Private equity firm Keensight Capital has acquired a majority stake in Smile, a digital technology and open source business.
Keensight Capital first invested in Smile from 2013 to 2017 and will now replace Eurazeo PME as majority shareholder.
Smile was founded in 1991 and provides open source technology solutions for digital based projects. Its expertise covers digital technology, E-business and the Internet of Things, embedded systems, IT infrastructures and business apps.
The business is based in Paris with offices in seven countries and employs 1,700 people.
Its annual revenues are expected to grow from €102.5 million (£91.5 million) in 2018 to around €130 million (£116 million) in 2019.
Marc Palazon, Chairman of Smile’s Executive Board, said: “Our ambition is to establish ourselves as the next European digital champion, through both organic growth and bolt-on acquisitions.”
Philippe Crochet, Managing Partner at Keensight Capital, added: “With its unique open source DNA and its limitless capacities, Smile’s growth potential is extraordinary, especially at an international level. We are very excited to keep exploring new opportunities together.”