PE-Backed Codestone Acquires SAP Consulting Firm Clarivos
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Codestone Acquires SAP, Microsoft Partner Clarivos
Codestone is based in Poole, United Kingdom, with operations across the UK. The firm is an SAP and Microsoft Gold partner specializing in the delivery and management of SAP Cloud ERP, analytics and enterprise performance management (EPM) solutions.
Clarivos is an SAP ERP, Analytics and EPM specialist with expertise in business intelligence and SAP Business ByDesign, according to Codestone.
The acquisition will bolster Codestone’s digital platform capabilities around ERP, EPM and BI and Codestone expects it will generate £10 million in incremental revenue and £2 million in incremental adjusted EBITDA over the next 12 months.
Clarivos’ team of more than 70 people will join Codestone; the Clarivos team delivered over 350+ successful EPM and ERP projects across the EMEA region, the company said. The Clarivos leadership team will remain within the expanded group, which will operate as Clarivos, a Codestone Company, and Kirit Patel, Clarivos’ executive director, strategy and execution, will now become the director of mid-market and large enterprise and sit on the Codestone operational board, the companies said.
Codestone Acquires Clarivos: Differentiated SAP Services
Jeremy Bucknell, co-founder and CEO, Codestone says,
“This agreement complements our award winning SAP ERP and Microsoft Cloud offerings and creates one of the most differentiated SAP services in the market. It is perfectly aligned with our customer-centric, cloud-first strategy and will drive greater focus on strategic execution and operational excellence to the Group’s already significant value creation.”
Kirit Patel, executive director, strategy and execution, Clarivos, added:
“Codestone’s multi-capability Microsoft credentials, cloud hosting expertise and comprehensive support provides much in demand services to our customers. Our mid-market and large enterprise customers will benefit from more comprehensive ERP delivery, cloud and managed services from a pedigree organisation that is widely recognised in this space.”
Codestone and FPE Capital
In March 2022, Codestone received its first outside investment from FPE Capital, a software and services sector specialist investment house. The firm said the funding “provides the business with the capacity to pursue acquisitions alongside strong organic growth. …[I]ncreasing even further our strength and depth in the solutions we provide today whilst adding new complementary solutions to the portfolio very soon. We also plan to further strengthen our geographic coverage of the UK.”