High-tech ICT and Divverence and bring Riverdam on board

Software company HTI Group has been acquired by investment company Riverdam, which is entering the market for custom software development.

HTI Group is the holding company of two companies: Hightech ICT (approximately 30 employees) and Divverence (approximately 10 employees). Hightech ICT saw the light of day in 2007 and is a software developer for companies in sectors such as automotive, high-tech and healthcare. The customer base includes well-known names such as ASML, Philips, Signify and TomTom.

The smaller Divverence was founded in 2015 and develops software products and solutions for the television market. The company works for Liberty Global, Telenet, Tele2, KPN and Vodafone, among others.

With the financial support of Riverdam (a still relatively young private equity company for the SME segment), the management of both companies (together with employees) has taken over the labels from HTI Group founder and shareholder Stefan van de Kuilen.

The partners see opportunities to guide Divverence and High-tech ICT to the next phase. Edwin van Meeuwen of Hightech ICT says: “Hightech ICT and Divverence distinguish themselves in the market through a strong vertical focus, combined with specific domain knowledge and high-quality personnel. This acquisition allows us to strengthen our market position and accelerate growth.”

This acceleration will be partly achieved through acquisitions. According to Van Meeuwen, the company is actively searching the market for ‘targets’ together with Riverdam: “The Dutch landscape of custom software development is highly fragmented. Most players in the market are generic software developers with no clear vertical or solution focus.”

Deal Makers

Buyer Riverdam was advised during the deal process by M&A advisors from Koenen & Co, Wave Corporate Finance, KD Legal and Zuidbroek Notarissen. Seller HTI Group was assisted by Hogenhouck and a boutique law firm.

Earlier this year, Riverdam took an interest in the ICT division of BT Group.

Source: https://www.consultancy.nl/nieuws/38091/hightech-ict-en-divverence-en-halen-riverdam-aan-boord