Version 1 announced an agreement that, subject to regulatory approvals, would see leading global private markets firm Partners Group become its new partner and majority shareholder for the next phase of the company’s growth.
At the time of the announcement, Version 1 was owned by Volpi Capital and management shareholders. The transaction was expected to complete during mid-2022, subject to customary approvals.
Since becoming CEO in 2017, Tom O’Connor has led Version 1 through a period of significant expansion. Under the new ownership structure, Tom and the management team would continue to lead the business in partnership with Partners Group.
The agreement marked the conclusion of a process to identify a new investment partner capable of supporting Version 1’s long-term growth strategy.
Over the previous five years under Volpi Capital’s ownership, Version 1 had:
- Tripled in size
- Increased revenues to more than €240 million
- Expanded to over 2,100 employees
- Completed 13 acquisitions
- Strengthened its presence across the UK, Ireland, Spain and India
Version 1 had established itself as a leading digital and cloud transformation partner serving both public and private sector organisations throughout the UK and Ireland.
Notable acquisitions during this growth period included Northern Ireland-based digital services specialist Neueda.
The company had also recently been awarded second place in the Great Place to Work Awards for Best Large Workplace in Ireland.
To recognise both the transaction and key company milestones, including celebrating 25 years in business and surpassing 2,000 employees, Version 1 announced a bonus for all employees.
Tom O’Connor, Chief Executive Officer of Version 1, said:
“We thank Volpi Capital for their important and supportive role that has enabled Version 1 to triple in size over the past five years.
We are extremely pleased to have secured Partners Group as our new partner and majority shareholder. Throughout the process, the firm’s core values, track record and ambition most closely matched those of Version 1.
Partners Group’s sector 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.”
Supporting the Next Phase of Growth
Partners Group identified digital transformation as a key long-term investment theme and recognised Version 1’s strong position in the market.
Kim Nguyen, Partner and Co-Head Private Equity Services at Partners Group, said:
“We have been tracking Version 1 through our thematic focus on digital transformation.
Based on our investment and value creation experience in this sector, we value Version 1’s strong leadership team, differentiated offering and operational excellence, reflected in outstanding customer and employee satisfaction scores and impressive organic growth.
The company is well positioned to benefit from increasing digitisation across both private and public sectors, and we have strong conviction in its future growth prospects. We look forward to working with Version 1’s ambitious management team on our value creation plans.”
Reflecting on a Successful Partnership
Volpi Capital highlighted the success achieved during its five-year partnership with Version 1.
Crevan O’Grady, Volpi Capital, said:
“We are proud to have partnered with Version 1 over the last five years and have thoroughly enjoyed supporting its management team and employees.
We wish Version 1 and its new investors every success in the future. The company has an exceptional team, a strong focus on its people and a values-led approach that positions it well for its next phase of growth.”
