Funds advised by Apax have signed a definitive agreement to acquire a majority stake in Lutech (Lutech), an IT services, software and technology company in Italy, from One Equity Partners, a middle market private equity firm.
The financial terms of the transaction, which are subject to applicable regulatory approvals, have not been disclosed.
Founded in 2001, Lutech is a leading Italian IT services and solutions provider, designing and enabling digital transformation and innovative enterprise technologies for private and public-sector clients. Lutech is able to deliver a wide range of solutions including digital strategy definition, proprietary software, system integration and managed services. The company is recognised for its capabilities in the following domains: digital customer engagement, next generation IT infrastructure, cloud, financial services solutions, cybersecurity, IoT, Big Data and eHealth.
The Apax Funds, in partnership with Lutech’s management team, will look to drive the company forward through a combination of organic and inorganic growth, focusing on expanding key value drivers such as the company’s digital services offering while at the same time accelerating Lutech’s M&A strategy. The Apax Tech team have a deep understanding of the IT services market, as well as specific knowledge of the Italian market through the Apax Funds’ prior investment in Engineering, another leading IT services provider in the country.
Tullio Pirovano, CEO at Lutech, says: “I’m delighted that the Apax Funds have invested in Lutech. Over the years, Lutech has grown to become a leading player in Italy with an authentic end-to-end offering supporting the digital evolution of our customers. With the significant experience that Apax will offer, we look forward to partnering with them as we continue our ambitious growth plans.”
Gabriele Cipparrone, Partner at Apax, says: “The Apax Funds have a strong investment track record in the IT Services space, a market benefiting from secular growth trends. Lutech occupies a leading position in this sector in Italy and we are excited by its prospects. We look forward to working with the Lutech team to accelerate growth through organic development and acquisitions, building on the company’s digital transformation skills, distinctive proprietary solutions and strong industry reputation.”
