16 Feb 2023

Investcorp Technology Partners (“ITP”), a leading global technology investor, today announced that it has agreed to acquire a majority stake in NetRom Software (“NetRom” or “the Company”), a leading cloud-first, digital transformation and software engineering firm in the Benelux region. NetRom’s founders, management team and IceLake Capital, will continue to remain shareholders in the business alongside ITP. Terms of the transaction were not disclosed.

Headquartered in Utrecht, the Netherlands, NetRom provides business-critical software engineering solutions, development support and adjacent services to a portfolio of diversified and blue-chip customers in Western Europe and North America, including for example VodafoneZiggo, Transdev and LeasePlan.

NetRom’s long-term commitments to its customers and employees are key elements of its success, resulting in a strong track record of profitable growth, having more than doubled its revenues in the last five years.

ITP’s investment is expected to accelerate the Company’s ambitious growth plans. The Company currently has approximately 500 highly-qualified engineers across 4 offices in the Netherlands and Romania. ITP expects to continue to invest in strengthening its delivery platform, as well as further expanding existing and new service areas, industry verticals and geographies.

ITP has established a market-leading position of investing in lower mid-market technology companies with a specific focus on Software, Data / Analytics, Cyber Security, and Fintech. The investment in NetRom represents the third investment from ITP’s global fund, Investcorp Technology Partners V following its investments in HWG (Cybersecurity) and Zift Solutions (Software).

Georg Knoflach, Managing Director at ITP, stated, “Investcorp Technology Partners is pleased to be partnering with NetRom, a high-growth company offering mission critical products and services to the European software market. We have been impressed not only by the growth trajectory of the Company over the last decade, but also by the founders’ and management team’s incredible commitment to their customers, employees, and state-of-the-art facilities. We are looking forward to working with NetRom’s co-founders and the rest of the NetRom team on their next stage of critical growth.”

Bastiaan Hagenouw, partner at IceLake added: “After closely working with the NetRom management team for the past three-and-a-half years and achieving many milestones, IceLake is excited to continue the growth story together. With great trust in the management team and Investcorp, IceLake is proud and thrilled to continue the journey with NetRom to realise their ambitious goals.”

Han In’t Veld founder and CEO of NetRom, added: “For NetRom it’s a big accomplishment to be able to team up with the professionals at ITP. We see this as a logical and essential step in our journey towards becoming a significant player in the outsourced software product development space. The team at ITP have extensive experience and a long track record of supporting growth in businesses like ours. Together with ITP we will have the means to service our customers better, to increase market share and to conquer new geographical target areas.”

Mircea Negrila co-founder and CTO of NetRom added: “We are excited to be able to team-up with ITP which will allow us to move full speed ahead with the development of the NetRom campus and the NetRom educational programs. Creating state-of-the-art and inspiring, innovative working conditions is a key component of our talent acquisition strategy and our student academy programs have proven to be of critical value for the development of our organization. With the highly complementary skillset and experience that ITP put on the table, we created ideal conditions for further growth.”

Investcorp Technology Partners was advised by PhiDelphi Corporate Finance (M&A advisory), McDermott Will & Emery & Orange Clover (Legal), PwC (Commercial), KPMG (Financial & Tax), Willkie Farr & Gallagher (Legal – Financing), and Marlborough Partners (Debt Advisory). NetRom and IceLake Capital were advised by Houlihan Lokey (M&A Advisory), Allen & Overy (Legal), BCG (Commercial) and Deloitte (Financial & Tax).