Civica to be acquired by Partners Group for over £1 billion
Private markets investment manager Partners Group has announced that it has entered into an agreement to acquire digital solutions provider Civica in a deal worth more than £1 billion.
Partners said it will support the existing Civica team and its ongoing strategy, seeing the investment as an opportunity to back "a high quality market leader in a sector with evolving customer needs".
"The investment, with its emphasis on working alongside management to grow companies, ensures we have access to the resources and support to build on our existing plans," Civica chairman Simon Downing said in a statement.
Partners also said the move would help build on Civica's growth opportunities with the support of complementary acquisitions going forward.
London-based Civica -- which was sold to Canadian pension fund OMERS Private Equity in 2013 for £390 million -- provides specialised software systems and business process services to the public sector and commercial organisations.
Civica said it provides its services sectors including healthcare, education, transport, and local and regional governments. It employs around 3,700 people, 75 percent of which are based in the UK.
The company saw its 15th consecutive year of growth for the year to September 30, 2016. For last year, its APAC revenue increased 6 percent to £44.7 million, while North American revenue increased 13 percent to £5.4 million.
Last November, Civica secured a AU$103 million contract with the Victorian government to build a custom infringements enforcement and warrants management system with ongoing support for eight years.
It is the digital partner for more than 270 local authorities in Australia and New Zealand.