Elovade Expands Italian Foothold with Avangate Acquisition
Deal News | Jan 28, 2025 | HQ Equita
Elovade, a leading value-added distributor in Europe with a focus on IT security and cloud services, has announced its acquisition of Avangate, an Italian security distributor. Supported by private equity firms HQ Equita and Verdane, this acquisition aims to broaden Elovade's portfolio of IT security solutions and significantly enhance its presence in Italy. Avangate, known for providing premium security solutions with manufacturers such as Bitdefender and Kaspersky, brings a strong network of over 2,500 partners, serving a wide range of international clients, public administrations, and SMEs. The acquisition is seen as a strategic milestone for Elovade's growth strategy in Italy, aiming to double its revenue in the region and to offer an extensive range of infrastructure and security solutions. HQ Equita and Verdane have been integral to Elovade’s growth strategy, with previous expansions including operations in Switzerland and acquisitions in Germany and Sweden. Transaction advisory for the acquisition was provided by law firms Watson Farley & Williams, Singular Group AG, and BDO.
Sectors
- IT Security
- Private Equity
Geography
- Italy – Avangate, the target company, is based in Milan, Italy, and the acquisition will primarily serve to expand Elovade's presence in the Italian market.
- Europe – Elovade operates in Germany, Italy, Sweden, and Switzerland, indicating its broad European footprint and market strategy.
Industry
- IT Security – The acquisition involves companies specializing in IT security solutions, reflecting their shared focus on providing secure and advanced technology services to clients.
- Private Equity – HQ Equita and Verdane's involvement in the transaction highlights the role of private equity in supporting strategic acquisitions in the tech sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Elovade | Acquirer | Company | A leading European value-added distributor specializing in IT security and cloud services. |
| Avangate | Target Company | Company | An Italian-based distributor of premium IT security solutions. |
| HQ Equita | Private Equity Investor | Company | A private equity firm supporting Elovade's acquisition and growth strategies. |
| Verdane | Private Equity Investor | Company | Financially strong partner involved in supporting Elovade's recent expansion efforts. |
| Watson Farley & Williams | Legal Advisor | Company | Provided legal and technical due diligence advice for the acquisition. |
| Singular Group AG | Commercial Due Diligence Advisor | Company | Performed commercial due diligence for the transaction. |
| BDO | Financial Due Diligence Advisor | Company | Conducted financial due diligence for the acquisition. |