Investment firm Eli Global have purchased a majority stake in ICT (Information and Communication technology) firm Damovo following a USD 164.1 million deal in a bid to enter the cloud market in Europe. With this acquisition, Eli Global seeks to diversify their services and skills portfolio by investing in developing markets that guarantee long-term returns.
Eli Global say that they have made massive investments in firms belonging to traditional industries such as healthcare, insurance and financial services. They claim that they have always invested in companies with a strategic intent of long-term growth.
Speaking about Damovo, Eli Global says that the former’s pace and agility in the cloud computing market took them by surprise after the ICT company quickly lapped up competitors in Germany, Switzerland and Luxembourg. They believe that by adding Damovo to their portfolio, Eli Global will be able to strike a fine balance between new age and traditional services.
Explaining this, Dave Hersom, CEO of The Pelton Group – Eli’s technology-oriented division, commented:
Damovo is well positioned with a strong customer focused team to drive significant growth and is a great addition to our technology services portfolio.
According to Eli Global, the acquisition will see the current management team of CEO, Glen Williams, Executive Chairman Matthew Riley and CFO, Stuart Hall stepping down from the business. In Williams’ stead, Carl Mühlner will be moving from his role as Managing Director for DACH and Poland to take on the role of Group CEO.
In closing, Eli Global said that the deal is subject to regulatory approvals.