Private Equity Firm Apax Partners Acquires IT Firm Lutech
Private equity firm Apax Partners has acquired a majority stake in Lutech, an Italian IT services and software company. The shares were purchased from One Equity Partners for an undisclosed amount.
This is technology M&A deal number 177 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Founded in 2001, Lutech has at least 2,600 employees, according to its website. The company specializes in digital customer engagement, next generation IT infrastructure, cloud, financial services solutions, cybersecurity, IoT, big data and e-health.
Apax plans to grow Lutech through a combination of organic and inorganic means, focusing especially on expanding the company’s digital services offering and accelerating its M&A strategy, the firm said.
Apax Acquires Lutech: Accelerating Growth
Tullio Pirovano, CEO at Lutech, commented:
“I’m delighted that the Apax Funds have invested in Lutech. Over the years, Lutech has grown to become a leading player in Italy with an authentic end-to-end offering supporting the digital evolution of our customers. With the significant experience that Apax will offer, we look forward to partnering with them as we continue our ambitious growth plans.”
Gabriele Cipparrone, partner at Apax, said:
“The Apax Funds have a strong investment track record in the IT services space, a market benefiting from secular growth trends. Lutech occupies a leading position in this sector in Italy and we are excited by its prospects. We look forward to working with the Lutech team to accelerate growth through organic development and acquisitions, building on the company’s digital transformation skills, distinctive proprietary solutions and strong industry reputation.”
Apax typically invests in technology, telecom and services sectors, having invested over $60 billion since 2008.
The firm previously acquired IT consultancy ThoughtWorks in 2017.