Bahrain’s Investcorp has acquired Italian digital sales and marketing platform CloudCare, a statement from the Gulf-based investment group said on Monday.
The terms of the transaction were not disclosed, but CloudCare’s founder and CEO Andrea Conte will maintain “meaningful stake” in the company and will continue to lead the group, the statement said.
Over the past three years, CloudCare achieved an average annual revenue growth in excess of 40 percent.
“We are delighted to be partnering with Andrea Conte and CloudCare as the company moves into its next phase of growth. We have an ambitious plan to support the company as it continues to grow within its core verticals and expand into new market segments,” said Nicola Ferraris, managing director in Investcorp’s European Private Equity group.
Investcorp, which counts Abu Dhabi sovereign wealth fund Mubadala Development Co. as a major investor, outlined a plan to double its assets under management from about $25 billion in 2018 within seven years. It is targeting a combination of acquisitions and boosting its existing private equity, real estate and alternative investments units.
Nicola Ferraris, managing director in Investcorp’s European Private Equity group
In May, Bloomberg reported that Investcorp was targeting larger private equity deals in North America as it seeks to boost assets under management to $50bn; currently it has raised about $1bn of the fund. And in February, the group announced that one of its affiliates had acquired a portfolio of 13 multi-let industrial assets in South Wales, UK.
Investcorp today has a presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore.
Follow us on
