Magic Cloud Oy doubles its revenues with the acquisition of EverTech Oy – Neuvoa Advisors advisor to the sellers
The Tampere -based cloud service provider Magic Cloud acquires the shares of EverTech Oy, becoming the largest Managed Cloud -provider which has its ownership and data centres based in Finland. EverTech Oy is a leading Finnish cloud service provider, whose equity partners have a pioneering history in the Finnish Managed Cloud -market. Neuvoa Advisors acted as the sole financial advisor to the sellers in the transaction.
Sellers in the transaction included EverTech Oy’s equity partners Jopi Parviainen, Tom Karell, Pekka Rasi, Ismo Viitamo and Mika Neva. Mika Neva will continue in the company’s employ after the transaction.
“The EverTech -deal further increases our capability to answer to the cloud needs of large companies. We seek considerable growth in the European cloud service market, and the acquisitions this Fall support our goal of becoming Europe’s most significant Managed Cloud -service provider with our own cloud service”, says Timo Haapavuori, the Founder and CEO of Magic Cloud. “Due to the altered global situation, companies are increasingly prudent regarding where their data is stored and who is managing it. On the other hand, the costs of public cloud continue to rise and its cost structure is seen as difficult. This creates growth opportunities for domestic companies such as Magic Cloud.
”We think it is absolutely great and superb that EverTech moves to the ownership of the domestic Magic Cloud, as we share a common vision regarding the direction of and the opportunities in the cloud service business. The importance of cloud environments as the versatile enabler of our clients’ business has grown, and the management of more and more complex systems will demand resources, knowhow and expertise. By combining our forces we can answer to the changing cloud needs in a new size category better than before.”, comments EverTech’s equity partner and CEO Jopi Parviainen.
The transaction is the second for Magic Cloud in a short span of time. The deal increases Magic Cloud’s headcount to 24 and doubles its revenues to 6,5 million euros. In addition to the HQ in Tampere, Magic Cloud will from now on operate also from an office in Helsinki. The most significant expansions in Magic Cloud’s service offering will come from the inclusion of 24/7 support and from multi-datacentre solutions. As the number of data centres increases, Magic Cloud can offer e.g. Disaster Recovery -solutions.
Additional information on the transaction from Magic Cloud’s release: