Avance advises Investcorp, a leading global alternative investment firm, in a significant investment in Eficode, a leading global provider of DevOps consulting and managed services. Investcorp becomes a majority shareholder in Eficode, and will partner with Eficode’s founder, Risto Virkkala, and CEO, Ilari Nurmi, to support Eficode through its next phase of ambitious growth and international expansion. Risto, Ilari, and the rest of the Eficode management team will continue to be significant shareholders in the company alongside Investcorp.
Eficode grew its revenues from from €22 million to over €150 million in the last 4 years, and now serves over 1,400 customers including Volvo, P&G, Nokia, The Royal Bank of Scotland, OP Financial Group, Vodafone, ABB, Kone, Rovio and Vestas, among others.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2023.