The management team of financial services consultancy Capco have engineered a buy-out of the firm with the support of Palo Alto investment house Symphony Technology Group (STG)
STG, a strategic holding company with $1.2 billion in revenues and more than 7000 employees worldwide across its companies, focuses its investments in growing businesses in the software and services markets.
The firm says the deal with Capco provides an opportunity to enter the financial services industry, and in particular the market for industry specific application integration services, and business process outsourcing (BPO)/managed services.
As part of the deal, Capco gets access to STG’s financial resources, technology and data analytics capabilities, and offshore delivery model
Rob Heyvaert, chairman and CEO of Capco, says the backing of STG will enable the firm "accelerate the growth of our managed services businesses and to expand our technology transformation capabilities."
Financial details of the transaction have not been disclosed.
In its last set of published unaudited accounts, Capco reported 58% revenue growth to US$47m for H1 2004. Institutional and equity investors at the time included ABN Amro, Gimv, Fortis, Dexia, Hewlett Packard, KBC, and Tailwind Capital Partners.