank Volpi Capital for their important and supportive role that has enabled Version 1 triple in size over the past five years,” O’Connor said.
“We are extremely pleased to have secured Partners Group as our new partner and majority shareholder. Throughout our process, the firm’s core values, track record and ambition best matched those of Version 1. Partners Group’s sectoral knowledge and international reach will be as important to Version 1 as their investment and endorsement of our growth strategy. We are also pleased for our customers and staff who will benefit as we continue to grow and add more great people to the Version 1 team.”