HIG Capital has acquired a majority stake in Conet Technologies, an IT and software development business based in Germany, for an undisclosed sum.
The Conet management team, headed up by CEO Anke Höfer, will continue to lead the company.
Conet was founded in 1987 and provides a range of services and solutions in software development, SAP consulting, IT infrastructure and IP-based communications. The company is partner to many German and Austrian blue-chip customers in the public and private sectors. It currently employs more than 400 business and IT specialists at eight locations throughout Germany and Austria.
Dr. Holger Kleingarn, managing director of HIG European Capital Partners, said: “With a dedicated focus on the public sector, Conet has demonstrated impressive growth in recent years, leveraging its unrivalled customer relationships and market-leading expertise in a multitude of highly innovative areas. HIG will support Conet through its role in the advisory board in continuing to increase its share in the fast-growing IT services and IT consulting market by both, organic growth and selected acquisitions.”
Anke Höfer, CEO of Conet, said: “On the basis of our strong historical track record, we strive to continue our growth trajectory over the coming years backed by an investor that fully supports our strategy. We are delighted to partner with HIG, an experienced global investor, in implementing this growth strategy. Through the partnership, Conet will benefit not only from the financial resources of HIG, but also from its substantial experience in the IT services and IT consulting sectors, in the development of new markets, and in corporate M&A, including successfully executing buy-and-build strategies.”
Conet plans to expand into other European markets and further strengthen its capabilities innovative technologies including cyber security, cloud computing and big data.
HIG is a global private equity and alternative assets investment firm with more than €20 billion of equity capital under management. Since it was founded in 1993, it has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales of over €28 billion.