CONET Technologies Agrees to Acquire IT Consultancy PROCON IT
HAMBURG – December 12, 2019 – H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with over €31 billion of equity capital under management, is pleased to announce that its portfolio company, CONET Technologies Holding GmbH (“CONET”), a leading IT consulting and software development company, has agreed to acquire PROCON IT AG (“PROCON IT” or the “Company”). The transaction is subject to clearance by the relevant authorities.
Founded in 1998 and based in Garching/Munich and Augsburg, PROCON IT focuses on SAP Business Intelligence, Agile Software Development, IT Consulting and Business Consulting. Through the acquisition of PROCON IT, the CONET Group strengthens its presence in the South of Germany, further expands into the automotive and financial services sectors and leverages its own portfolio of solutions in the rapidly growing areas of Data Intelligence, Big Data and Cloud. The management team, headed by co-founder and CEO Wolfgang Stadler, will remain in place to drive the firm’s continued success.
Anke Höfer, CEO of CONET, explains: “With PROCON IT, we have found an ideal new partner for our growing Group. PROCON’s strong presence in Southern Germany and its distinctive expertise over the past 20 years, especially in the areas of SAP Business Intelligence and Java-based solutions, is an excellent addition to our consulting and solutions portfolio. This transaction is another important step in our strategy to build CONET into a leading IT and consulting solution provider in the DACH region.”
Wolfgang Stadler, co-founder and CEO of PROCON IT, comments: “We see a great fit between CONET and PROCON IT with regards to our services, projects and corporate culture. Both companies are highly complementary, and we will now be able to provide an even broader and more innovative service portfolio to our long-term and trusted customers. We very much looking forward to cooperating with Anke Höfer and her team.”
Dr. Holger Kleingarn, Managing Director at H.I.G. Capital, adds: “PROCON IT is a perfect addition for CONET and underlines CONET’S consistent growth path in terms of skills, regions and customers. Following the former strategic acquisitions of ACT IT and Babiel as well as continuous organic growth, CONET together with PROCON IT will now have over 1,000 employees and underpins its position as a leading IT solutions provider in the DACH region.”
CONET has been a trusted IT partner for SAP, infrastructure, communications and software development since 1987. According to a recent survey by leading German IT publication Channelpartner, CONET is ranked #2 among medium-sized German IT systems and consulting companies. Customers from industry and commerce, the public, as well as defense and security sectors alike value CONET‘s commitment to quality and customer service. CONET’s solutions for Critical Control Room Communications and Customer Collaboration are in use worldwide. CONET’s IT specialists operate at twelve locations throughout Germany and Austria. For more information, please refer to the CONET website at www.conet.de.
About PROCON IT
PROCON IT AG offers business consulting, IT services and state-of-the-art solutions for SAP Business Intelligence, in-memory technologies such as SAP HANA and Java-based customized solutions. PROCON IT regularly receives top marks in job review portals as well as awards such as the “Fair Company” and the “Best Employer” seal of quality in Munich/Bavaria. Today, PROCON IT has more than 200 employees and is headquartered in Garching near Munich. For more information, please refer to the PROCON IT website at www.procon-it.de.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €31 billion of equity capital under management.* Based in Miami and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta and Stamford in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €27 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.