Volpi Capital Partners Invest €90M in Management Buy-Out from BDO Development Capital

Volpi Capital partnered with the management of Ireland’s fastest growing IT Services company, Version 1 in their Management Buy-Out of the business, investing €90m of equity.

Version 1 was founded in 1996 by Justin Keatinge and John Mullen and is today one of the fastest growing IT services companies in Western Europe. The company has grown through planned developmental acquisitions to become a trusted technology partner to major domestic and international customers across all industry sectors in the UK and Ireland. The company will deliver in excess of €100m revenues this year, while at the same time, delivering outstanding
customer satisfaction and world-class employee engagement.

The company has expanded rapidly through organic and acquisitive growth. It is now embarking on its next phase of growth which will see it target more substantial acquisitions while also looking to the European market. The company intends to double again in size in the next three years.

Volpi’s investment will enable Version 1’s further internationalisation and the creation of up to 300 additional IT consultancy jobs in the next three years.

Tom O’Connor, Version 1 CEO

“We are delighted to welcome Volpi Capital as an equity investor to Version 1. We found in them a real core values fit to Version 1, with an approach to business and growth focus that matches our own ambitious plans. They are fully aligned to Version 1’s growth plans in the coming years and are the ideal partner to help us achieve our ambitious plans.”

Crevan O’Grady, Volpi Capital Partner

“We are very excited to be partnering with Tom and his management team as we set out to achieve Version 1’s growth plans in the coming years. Version 1’s specialist offering, plans for acquisitive growth and desire to internationalise make it an excellent fit for our investment strategy. We back ambitious management teams and in Version 1, we certainly have found that. Throughout our process, we have been hugely impressed by Version 1’s management team, their track record of achievement and their adherence to their core values. Volpi will work with this team to help them grow internationally and to provide with the level of funding this growth will require. Our values and our approach to business is very similar so it is the ideal base upon which to build a business”.

About Version 1:

Version 1 delivers technology enabled solutions and services that transform our customers’ businesses. We bring in-depth domain experience, breadth of technology competence and a relentless focus on service excellence and customer satisfaction to address the business challenges of Enterprise customers across all industry sectors in the UK and Ireland.

Version 1 Enterprise Solutions delivers solutions that transform our customers’ businesses. We take a customer problem, challenge or opportunity and leverage the skills, capabilities and experience of industry leading consultants to deliver strategic business results that impact both people and processes locally, nationally and internationally.

Examples of how Version 1 Enterprise Solutions transforms business include:

  • Delivery of large-scale business transformation and product implementation projects, from business case to support, for leading insurance organisations.
  • Enabling access to better business information for leading retailers.
  • Increasing efficiency through high-impact and value-for-money solutions for public sector customers.
  • Supporting new market entry for leading utility companies.
  • Designing data platforms for business agility for national airlines.
  • Strategic license optimisation consulting for enterprise customers reducing cost and risk, and enabling better license procurement decisions.

Source Volpi’s press release

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