9th October 2025
We are pleased to announce the sale of Intragen, the European market leading Identity and Access Management (IAM) services provider, to Nomios, a Keensight Capital backed company.
FPE invested in Intragen in 2019, transforming the business from a specialist identity consultancy into one of Europe’s leading Identity and Access Management (IAM) services platforms. Over the course of the partnership, FPE supported a step-change in Intragen’s leadership and strategy. A new CEO (Alex Fagioli) was appointed in April 2022 and a new high-performing executive team was brought together to support the next stage of growth.
During FPE’s ownership, Intragen achieved more than 5x revenue growth through a combination of organic expansion and strategic M&A. The business developed deep commercial partnerships with leading vendors including One Identity and Okta, shifted to a vendor-led commercial strategy, organically built a managed service practice and invested in marketing and sales capability to support a high-quality pipeline across Europe.
Alongside this, Intragen significantly scaled its European footprint, establishing a Centre of Excellence in Finland and a market-leading academy in Greece, and expanding its presence across the UK, Benelux, Nordics and DACH markets. The business also completed three bolt-on acquisitions including the IAM business of Telia in Finland, Aspis ID, and Atlas Identity, adding scale, delivery capability and blue-chip customers. Today, Intragen employs over 250 IAM specialists, serving a high-quality international client base and is positioned as one of the top IAM services providers in Europe.
Intragen’s growth and innovation has been widely recognised winning multiple awards, including One Identity’s Global and EMEA Partner of the Year and Okta’s EMEA Partner of the year.
Alex Fagioli, CEO of Intragen The period since FPE’s investment has been genuinely transformational for Intragen. We have scaled across Europe, strengthened our leadership team, and significantly evolved our commercial and delivery capabilities. FPE has been an exceptionally supportive and engaged partner throughout - providing the strategic clarity and operational backing to help us grow with confidence. I’m proud of what we have achieved together and excited for what lies ahead in this next chapter with Nomios.
Chris Kay, Partner at FPE The sale of Intragen marks another strong realisation for Fund II and a great example of our value creation strategy in action, backing software, data and services businesses where our sector focus enables us to help create real scale and leadership. It’s been a privilege to work closely with the Intragen team, supporting their ambitions in international growth and strategic M&A. Together we have built a market-leading IAM consultancy, and we are proud to have been part of that journey
FPE’s team was led by Chris Kay and Sam Greenberg. FPE was advised by Canaccord Genuity (Corporate Finance), Squire Patton Boggs (Legal), Altman Solon (Commercial) and KPMG (Financial).