The European IT services sector has become one of the fastest-growing areas for private equity investments. Businesses across every industry are under pressure to adapt to rapid digital change, protect against rising cyber threats, and improve operational efficiency. This has created strong demand for managed IT services, IT solutions, and professional services providers that can deliver reliable technology and infrastructure. These market needs, combined with recurring revenue models and scalable business structures, have made IT services an attractive target for private equity firms, private equity funds, and venture capital investors.
For many private equity companies, IT services investments are more than financial transactions. The most successful PE firms act as trusted partners, offering their portfolio companies industry expertise, strategic planning, and operational support. They work with management teams to strengthen business models, increase cash flow, improve efficiency, and expand into new markets. This value creation often comes through acquisitions of complementary companies, rigorous due diligence on new investments, and implementing industry standards to reduce costs, ensure security, and drive growth.
In this context, it is not surprising that IT services consistently attract a significant share of private equity capital in Europe. Data from Invest Europe highlights just how dominant the sector is compared to others, both in terms of the capital invested and the number of deals completed. This backdrop sets the stage for our analysis of the ten private equity firms that are most active in European IT services. These firms have a proven record of identifying opportunities, supporting growth, and delivering results that meet the highest industry standards.
Why IT Services dominate private equity activity
Before looking at the most active private equity firms in European IT services, it is important to understand how this sector fits into the broader investment landscape. Recent Invest Europe statistics for 2024 show that the ICT category, which includes IT services, tech services companies, and software companies, is the clear leader in private equity investments. ICT accounted for 32 percent of total capital invested and 32.7 percent of the total number of portfolio companies acquired or backed by PE firms. This reflects the sector’s strong fundamentals, including recurring cash flow, scalable business models, a critical role in addressing cyber threats, and the ability to deliver IT solutions and digital transformation across industries.
This leadership is evident both in the amount of capital invested and the number of transactions completed. A high share of deals shows that private equity groups actively pursue platform acquisitions and smaller add-on deals to scale managed IT services, infrastructure, and professional services providers. These private equity acquisitions are often designed to unlock operational efficiencies, expand capabilities, and deliver maximum value to clients while helping to reduce risks and costs.
Other sectors, such as business products and services, consumer goods and services, and biotech and healthcare, also attract significant private equity funds. However, the concentration of capital and deal activity in ICT explains why many private equity leaders have made it a strategic focus. This context sets the stage for our selection of the top ten PE firms actively investing in IT services. Each of these investors has the track record, resources, and industry expertise to support business growth, improve efficiency, and help companies achieve their full potential in this space.
Top 10 PE firms investing in IT companies in Europe
1) Holland Capital Management
Overview:
Holland Capital is a Dutch mid-market PE/VC firm managing around €500 million. They focus on SMEs with growth or transformation potential, including IT services. The firm often buys regional MSPs or tech consultancies and grows them through operational improvements and bolt-on acquisitions. Their approach is hands-on, using their headquarters in Amsterdam and their presence in Germany to share best practices across tech service platforms.
Geographic Focus:
The Netherlands and Germany
Investment Criteria:
- Equity ticket: €5m–€20m (indicative)
- Enterprise Value: €20m–€100m (indicative)
- Stake: Usually majority or significant minority (20–100%), SME-focused
- Key offices: Amsterdam (HQ), Düsseldorf
2) LDC (Lloyds Development Capital)
Overview:
LDC is the mid-market private equity arm of Lloyds Banking Group. They have backed firms like Node4, Trustmarque, and Foundation SP, helping them expand through add-on acquisitions and broaden their tech services footprint. Their access to regional networks and Lloyds’ lending ecosystem gives them a strong advantage in scaling IT service businesses.
Geographic Focus:
United Kingdom (national, via multiple regional offices)
Investment Criteria:
- Equity ticket: £10m–£50m, occasionally up to £100m
- Enterprise Value: £50m–£300m (indicative)
- Stake: Majority or minority, flexible by opportunity
- Key offices: London (HQ) plus multiple regional UK sites
3) Waterland Private Equity
Overview:
Waterland runs one of Europe’s largest buy-and-build investment strategies, with over €14 billion in assets under management. The firm specialises in fragmented sectors where consolidation can create significant value, and IT services is one of its most active areas. In this space, Waterland frequently acquires managed service providers and outsourcing firms across Europe, combining them into larger, more competitive regional platforms.
A deep operational playbook and an extensive European office network support the firm’s approach. This combination allows Waterland to quickly identify add-on opportunities, integrate them effectively, and scale portfolio companies faster than many competitors. Their strong track record in executing multi-country expansion strategies makes them a preferred partner for IT services businesses aiming to grow beyond their home markets.
