Deal Announcement

Technology Holdings Advises Leading Microsoft Azure Expert, AWS & GCP Partner, Cloudeon on its Strategic Sale to Devoteam

Technology Holdings is pleased to announce that it has acted as the exclusive financial advisor to CLOUDEON on its strategic sale to Devoteam. Founded in 2016 in Copenhagen, Denmark, CLOUDEON is a multi-platform cloud enablement specialist with Microsoft Azure, AWS and Google Cloud expertise and proprietary intelligent cloud automation IP, OpsAI. With this acquisition, Devoteam adds a Managed Services Partner to its EMEA operations and joins the selective club of Microsoft Azure Expert MSPs.

CLOUDEON is well recognized in the Nordics for its market-leading cloud solutions from consulting to migration to 24/7 managed services. CLOUDEON has a team of nearly 100 cloud experts, with offices in Denmark and Lithuania, and the highest level of certification and Microsoft partnership. CLOUDEON strengthens Devoteam’s Nordics footprint and adds a client list that includes well known multinationals, such as Energinet, Nordea Bank, DSB, Verifone and Coop.

Frank Mogensen, founder of CLOUDEON commented “We are delighted to be joining Devoteam. We think this acquisition will provide brilliant expansion opportunities for CLOUDEON and our people, and we are excited about taking CLOUDEON to its next level of growth, enhancing our capabilities and extending our services. Technology Holdings has been fantastic from start to finish. We couldn’t have done this without their hard work, help and support - I am extremely happy we made the right decision to appoint them, and despite the high pressure they worked under, the result was success!”

Søren Dandanell, CEO of CLOUDEON said, “The sale to Devoteam will take CLOUDEON to the next step on our growth journey and make our Cloud solutions and services available to Devoteam's customers across EMEA, just as we will jointly develop and launch new innovative services that will set the benchmark in the market for Managed Public Cloud services. We had many suitors for CLOUDEON, but chose Devoteam due to a perfect strategic match, a healthy culture and an entrepreneurial mindset that is unique in a company with 8,000 employees, of which we now become a part. Technology Holdings has been instrumental throughout this process and their sector expertise, global reach and dedicated team has delivered multiple offers and an excellent outcome for us.”

Sebastien Chevrel, Devoteam Group Managing Director said “In this momentum of Cloud platforms, our clients need support all along the Cloud journey from Strategy to Managed Services. We are helping them to choose the right partner to support their business, speed up innovation, imagining, together with new digital usages. Then developing and implementing them on platforms makes it easy to benefit from the regular new features of Cloud providers. CLOUDEON is really part of our circular continuous innovation approach that offers to our clients over time new digital products always up and running, efficient and secure.”

Vivek Subramanyam, Founder and CEO of Technology Holdings said “It has been a great pleasure working with the CLOUDEON team - they have built a truly innovative and game changing cloud solutions business and we’re thrilled to have delivered their desired outcome. This transaction is a further testament to Technology Holdings’ deep expertise in the cloud and digital transformation space, with the sale of CLOUDEON representing our 20th transaction in the space.”

"Technology Holdings has been fantastic from start to finish - we couldn’t have done this without their hard work. We have been extremely pleased with the guidance, support and high touch service provided throughout the process - from preparing outstanding materials and prepping the team for the process ahead through to delivering 7 offers, driving negotiations and managing the due diligence process - their guidance and heavy lifting throughout has ensured the optimal outcome at every stage of the process, and helped us select the right buyer with the best strategic fit. Technology Holdings truly delivered on their promise of certainty of close and a premium valuation - we are extremely happy we made the right decision to appoint them, and despite the high pressure they worked under, the result was success!"

Frank Mogensen,

For more information please contact
Vivek Subramanyam
Founder & CEO
+44 7778 863 790 
Geeta Ramanathan
Managing Director
+44 7807 173 414


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