One of Wales’ leading tech firms DevOpsGroup has been acquired by US software and service provider Amdocs.
The value of the deal has not been disclosed, but is understood to be worth tens of millions.
Amdocs, which is listed on the Nasdaq exchange, plan to invest into the business as it seeks to expand its presence in the UK and Europe. Last year Amdocs generated revenues of more than $4bn.
Founded in 2013 by chief executive James Smith and chief technology officer Steve Thair, DevOpsGroup advises enterprise customers such as Admiral and on adopting modern software development models and shifting to cloud-based environments. It acts as both an AWS advanced consulting partner and Microsoft azure gold partner.
The deal provides a profitable exit for BGF (formerly known as the Business Growth Fund), which in its first equity investment Wales invested £3m of growth capital into DevOpsGroup in 2018. The management of company will remain under the new ownership structure. BGF had a minority stake in the business.
Chief executive of the Cardiff-based DevOpsGroup, James Smith said: “Our company is operating in a highly desirable sector driven by strong demand for niche cloud consultancies – demand which continues to outstrip supply.
“BGF’s investment has enabled DevOpsGroup to cater to more of this demand by increasing its consultant headcount to deliver a larger pipeline of sales and revenues. We’ve thoroughly enjoyed working with the BGF team and have developed strong relationships in this time. We’re now well placed to look towards the future.
Edwin Davies, investor at BGF Cardiff who also sat on the board at DevOpsGroup, said; “This exit is a notable moment for BGF and underlines our commitment to continue investing in the brightest enterprises Wales has to offer. The last three years have been a highly productive and satisfying journey with DevOpsGroup, which is now in a prime position to exploit the burgeoning market for cloud consultancy services.”
