Irish IT services player Version 1 has raised €90m

3 Apr 2017

Justin Keatinge, Version 1 co-founder and shareholder. Image: Version 1

Version 1 is eyeing revenues of €100m, an IPO within three years and a major acquisition later this year.

Irish IT services company Version 1 has raised €90m, reshuffling its leadership team in the process.

The company raised the investment from UK private equity firm Volpi Capital.

According to reports, the BDO Development Capital Fund – backed by Enterprise Ireland, Bank of Ireland and CRH – will exit the business after making a 250pc return in three years.

Other reports suggest that Version 1 is planning an IPO within the next three years.

Leadership restructure at Version 1

Co-founder Justin Keatinge will step down as CEO and will be replaced in the role by former COO Tom O’Connor. Keatinge and all of the original shareholders will remain on board.

The company is targeting revenues of €100m through further organic growth in the UK. It is also understood to be planning a potential acquisition this year.

In 2016, Version 1 snapped up its fifth acquisition in the UK, Beoley Mill Software, adding support structures for companies using Oracle’s JD Edwards World software.

The UK companies Version 1 has acquired in recent years are: Tieto Corporation (2013), Rocela Group (2014), Patech Solutions (2015) and ERP business Database Service Provider Global Limited (2016).

It also previously brought PM Centrix (2010) and Prose Software (2006) into the fold.

Version 1, which has made no secret of its ambition to become a $1bn-a-year company within a decade, also opened an Enterprise Cloud centre of excellence in Dublin in recent years.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years