Waterland's Netgo bolts on Arxes-Tolina

According to a statement, Netgo expects the acquisition will expand its presence in the German market and increase its range of services in software development.

Waterland acquired a 60% stake in Netgo in October 2019, investing via Waterland Private Equity Fund VII, which held a final close in August 2017 on €2bn. Idinvest provided debt to support the acquisition.

Waterland provided additional equity to support the acquisition of Arxes-Tolina, a source close to the situation told Unquote.

During the investment period, the company acquired six Germany-based IT service providers: Comnet, Mehrwerk, Commehr, Workbees, CSM MeinSystemhaus and now Arxes-Tolina.

Following its latest acquisition, Netgo will generate revenues of more than €200m, the same source told Unquote. Arxes-Tolina reported revenues of more than €80m in 2020, according to the same source.

Company
Arxes-Tolina provides IT hardware and software services, specialising in services for clients in the public and financial services sectors. The company was founded in 2002 and is based in Berlin. It employs 320 people.

According to its publicly available accounts, the company reported revenues of almost €79.3m and EBITDA of €4.76m in 2018, corresponding to respective increases of 13.8% and 24.3% compared with 2017.

People
Waterland Private Equity – Carsten Rahlfs (managing partner).
Netgo – Benedikt Kisner (CEO).
Arxes-Tolina – Peter Heilmann (managing director).

Advisers
Acquirer – Hengeler Mueller (legal); EY (tax, financial due diligence).

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• Topics
• Expansion
• DACH
• Technology
• Build-up
• Acquisition finance
• Germany
• Waterland Private Equity