- Companies
- Version 1
Version 1 Acquisition, Valuation, Funding & Investors
Version 1 was acquired by Partners Group for $868M in April 2022, a 3.9x multiple on $225M of revenue.
Version 1 revenue at acquisition
$225M
Last twelve months · Apr 2022
Version 1 revenue multiple at acquisition
3.9x
EV/Revenue · Apr 2022
Version 1 EBITDA multiple at acquisition
22.4x
EV/EBITDA · Apr 2022
About Version 1
Version 1 is a Dublin-headquartered business transformation firm with operations across Europe and North America. The company specializes in cloud migration, data analytics, AI implementation, and application modernization for public sector organizations and private enterprises. Version 1 delivers service management for global brands, emphasizing user-centric design in projects.
Founded
1996
HQ
Website
Status
Acquired
Customer focus
B2B & B2G
Revenue model
Services
Revenue
$225M (Apr 2022)
Valuation
$230M (Apr 2017)
Version 1 Acquisition
Version 1 was acquired by Partners Group for $868M on 20 April 2022.
The acquisition price implies a 3.9x revenue and 22.4x EBITDA multiple on $225M of revenue.
Before the acquisition Version 1 had raised $109M across 2 funding rounds.
Version 1 is a leading digital and cloud transformation partner serving public and private sector customers across the UK and Ireland, with over 2,100 employees in offices in Ireland, the UK, India, and Spain. The company tripled in size over five years under Volpi Capital ownership through organic growth and 13 acquisitions, reaching revenues over €240 million. On April 20, 2022, Partners Group agreed to acquire a majority stake from Volpi Capital and management, subject to regulatory approvals and expected to complete by mid-2022. Partners Group, a global private markets firm with USD 127 billion in assets under management as of December 2021, selected Version 1 due to its thematic focus on digital transformation, strong leadership, differentiated offerings, high customer and employee satisfaction, and organic growth potential amid digitization tailwinds in private and public sectors. CVC Credit provided senior debt facilities to support the transaction. Version 1's management highlighted alignment with Partners Group's values, track record, sectoral knowledge, and international reach to fuel further growth.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 20 Apr 2022 | PE buyout | $868M | 3.9x | 22.4x |
Version 1 Valuation
Version 1 is currently valued at $230M, based on its undisclosed-stage round in April 2017.
The $98M round was led by Volpi Capital.
Version 1 valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2017 | Undisclosed stage | $230M |
Version 1 Funding History
Version 1 has raised a total of $109M across 2 funding rounds.
Version 1's first fundraising round was a $11M Series A in July 2014. The most recent completed round was a $98M undisclosed-stage round in April 2017.
Version 1 funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2017 | Undisclosed stage | Volpi Capital (lead) | $98M | $230M | Version 1 is an Irish technology services company founded in 1996, specializing as a leading digital and cloud transformation partner to public and private sector customers across the UK and Ireland, with offices also in India and Spain. In 2017, UK-based private equity firm Volpi Capital acquired a majority stake in Version 1 from its founders, John Mullen and then-CEO Justin Keatinge, in a deal that valued the company at about €200 million. This represented a bilateral transaction alongside the founders and management team, marking Volpi's entry into the business. Under Volpi Capital's five-year ownership from 2017 to 2022, Version 1 tripled in size, growing from approximately 850 full-time employees to over 2,000, and executing 13 acquisitions including Neueda in Northern Ireland. The partnership focused on value creation through internationalisation, transformational M&A, and building organizations for future growth, enabling strong organic expansion alongside selective buys. By 2022, as Volpi exited, Version 1 had established itself as a player of significant scale in digital transformation. In April 2022, Swiss private equity firm Partners Group agreed to acquire the majority stake from Volpi Capital, valuing Version 1 at about €800 million (with some reports citing the upper end of a €600-800 million range). Revenues had increased to more than €240 million over the prior five years through organic growth and acquisitions, though specific 2017 figures were not disclosed. The transaction, subject to regulatory approvals and expected to close mid-2022, positioned Partners Group to support further acquisitions, potential territorial expansion, and continued digitization tailwinds, with management led by CEO Tom O’Connor remaining in place. Volpi Capital highlighted the deal as a landmark validation of its strategy, delivering strong returns from its Fund I portfolio since 2016. Version 1 ranked highly in workplace awards and maintained excellent customer and employee satisfaction, underscoring its values-led approach and operational strength. |
| Jul 2014 | Series A | Development Capital (lead) | $11M | - | - |
Who has invested in Version 1?
