Eli Global has entered into an agreement via an affiliate, to acquire Damovo, a leading provider of ICT managed services and solutions to large enterprises. The agreement is subject to regulatory approval. Eli has acquired the company from previous investors Oakley Capital Private Equity II and entrepreneur Matthew Riley, who acquired a majority stake in Damovo in January 2015.
Over the last three years Damovo has significantly transformed – consolidating from separate country operations into one cohesive group. The implementation of new structures, tools and processes have since enabled it to win major multi-year managed services contracts across the world.
During this time Damovo also acquired three businesses, the Unified Communications business of CTTL in Luxembourg in 2015, Netfarmers GmbH of Germany in 2016 and Swiss-based Voice & Data Network AG in 2017, to add to its skills and service mix. It also attained the highest level of accreditation with the four leading unified communications vendors: Avaya, Cisco, Microsoft and Mitel. Damovo now employs more than 500 staff in 13 locations across Europe, Asia-Pacific and Latin America, serving customers in more than 120 countries.
Operating in 18 countries worldwide Eli makes long-term strategic investments in companies with high growth potential. It identified Damovo as a company that will add to its portfolio in technology based managed services – an important focus area amongst Eli’s traditional sector strengths in healthcare, insurance and financial services.
As part of the acquisition, the current management team of Glen Williams, CEO, Matthew Riley, Executive Chairman and Stuart Hall, CFO, will be leaving the business.
Carl Mühlner will be moving from his role as Managing Director for DACH and Poland to take on the role of Group CEO and Burkhart Böttcher will be expanding his current responsibilities to take on the position of Group CFO.
“In this technology driven world of change, it is becoming increasingly important to recognise that the collaboration between people is still one of the most critical factors for success. I am very happy that Damovo, as a fast growing company with a strong culture, has found an investor where culture and trusted relationships are also considered to be at the heart of long term business success: with our customers, our partners, and our people” stated Mühlner.
“Damovo is well positioned with a strong customer focused team to drive significant growth and is a great addition to our technology services portfolio” said Dave Hersom, CEO of The Pelton Group – Eli’s technology oriented division.