.jpg)
6 hours ago
2
Article content
(Bloomberg) — Carlyle Group Inc. has agreed to acquire a majority stake in IT consultancy and services provider Adastra Group SE.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The US investment firm is pursuing the deal via Carlyle Europe Technology Partners V and Carlyle Asia Partners Growth II, according to a statement on Tuesday that confirmed an earlier Bloomberg News report. Adastra founders will retain a significant minority stake and stay on with the business.
Article content
Article content
Article content
The deal values Adastra at about $400 million including debt, people familiar with the matter have said.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Founded in 2000, Adastra specializes in data, cloud and artificial intelligence transformations. It clients includes companies in financial services, insurance, automotive, manufacturing, technology and retail industries among others. The firm has more than 2,000 employees.
Article content
Adastra generates half of its revenue in North America, mostly Canada, and it also has solid growth in Europe, particularly in Germany, according to Petr Rieger, principal on the Carlyle Europe Technology Partners investment advisory team.
Article content
“Our plan is to make the business much bigger in the US, which is the biggest and most strategic market,” he said. “The business already has solid traction in the US, but we could also supercharge it with M&A if we find suitable opportunities.”
Article content
Dealmaking by private equity firms is ramping up after a prolonged lull as they come under pressure from their own investors to put money to work and return cash from existing investments. Carlyle on Monday agreed to sell funds network operator Calastone to SS&C Technologies Holdings Inc. for about £766 million ($1 billion).
Article content
(Updates throughout with confirmation and Carlyle comments.)
Article content
English (US)