Global investment firm The Carlyle Group is to acquire a majority stake in iC Consult Group, a leading specialised provider of Identity and Access Management (IAM) in the DACH region. Further details of the transaction, which is is subject to regulatory approval and is expected to close in Q1 2021, have not been disclosed.
Headquartered in Munich, iC Consult was co-founded in 1997 by Jürgen Biermann who remains CEO of the business. Following today’s announcement, Biermann and the company’s management team remain significant shareholders in the business.
Identity and Access Management (IAM) solutions are used by IT departments to define and manage the roles and access privileges of individual network users and the circumstances in which users are granted (or denied) those privileges. iC Consult provides consulting advice and services in this sector to a customer base that includes more than half of the DAX 30 companies. The company’s network brings together the entire IAM value chain, from consulting, architecture and implementation to managed services to its own IAM cloud platform as a Service “Service Layers”. The business employs more than 300 consultants across 12 locations worldwide and generated revenue of over EUR50 million in 2019.
Carlyle will leverage its global network, expertise and resources to support iC Consult in executing its international growth strategy. Equity for the investment will be provided by Carlyle Europe Technology Partners (CETP) IV, a EUR1.35 billion fund that invests in small and middle market technology-focused opportunities in Europe and the US.
Jürgen Biermann, Founder and CEO of iC Consult Group, says: “We are delighted to partner with Carlyle who bring a vast international network and a deep understanding of our industry. Carlyle’s investment represents a major step in taking the company forward into the next phase of its development and growth. In partnering with Carlyle, we will look to take advantage of opportunities particularly in new markets, but also in existing ones, as we continue to expand our growth and innovation plans. I am convinced that this is the right step at the right time.”
Dr Thorsten Dippel, Managing Director on the CETP advisory team, adds: “With identity and access management being an issue of key strategic importance for all businesses, we believe iC Consult is well-positioned to grow significantly in Europe and in the U.S. We are very impressed by iC Consult’s high quality management team, strong blue chip customer base, and its close customer relationships with leading IAM product providers. We look forward to leveraging our experience in growing technology companies and Carlyle’s global network to support Jürgen and his management team execute the growth strategy.”
Software, technology and IT services companies are a key investment focus for CETP. Current and former portfolio companies in this space include Exocad (CAD/CAM software provider), SER Group (Enterprise Content Management provider), and HSO (IT service provider).