2 investors have backed Version 1 across its funding rounds, including Development Capital and Volpi Capital.
Lead investors include Volpi Capital and Development Capital.
Version 1 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 Version 1 investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Version 1
Version 1 has acquired 11 companies to date.
Last acquisition by Version 1 was on April 28th 2026. Version 1 acquired CreateFuture for undisclosed valuation.
Latest Acquisitions by Version 1
| Description | - | Farsight Consulting is a United Kingdom-headquartered firm delivering consultancy services across business strategy, information systems, and technology implementations. It advises clients on digital transformation, IT infrastructure optimization, and process improvements for public and private sectors. With expertise in methodologies like Prince2 and Agile, the company undertakes projects in software development, data management, and cybersecurity enhancements throughout Europe. | - | Instinctive BI is a data solutions provider based in the United States, delivering business intelligence platforms, data warehousing, and analytics services for enterprise clients. The company specializes in cloud-based dashboards using Tableau and Power BI, custom ETL processes, and predictive modeling for sectors like healthcare and finance. Founded in 2015, Instinctive BI supports mid-sized organizations with scalable infrastructure on AWS and Azure, emphasizing rapid deployment and data governance compliance. | |
| HQ Country | |||||
| HQ City | - | London | Woking | Glasgow | |
| Deal Date | 28 Apr 2026 | 21 Jun 2024 | 16 Jan 2023 | 27 Oct 2022 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Version 1 acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Version 1 Competitors
Version 1 competitors include listed companies like Everforth, transcosmos and Wavestone, and private ones like Douxun Technology, MegazoneCloud and Quadtalent Technology.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $4B | $344M | $1.4B | 0.7x | ||
| Private | - | - | $415M | - | ||
| Private | - | - | $1.8B | - | ||
| Private | - | - | $200M | - | ||
| Publicly listed | $2.5B | $154M | $884M | 0.2x | ||
| Publicly listed | $1.1B | $153M | $846M | 0.7x |
Version 1 Public Comps
Version 1 is no longer listed, but its public comps include transcosmos, Wavestone, Toukei Computer, Lincoln International, Birlasoft, Sonata Software, Quest Holdings, Beyondsoft, Net263 and Aubay.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.5B | $154M | 0.2x | 0.2x | 3.7x | - | |||
| $1.1B | $153M | 0.7x | 0.7x | 4.8x | 4.8x | |||
| $134M | $53M | 6.1x | 6.2x | 15.6x | - | |||
| $854M | $53M | 1.1x | - | 16.9x | - | |||
| $554M | $85M | 1.1x | 1.0x | 6.9x | 6.5x | |||
| $1.1B | $81M | 0.7x | 0.7x | 10.2x | 10.4x | |||
| $1.7B | $113M | 0.6x | 0.5x | 8.3x | 7.8x | |||
| $996M | $33M | 0.6x | 0.6x | 18.0x | - | |||
This data is available for Pro users. Sign up to see all Version 1 competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Version 1
| When was Version 1 founded? | Version 1 was founded in 1996. |
| Where is Version 1 headquartered? | Version 1 is headquartered in London, United Kingdom. |
| Is Version 1 publicly listed? | No, Version 1 was acquired by Partners Group in April 2022. |
| Who acquired Version 1? | Version 1 was acquired by Partners Group in April 2022. |
| How much was Version 1 acquired for? | Version 1 was acquired for $868M in April 2022, a 3.9x revenue multiple. |
| What is Version 1's valuation? | Version 1 was last valued at $230M in its undisclosed-stage round in April 2017. |
| How much funding has Version 1 raised? | Version 1 has raised $109M across 2 funding rounds. |
| What was Version 1's last funding round? | Version 1's last funding round was a $98M undisclosed-stage round in April 2017, led by Volpi Capital. |
| Who are Version 1's investors? | Version 1's investors include Development Capital and Volpi Capital. |
| Which companies are comparable to Version 1? | Companies comparable to Version 1 include Everforth, Douxun Technology, MegazoneCloud, Quadtalent Technology, transcosmos and Wavestone. |
| How many companies has Version 1 acquired? | Version 1 has acquired 11 companies, including CreateFuture, Farsight Consulting, Qubix, Instinctive BI and Evoco Digital Services. |
See companies similar to Version 1
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