catworkx Expands Footprint with EverIT Acquisition
Deal News | Nov 05, 2024 | Equistone Partners Europe
In a strategic move to strengthen its foothold in Central and Eastern Europe (CEE), catworkx, an Atlassian Platinum and Enterprise Solution partner, has announced the acquisition of EverIT - a specialized Hungarian-based Atlassian Partner. This new acquisition, under the framework of TIMETOACT GROUP, which is backed by Equistone Partners Europe, further extends catworkx's market reach and bolsters TIMETOACT GROUP's global consulting portfolio. Headquartered in Cologne, TIMETOACT GROUP operates across various international locations, providing extensive software and consulting services to enterprise-level clients. The acquisition marks the ninth successful expansion for TIMETOACT GROUP following Equistone's majority stake acquisition in June 2021. With both catworkx and EverIT already having a long-standing partnership, this acquisition will bolster their capabilities, offering broader access to the Atlassian ecosystem and enhancing services in the DACH and CEE regions. The deal is pending approval from competition authorities and underscores TIMETOACT's ongoing growth strategy.
Sectors
- Information Technology Services
- Private Equity
- Software
Geography
- Germany – TIMETOACT GROUP is headquartered in Germany and plays a significant role in this acquisition.
- Hungary – EverIT, the acquired company, is based in Budapest, Hungary.
- Central and Eastern Europe – The acquisition aims to bolster TIMETOACT's presence in the Central and Eastern European markets.
Industry
- Information Technology Services – The acquisition involves IT service providers specializing in Atlassian software solutions, reflecting a strategic move to expand IT service capabilities in the European market.
- Private Equity – Equistone Partners Europe is backing the acquisition as part of its investment strategy, highlighting the role of private equity in facilitating such deals.
- Software – catworkx and EverIT provide specialized software solutions in the Atlassian ecosystem, underlining the significance of software in this transaction.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| catworkx | Target company | Company | A leading partner for Enterprise Integration on the Atlassian platform, now expanding through acquisition. |
| EverIT | Selling company | Company | A specialised Hungarian-based Atlassian Partner being acquired by catworkx. |
| TIMETOACT GROUP | Bidding company | Company | A group comprising specialized IT companies and the owner of catworkx, supporting the acquisition. |
| Equistone Partners Europe | Private equity firm | Company | The PE firm backing TIMETOACT GROUP, facilitating its expansion efforts. |
| bnt attorney in CEE | Legal advisor | Company | Provided legal advice to TIMETOACT GROUP during the transaction. |
| Impact Advisory | Financial and tax advisor | Company | Provided financial and tax advisory services for TIMETOACT GROUP. |
| McDermott Will & Emery Rechtsanwälte Steuerberater | Legal and Antitrust advisor | Company | Handled legal and antitrust matters during the transaction for TIMETOACT GROUP. |
| Dr. Schadt Kata | Legal advisor | Company | Advised EverIT shareholders during the transaction. |