One Equity Partners Completes Simultaneous Acquisition of Kirey Group and Synergyc With the Clear Goal to Create a Pan-European IT Service Champion
Transformational Combination Creates Leading Integrated Player in the IT Services Space and will function as platform for future growth
NEW YORK, May 04, 2023--(BUSINESS WIRE)--One Equity Partners ("OEP"), a middle market private equity firm, today announced that it has completed the simultaneous acquisitions of Kirey Group, an Italian IT systems integrator and proprietary technology solutions developer, and Synergyc, a Bulgarian IT services solutions provider. The acquisition of Synergyc strengthens Kirey Group’s position as a leading IT services player and adds strong IT service workflow automation as well as CRM/ERP consulting capabilities to the group.
Founded in 2009 through a management buyout, and headquartered in Milan, Italy, Kirey Group is an Italian digital transformation consultant that supports its customers with strong experience in leading-edge technology solutions related to data analytics, cybersecurity, cloud computing, and software-as-a-service development. Kirey Group employs more than 950 people across 16 offices in 9 countries and has over 400 clients around the world. The company has strong expertise in the banking and insurance verticals, which are both expected to see continued growth moving forward. Additionally, Kirey Group runs the reference ERP for insurance agents and brokers in Spain and Latin America with its own proprietary solutions. As a result, the company has secured its place as the market leader in the segment. Additionally, Kirey Group has been listed as a Representative Vendor in the 2021 Gartner® Market Guide for Data and Analytics Governance Platforms and Representative Vendor in the 2022 Gartner® Market Guide for Retail Forecasting, Allocation and Replenishment Solutions.
Headquartered in Sofia, Bulgaria, Synergyc is an IT service consultant that provides efficient, and cost-optimal near-shore services from one of the fastest growing Tech hubs in the EU, combined with strong expertise in financial and accounting processes. Synergyc has expertise in service design, application & infrastructure management, automation, as well as enterprise architecture implementation.
"We are happy to partner with Kirey Group to support the Company in their ambition to become a leading Italian and European digital transformation expert. The simultaneous combination of Kirey Group with Synergyc creates a new player of scale in the market that is primed to benefit from robust growth within European IT services, a rapidly growing market driven by the adoption of various technologies supporting remote working and the continued digitization of business processes," said Joerg Zirener, Senior Managing Director, One Equity Partners.
OEP has a long track record of partnering with founders and shareholders of high-quality IT service and enterprise software businesses, where OEP applies its expertise to transformational acquisitions and organic growth investments for step-change expansions in technology capability, geographic reach, and market share. In Italy and Spain, OEP’s partnership with Engineering, Lutech and VASS was instrumental in supporting the execution of a transformational buy-and-build strategy.
"OEP can rely on a strong network and expertise in the IT services market from our investments in Italy and Spain. We believe that Kirey Group is the perfect platform to execute a similar growth story based on inorganic as well as organic drivers," said Michael Lange, Operating Partner, One Equity Partners.
"One Equity Partners is the perfect investment partner for Kirey Group, as we seek to grow the newly transformed business," said Vittorio Lusvarghi, CEO of Kirey Group. "Additional resources provided by OEP’s expertise as well as by our new partner Synergyc, should help us to continue to provide sophisticated services in leading-edge areas, as companies across industries are continually looking for ways to use technology to improve their business models and enhance the client experience."
"This is a natural next step for Synergyc as we continue on our path of providing clients, new and old, with forward looking, transformational services which ultimately unlock value and bring meaningful change," said P. Joseph Lazarus, CEO of Synergyc. "As a result of this partnership, Synergyc will be able to leverage Kirey’s established portfolio of services and resources to enhance delivery capabilities ultimately benefiting our clients."
About One Equity Partners
One Equity Partners ("OEP") is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About Kirey Group
At Kirey Group, we help enterprises design and execute on their IT innovation journey. We develop and deliver on innovative projects via specialized expertise and professional and help deploy the latest technologies for businesses. Kirey Group serves key players in insurance, banking, manufacturing, retail, public administration and oil & gas, helping them execute on transformative information technology projects. Learn more at www.kireygroup.com.
About Synergyc
Synergyc is a progressive, growth-oriented professional Services and Consulting company servicing blue-chip enterprises. Synergyc is focused on solutions that help its clients optimize organizational structures, decrease risk and costs, and achieve greater operational efficiencies. Synergyc has a proven track record of leading and delivering transformative IT & Finance services within the Commodities & Energy, Oil & Gas, and Technology Services sectors. Learn more at www.synergyc.io.
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