One Equity Partners has acquired VASS, a Madrid-based provider of digital transformation, cloud infrastructure and managed IT solutions. No financial terms were disclosed.
NEW YORK, Dec. 30, 2020 /PRNewswire/ — One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has completed the acquisition of VASS Consultoría de Sistemas S.L. (“VASS” or “the Company”), a leading European provider of digital transformation, cloud infrastructure and managed IT solutions. Financial terms of the transaction were not 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 analyzing 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,” said 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 €180 million to €440 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,” said 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 U.S. provider of technology infrastructure hardware and software, consulting and managed services; and Lutech, an Italian IT system integration and solutions provider.
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.