Funding comes on heels of acquisition of digital user experience agency Saturized; reflects Devtech’s market momentum and track record of excellence in driving agility and business growth for customers
LONDON–(BUSINESS WIRE)–Devtech, a global digital innovation services company, today announced that it has secured €12.25M in financing from Claret Capital Partners, a London-based growth fund that has provided financing to more than 150 innovative businesses since 2013. Devtech will use the funding to accelerate the company’s growth in key markets worldwide and expand its end-to-end digital innovation capabilities for Fortune 1000 companies.
“Claret Capital Partners is one of the most respected financial firms in Europe and the company’s track record in helping fuel the growth and success of industry leaders is unmatched,” said Milovan Milic, founder and CEO of Devtech. “The funding is another indicator that our business strategy and holistic digital innovation approach is resonating among our global customers. As digital transformation accelerates, executives are under growing pressure to drive greater agility and growth. We will continue augmenting our core end-to-end capabilities to help our clients innovate, transform, and disrupt.”
The announcement comes on the heels of other growth milestones including Devtech’s recent acquisition of Saturized – an omni-channel user experience and creative design agency. With the acquisition, Devtech helps clients accelerate their digital transformation agenda with the end user at the center. The moves further accelerate Devtech’s organic growth of more than 60% YoY annual recurring revenue (ARR) and 50% growth of new customers during the last 12 months.
“Claret is delighted to support Milovan and the whole Devtech team with the continued expansion of its digital innovation capabilities across key markets,” said Antony Baker, Principal at Claret Capital Partners. “Highly valued by its clients worldwide, we believe Devtech’s expert services are uniquely positioned to take advantage of growing market demand and further M&A opportunities. We look forward to our continued partnership with Devtech.”
About Claret Capital Partners
Claret Capital Partners provides growth capital to innovative growth stage businesses. Since 2013 Claret’s team has backed over 150 European SMEs from a wide range of geographies across Europe. The Claret team have been active in the technology financing markets for over 20 years and provide innovative debt solutions to help entrepreneurs and private equity investors grow their companies while minimising dilution. For more information, visit claret-capital.com/.
Devtech provides outcome-driven digital innovation services and helps companies better respond to change. With a multi-disciplinary team of experts across North America and Europe, Devtech partners with leading software vendors, telcos, cloud service providers, and managed service providers. The company’s services span up-front IT and digital strategy and digital user experience – underpinned by deep domain expertise in cloud native transformation, R&D and roadmap development, channel and marketplace enablement, and system and platform migration. Clients include Nokia, Telecom Italia, dogado, Mimecast, and other global leaders. More information can be found at devtechgroup.com.