DevOps Leader Eficode Receives Strategic Investment from Investcorp to Boost Global Expansion
Eficode has announced a significant investment from Investcorp, a leading global alternative investment firm. Investcorp becomes a majority shareholder in Eficode, and will partner with Eficode’s founder, Risto Virkkala, and CEO, Ilari Nurmi, to support Eficode through its next phase of ambitious growth and international expansion. Risto, Ilari, and the rest of the Eficode management team will continue to be significant shareholders in the company alongside Investcorp.
Eficode accelerates global growth in DevOps services
In April 2018, Eficode received an investment from Bocap’s private equity fund. Fuelled by this investment, Eficode grew its revenues from €22 million to over €150 million in 4 years and is now present in 10 countries. Eficode’s impressive list of 1400 customers include Volvo, P&G, Nokia, The Royal Bank of Scotland, OP Financial Group, Vodafone, ABB, Kone, Rovio and Vestas, among others.
Eficode is amongst the most significant Atlassian, GitHub and GitLab partners worldwide, measured by number of certified professionals, partnerships, and acclaimed industry awards.
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Risto Virkkala, founder of Eficode, said: “It’s great to partner with Investcorp who has a strong track record in supporting growing technology and professional services companies. Demand for DevOps grows all the time, as every company needs to put software development capabilities and software products as their strategic pillars. With Bocap, Eficode went to Europe. Now with the backing of Investcorp, we expect to significantly accelerate our growth worldwide to make Eficode the leading DevOps services house in the world.”
Ilari Nurmi, CEO of Eficode, added: “We are excited to partner with Investcorp as we enter our next phase of growth. We believe that Investcorp will enable Eficode to further strengthen its position as a leading global provider of DevOps consulting services and managed DevOps platform. Investcorp has the right expertise and experience to support our global expansion strategy, both organically and through further acquisitions. We look forward to being able to help more companies through their digital transformation journeys.”
Vilma Torstila, Bocap’s Investment Director, said: “Bocap has been a part of Eficode’s exhilarating growth story till its current Pan-European success. The close collaboration with Eficode’s ambitious team has been rewarding, and we are excited to see what the future holds for this dynamic and forward-thinking company!”
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Investcorp partners with leaders in technology and professional services
Investcorp is a global investment manager specializing in alternative investments across private equity, real estate, credit, and a number of other asset classes. Founded in 1982, Investcorp focuses on generating attractive returns for its clients while creating long-term value in its investee companies by acting as a prudent and responsible investor.
Daniel Lopez-Cruz, Head of European Private Equity at Investcorp, stated, “We are thrilled to be partnering with Eficode, a leader within the large, fast-growing and resilient DevOps market. Eficode’s services are becoming increasingly important to companies in all industries as they go through digital transformation. Eficode provides mission-critical services that enable companies to meet the digital expectations of their customers, take their R&D capabilities to the next level, improve efficiency and cost management, and maintain their competitive edge. We’re looking forward to working with Risto and Eficode’s talented team to capitalise on the opportunities available to the company.”
Investcorp’s notable investments include Swedish-based Electronic Health Record software and services provider Cambio; leading global provider of ticketing software solutions provider Vivaticket; tech-enabled digital sales and marketing solutions platform CloudCare; modern data, technology, and digital transformation consulting firm Resultant (formerly KSM Consulting); leading business advisory firm CrossCountry; and global consulting firm AlixPartners.
Investcorp has today 13 offices across the US, Europe, GCC and Asia, including India, China and Singapore. As of June 30, 2022, Investcorp Group had US $42.7 billion in total AUM, including assets managed by third party managers, and employed over 480 people from 50 nationalities globally across its offices.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2023. The terms of the acquisition were not disclosed.
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