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Cornerstone and Oaktree acquire ITKontrakt from Work Service

Funds managed by Cornerstone Partners and Oaktree Capital Management are to acquire IT Kontrakt, a vendor of IT services outsourcing in Poland, from Work Service (WS Group).

The preliminary share purchase agreement was concluded on 31 March 2017.
 
The transaction requires approvals from relevant third parties, including the consent of the Polish competition authority (UOKiK).
 
ITKontrakt is a leading player in the IT services outsourcing market in Poland, offering staff augmentation, custom software solutions and managed services for blue-chip multinational clients from various industries including pharmaceuticals, financial services, TMT and automotive.
 
ITKontrakt has been operating in the Polish market for more than 13 years, and recently entered several countries in Western Europe as well as Malaysia. In 2016, the company had above 1,300 IT specialists.
 
“Our company’s key strength is a strong team of experienced employees focused on quality services for our customers. Over the last few years, ITKontrakt has experienced rapid growth and the new partnership with Cornerstone Partners and Oaktree opens new opportunities to support further expansion in Poland and abroad,” says Leszek Kowalczykiewicz, CEO of ITKontrakt.
 
“Right now, the Polish market for outsourcing IT services is undergoing a structural change driven by the growth of shared service centres and outsourcing activities. We see ITKontrakt as an attractive asset to capitalize on this trend,” says Maciej Dyjas, managing partner at Cornerstone Partners.
 
“Following our acquisition of ProService, a financial services company, in March 2016, this current deal is another step in our partnership with Oaktree to build platforms providing comprehensive and complementary services in specific high growth sectors,” adds Przemysław Krych, the founder and managing partner at Cornerstone Partners.
 
“We believe that, as new shareholders, we will be able to provide ITKontrakt with a global platform to better support the growing needs of their clients and to continue its successful strategy of servicing multinational and domestic clients,” says Karim Khairallah, a managing director of Oaktree’s European principal group.

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