22 March 2021
ec4u and BULPROS are joining forces backed by Silverfleet Capital to create the leading Digital Cloud Experience provider in Europe
ec4u and BULPROS have entered a merger agreement, joining forces to deliver next generation digital cloud experience to enterprises. The combined platform has more than 1,400 employees across 25 offices in 11 countries and is backed by the pan-European private equity firm Silverfleet Capital, which has invested in a majority stake in the merged company.
The two companies, ec4u and BULPROS, have been collaborating since 2018 as partners in the field of digital cloud solutions and have their headquarters in Karlsruhe, Germany and Sofia, Bulgaria, respectively. The company founders and existing management teams of both companies will remain as large shareholders and continue to operate the merged company. The merger transaction is only subject to regulatory approval.
Founded in 2000, ec4u is specialized in the digital transformation of clients’ business-critical processes in marketing, sales, service and e-commerce across their entire customer lifecycle. The company’s business offering includes consulting services, technical implementation, and ongoing enhancement and operation of clients’ CRM systems. To date, ec4u has completed more than 800 transformation projects, primarily in Germany, Austria, and Switzerland. The company employs more than 400 experts across its European sites.
BULPROS, founded in 2010, is a digital transformation company whose offerings include enablement of digital solutions, cyber security solutions, cloud migration and managed services, as well as technology services. BULPROS operates on a global scale with over 1,000 employees across 20 offices located in Europe and North America. The company has been frequently cited as one of the fastest growing technology organizations by the leading industry observers, such as Deloitte in their "Technology Fast 50 in CE" and Financial Times 1000 Europe, amongst others.
In addition to their competitive portfolios and expert employees, the two companies bring strong relationships with strategic technology partners, including Salesforce, Microsoft, SAP, Oracle, IBM, Cisco, and Snowflake to the newly merged company.
With changes in technology representing a core macro trend underpinning Silverfleet’s investment thesis, the investment in ec4u and BULPROS builds on the firm’s extensive experience with tech-enabled businesses. Recent investments include TrustQuay; a trust, corporate services and fund administration provider and Collectia, a credit management services platform. Prior successful investments within the Services sector include Phase One, Ipes and TMF.
Ivaylo Slavov, CEO of BULPROS, commented: “I am excited that we are further extending our excellent partnership with ec4u to a combined platform which will help our customers in their digital transformation journey by delivering next level customer experience. I’m delighted that Silverfleet Capital is joining us in realizing our vision to become a leading partner for Digital Cloud Experience to businesses.”
David Laux, CEO of ec4u, commented: “After working together with BULPROS for so many years, on behalf of the entire ec4u team, I am proud to be part of this success story. As always, the sum is more than its parts and I’m looking forward to accelerating our growth with the commitment of Silverfleet Capital.”
Dr. Christian Süss, Partner at Silverfleet Capital, said: “ec4u and BULPROS are leading service providers in the cloud-based digital business solutions market, which is highly attractive. We are delighted to be in a position to support them in unlocking their full growth potential in the future.”
Joachim Braun, Partner at Silverfleet Capital, added: “Both ec4u and BULPROS have strong strategic partnerships with the leading players in the digital platform environment. We look forward to helping both companies explore further areas for cooperation and expansion.”
The Silverfleet team that worked on the transaction comprised Dr. Christian Süss, Joachim Braun, Benjamin Hubner and Jennifer Regehr. Silverfleet was advised by Latham & Watkins (Corporate & Tax Legal), Shearman & Sterling (Finance Legal), NautaDutilh (Legal), PwC (Financial), wdp (IT), Grant Thornton (Tax), Kambourov (Legal), Noerr (Legal), Schoenherr (Legal), Bär & Karrer (Legal), Kearney (Commercial), and MD Advisors (Debt Advisory). Financing was provided by Ares.