Clearwater International Denmark advises Hg on investment in IT Relation
Clearwater International Denmark has provided buy-side support to HgCapital Trust plc (Hg) on its investment in private equity backed IT Relation, a leading supplier of managed IT services to small and medium sized enterprises (SMEs).
Founded in 2003, IT Relation provides services which allow SMEs to move their IT infrastructure and operations into the cloud, as well as providing end-user support and consulting as part of a full-service IT offering.
In 2016, Clearwater International advised IT Relation on its sale to Adelis Equity, after which the business merged with the IT outsourcing company, Front-data and the IT development and application company DSI-Next. Thus, creating an even stronger platform for future growth with the two business units – Managed Services and Solutions.
Today, IT Relation has over 450 employees supporting thousands of customers and tens of thousands of users in Denmark and around the world.
The Clearwater International team consisted of Partner and Head of TMT Denmark Per Surland, Director Jesper Agerholm and Senior Associate Casper Norre Christensen.
Per Surland, Partner and Head of TMT Denmark, Clearwater International: “It has been a pleasure working together with Hg on this acquisition of a company that we have worked closely with for such a long period of time and through different processes. It has been a great privilege to assist IT Relation on initially creating a strong platform for future growth and now being able to form part of their continued growth path with the acquisition by Hg. This transaction marks our 8th deal in the Danish hosting and managed service sector and once again confirms the current consolidation trend in a competitive market, with a continuously increasing demand for more complex services and competencies. Forecasts show no signs of declining growth in the sector; therefore, we expect to see the current high level of M&A activity in the hosting and managed service industry to continue throughout 2018.”