Vitruvian invests in Bitbrains

Vitruvian will support further expansion of the company following its formation as a group in January this year, when separate Dutch companies ASP4all and Bitbrains merged.

Vitruvian closed its second fund, Vitruvian Investment Partnership II, in December last year. The vehicle closed on £1bn, easily surpassing its £800m target, having only begun fundraising in the second quarter of 2013.

The fund targets investments in the £25-125m range for companies with enterprise values of £40-250m.

Just last month, the firm acquired UK B2B travel services provider JacTravel from Bowmark Capital for £80m.

Company
Headquartered in Huizen, Bitbrains has additional offices in Amserfoort, Amstelveen and Assen, and employs 180 staff.

The company hosts and manages IT environments in the Netherlands including infrastructure-as-a-service and platform-as-a-service. Clients include ING, NN Group, Rabo Bank, the Dutch national government and Aegon.

Bitbrains expects its turnover to reach €40m this year.

People
Frank van den Belt is the CEO of Bitbrains. David Nahama is a founding partner at Vitruvian.

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• Topics
• Expansion
• Benelux
• Technology
• Vitruvian Partners
• Netherlands