Geographic Focus:
Northern Europe & broader EU (multiple country offices, e.g., Bussum, Munich, London, Warsaw)
Investment Criteria:
- Equity ticket: €20m–€100m (indicative)
- Enterprise Value: €50m–€250m (indicative)
- Stake: Typically majority, occasionally high-minority
- Key offices: Bussum (HQ), London, Munich, Warsaw, among others
4) Inflexion Private Equity Partners
Overview:
Inflexion invests in founder-led IT service businesses ready to grow, focusing on companies with a strong base that can expand further through better operations, new services, and entry into new markets. The firm supports growth organically and through acquisitions, helping management teams find and integrate complementary businesses. With offices in the UK and Europe and a presence in New York, Inflexion uses its network to connect portfolio companies with opportunities and partners across multiple regions.
Geographic Focus:
Primarily UK & Europe, with capability into North America (New York)
Investment Criteria:
- Equity ticket: £20m–£250m equity (indicative)
- Enterprise Value: £100m–£500m EV (indicative)
- Stake: Minority or majority, deal-specific
- Key offices: London, Manchester, Amsterdam, Stockholm, Frankfurt, New York
5) Strikwerda Investments (SI)
Overview:
Strikwerda Investments is a Dutch family-owned investor focused on IT services in the Benelux. The firm has completed over 200 acquisitions through its group companies. It takes a long-term approach, usually keeping majority stakes under a permanent capital model to build strong and lasting IT services businesses.
Geographic Focus:
Belgium, Netherlands, Luxembourg (Benelux)
Investment Criteria:
- Equity ticket: €10m–€50m (indicative)
- Enterprise Value: €20 million–€100 million (indicative)
- Stake: Usually majority, with long-term hold
- Key office: Blaricum, Netherlands
6) ECI Partners
Overview:
ECI Partners is a UK-based growth equity firm known for investing in managed services, cybersecurity, cloud, and digital B2B services. They typically back growth-stage companies with recurring revenue that need capital for organic expansion and acquisitions. The firm operates from offices in London and Manchester and supports international and US growth through its network.
Geographic Focus:
United Kingdom (primarily London and Manchester; occasional transatlantic support)
Investment Criteria:
- Equity ticket: £20m–£100m (indicative)
- Enterprise Value: £50m–£300m (indicative)
- Stake: Majority or significant minority, deal‑dependent
- Key offices: London and Manchester
7) Axcel
Overview:
Axcel is a Nordic private equity firm known for building IT services platforms, including itm8, NTI Group, and emagine. Their strategy focuses on scaling regional IT service leaders through cross-border operational improvements and business development. The firm is active in Denmark, Sweden, and other parts of Northern Europe.
Geographic Focus:
Nordics (Denmark, Sweden, etc.)
Investment Criteria:
- Equity ticket: €40m–€250m (indicative)
- Enterprise Value: €100m–€500m (indicative)
- Stake: Majority
- Key offices: Copenhagen, Stockholm, Frankfurt
8) TowerBrook Capital Partners
Overview:
TowerBrook is a transatlantic private equity firm with strong exposure to IT and business services, recently underpinning consolidation via its investment in ECIT, a Nordic IT services provider. The firm is expanding its European footprint with offices in London, New York, and planned expansion into Milan and Dublin.
Geographic Focus:
UK, Nordics, broader Europe, and North America
Investment Criteria:
- Equity ticket: €50m–€300m (indicative)
- Enterprise Value: €100m–€500m (indicative)
- Stake: Majority or significant minority.
- Key offices: London, New York; planning Milan & Dublin.
9) Recognize Partners
Overview:
Recognize Partners is a highly specialized tech services investor. Its second fund, Fund II, closed at $1.7 billion in June 2025 and targets IT service, digital engineering, and consulting businesses. The firm focuses on the mid-market and supports growth by providing investment capital and hands-on operational expertise.
Geographic Focus:
Global, including Europe (via mandate)
Investment Criteria:
- Equity ticket: $50m–$250m
- Enterprise Value: $50m–$500m
- Stake: Majority or minority, depending on the opportunity
- Key office: New York (with European reach via partners/mandates)
10) BGF (Business Growth Fund)
Overview:
BGF is one of the most active growth investors in the UK and Ireland. It often backs regional MSPs, IT consultancies, and tech-enabled service providers by taking flexible minority stakes. Because BGF invests from permanent capital, it can stay involved long-term and provide extra funding as the business grows, making it well-suited for scaling IT service companies.
Geographic Focus:
UK & Ireland (offices across major regions).
Investment Criteria:
- Equity ticket: £3m–£30m
- Enterprise Value: £10m–£100m (indicative)
- Stake: Minority (typically 10%–40%)
- Key offices: Multiple including London, Edinburgh, Dublin, etc.
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About Aventis Advisors
Aventis Advisors is an M&A advisor focusing on technology and growth companies. We believe that the market benefits from fewer but higher-quality deals completed at the right time for both the business and its owners. Our approach is to provide honest, insight-driven advice, presenting all available options, including the choice to maintain the status quo, so our clients can make fully informed decisions.
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