FPE portfolio company Codestone acquires Clarivos
Codestone, an SAP and Microsoft Gold partner backed by FPE Capital, announced today that it is enhancing its leadership in the delivery and management of SAP Cloud Enterprise Resource Management (ERP), Analytics and Enterprise Performance Management (EPM) solutions with the acquisition of SAP ERP, Analytics and EPM specialist Clarivos.
The acquisition successfully closed on 3 May 2022 and Codestone expects the acquisition will generate £10 million in incremental revenue and £2 million in incremental adjusted EBITDA over the next 12 months.
Clarivos supports Codestone’s cloud-first approach in helping customers gain rapid results today and future-proofing their tomorrow by running better with cloud solutions and adopting innovative technology. Clarivos has a well-established focus on transforming the future “Office of the CFO”. It’s recognised industry expertise in EPM, Data Analytics and Business intelligence (BI), and SAP Business ByDesign (ByD) will bolster Codestone’s existing capabilities around, enabling next level cloud transformation for SMEs to large enterprises.
Clarivos’ rapid growth in SAP Business ByDesign delivery has resulted in many awards including the recent SAP UK and Ireland and SAP EMEA North Partner Excellence Awards for Outstanding Performance. As well as being an SAP Gold partner, Clarivos’ Platinum partnership with CCH Tagetik leads the field in the successful delivery of EPM projects across Europe.
Clarivos will bring to Codestone over 70 people who have delivered over 350+ successful EPM and ERP projects across the EMEA region.
“This agreement complements our award-winning SAP ERP and Microsoft Cloud offerings and creates one of the most differentiated SAP services in the market. It is perfectly aligned with our customer-centric, cloud-first strategy and will drive greater focus on strategic execution and operational excellence to the Group’s already significant value creation.” - Jeremy Bucknell, Founder & CEO, Codestone
Codestone and Clarivos’ technology partners will benefit from an accelerated combined partnership engagement that will enhance solution delivery and provide expanded focus and sales opportunities.
“Codestone’s multi-capability Microsoft credentials, cloud hosting expertise and comprehensive support provides much in demand services to our customers. Our mid-market and large enterprise customers will benefit from more comprehensive ERP delivery, cloud and managed services from a pedigree organisation that is widely recognised in this space.” - Kirit Patel, Executive Director - Strategy and Execution, Clarivos
The Clarivos leadership team remain within the expanded group and Kirit Patel will become Director of Mid-Market and Large Enterprise at Codestone, and sit on the Codestone Operational Board.
Codestone was advised and supported by Stephenson Harwood LLP, Azets, England and Company, FRP Advisory, Armstrong Consultants and Shawbrook Bank.
Clarivos was advised by Actons Solicitors and Arithma LLP.