01 / 02 / 2023
FSN Capital VI acquires a majority stake in ilionx
AMSTERDAM, 1 February 2023 – Egeria and FSN Capital VI (“FSN”) have completed the sale of ilionx, a leading IT-Services provider of business critical services to healthcare institutions, (semi) governmental organizations and commercial companies with over 500 employees.
Egeria’s investment in ilionx underscores Egeria’s focus on entrepreneurial team-ups with strong founders and ability to simultaneously execute on a high growth business case (i.e. buy and build) while transforming the organization and eliminating founder dependency.
Together with the founders and management, Egeria invested in ilionx in June 2017 to create a national IT services player with a broad service portfolio through an active buy-and-build strategy. In April 2018, ilionx doubled in size and created national coverage with the acquisition of IT service provider QNH. In 2019, ilionx strengthened its vertical focus with the acquisition of ICTZ, a healthcare specialist. In 2021-2022, ilionx announced five more acquisitions aimed at specific competences, incl. Rubix (integration), Le Blanc (architecture), Redbook (Salesforce), You-Get (hyperautomation) and Trivento (Java). During our investment period, revenue grew from €55 million to more than €200 million, a new management team took over the leadership role from the founders and the acquisitions were integrated into a strengthened, scalable organization.
ilionx is a B2B IT service provider that offers digital strategy, cloud-oriented application development, data & AI solutions, hyperautomation services and managed services. Headquartered in Utrecht, ilionx has national coverage with over 1,200 employees across thirteen locations in the Netherlands. ilionx was founded in 2002 and has over time demonstrated a strong ability to grow with its customers and become a trusted, long-term technology-independent IT-services provider.
Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. Egeria invests in healthy businesses with an enterprise value of between EUR 50 million and EUR 350 million, and believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 14 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ more than 12,000 people.