Egeria readies IT services group Ilionx for sale

Raymond James is sell-side adviser, the two sources and a third source familiar said. The local provider of B2B IT services is expected to be marketed off around EUR 25m in EBITDA, two of the sources said.

Consolidation in the European IT services space has been underway lately, with many private equity firms building out existing platforms or making new platform investments to capitalise on the large number of smaller providers in the market.

Egeria acquired a 65% majority shareholding in Ilionx from management in 2017, as reported, combining the business with local peer QNH the following year. The merger created a medium-to-large ICT service provider, with over 800 employees and an annual turnover of over EUR 100m at the time, according to an announcement by the company. Since then, Ilionx has made a range of acquisitions including that of Trivento in July, You-Get in February, and Redbook ICT in December 2021.

Ilionx now employs more than 1,100 IT professionals across 10 locations in the Netherlands and is a B2B IT service provider offering IT services and solutions to help customers execute both support and core processes. The company's activities can be grouped into solutions aimed at four distinct markets — system integration; IT business partnering; competence centres; and media solutions. Its customers include government agencies, multinationals and financial institutions.

Raymond James declined to comment. Egeria and Ilionx did not respond to requests for comment.

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