Partners Group, a global private markets firm is to become majority shareholder of Version 1, a technology and digital transformation provider founded in Dublin.
The company is currently owned by Volpi Capital and by management.
Subject to approvals, it said the transaction, which is believed to be worth between €600-800 million is expected to complete by the middle of this year.
Since 2017, Version 1 has been led by Tom O'Connor, its Chief Executive.
The company said today’s agreement is the conclusion of a process through which the company’s management team sought a new partner to deliver on its future business plan.
It said it follows a successful five-year period of ownership by exiting shareholder Volpi Capital.
Version 1 tripled in size since the UK-based private equity firm acquired its majority interest from the firm’s founders who exited the business in 2017.
Over the past five years, Version 1’s revenues have increased to over €240 million.
It has offices in Ireland, the UK, India and Spain, and employs over 2,100 staff.
It made its first UK acquisition in 2013 and has made a total of 13 acquisitions to date, including Northern Ireland headquartered digital services specialist Neueda last year.
"We thank Volpi Capital for their important and supportive role that has enabled Version 1 triple in size over the past five years," said Tom O'Connor, Chief Executive of Version 1.
"We are extremely pleased to have secured Partners Group as our new partner and majority shareholder," he added.
Kim Nguyen, Partner, Co-Head Private Equity Services at Partners Group, said they look forward to working with Version 1's management team on their plan.
"We have been tracking Version 1 through our thematic focus on digital transformation.
"Based on our investment and value creation track record related to this theme, we value Version 1's strong leadership team, differentiated offering, and operations which are reflected by excellent customer and employee satisfaction scores, and impressive organic growth," he said.
"The company is well positioned to capitalize on the tailwinds driving increased digitisation across both the private and public sector and we have conviction in its growth prospects," he added.
Jefferies International Limited acted as financial adviser and Maples and Calder (Ireland) LLP acted as legal adviser to Version 1 on the transaction.
