IT Capital Fund I invests in profitable IT services companies in the DACH region and builds them into European platforms. Led by operators who have scaled and sold IT services themselves.
The European IT services Mittelstand sits at the intersection of three forces that rarely coincide: structural demand growth, pronounced fragmentation, and a generational change in ownership. The result is a deep pipeline of profitable, under-led companies with no natural buyer.
Cloud migration, security, data and AI adoption are not optional projects for the European Mittelstand. They are driven by regulation, forced by competition, and run over several years. Our six subsectors grow considerably faster than IT spending overall.
The market is served by thousands of small providers, each covering only a slice and too small for larger undertakings. Customers, meanwhile, increasingly want one accountable partner across the whole stack. That is precisely the gap a well-integrated platform closes, and precisely why add-ons bought at small-cap multiples create value beyond their earnings contribution.
A large number of owner-managed IT services companies face succession this decade. Strategics are selective, generalist funds struggle with utilisation-driven models, and very few founders sell to a competitor. That seller is exactly who we are built for.
When delivery hours shrink, time-and-materials models lose revenue while outcome-based models gain margin. That transition redistributes value across the sector within a single holding period. For us it is an operational priority, not a slide in the thesis.
We take majority stakes in profitable, owner-managed IT services companies, keep the founder invested through substantial rollover equity, and take them past the size threshold at which the buyer universe changes.
| Sector | IT services only |
| Subsectors | Cloud · Cyber Security · AI Engineering · Managed Services · ERP · Custom Software |
| Region | Platforms in the DACH region, add-ons across Europe |
| Company size | €5–30m revenue, EBITDA above €2m |
| Stake | Majority, with 15–30% rollover equity for the founder |
| Value creation | Organic growth, margin expansion, add-ons, debt paydown, multiple expansion |
| Holding period per investment | 3 to 6 years |
| Team | An Investment Professional and an Operating Professional work in the portfolio after closing |
Sector focus is not a positioning question. It changes what we see in due diligence, what we can fix after closing, and who is willing to sell to us.
We have owned utilisation models, pricing programmes and nearshore delivery ourselves. We value the operating plan we then execute, not the one a seller hands us.
Founders in this sector sell to people who understand what they have built. Our network, our publications and our reputation create conversations that never reach a broad auction.
Part of the purchase price is deferred through earn-outs, rollover equity and vendor loans. That binds sellers to the plan and protects the entry price.
We build an integrated company with shared delivery and shared sales. That is harder and slower. It is also the reason add-ons produce real synergies rather than just a consolidated P&L.
Value creation is delivered by our own Investment Professional and Operating Professional, inside the portfolio company, not outsourced to consultants.
Our frameworks on valuation, buy and build and AI-native delivery are public. You can judge how we think before you meet us.
One platform acquired, one add-on integrated, one planned leadership succession completed. All verifiable through public sources.
A European AWS pure play, founded in 2006, around 120 employees in Germany, Austria and Switzerland, AWS Premier Tier Services Partner. Since we came in in January 2025: a new operating model, a CEO succession completed in January 2026, three new AWS competencies in 2026, and the platform’s first acquisition.
An Austrian AWS Advanced Consulting Partner specialising in high-performance e-commerce operations on AWS. Acquired by tecRacer in March 2026. The transaction brought an immediately marketable solution offering, turned Austria into a fully operational country organisation, and kept both founders in the leadership.
Four papers on how we value IT services companies, how we integrate acquisitions, and how AI will redistribute value across the sector.
After a brief qualification we send you the fund memorandum and the accompanying documents. We reply personally within one working day.
Two steps, then we come back to you personally within one working day.
We share the documents only with professional and semi-professional investors. Which description applies to you?
We will come back to you personally within one working day.
We cannot share fund documents with retail investors. IT Capital Fund I is open exclusively to professional and semi-professional investors, and regulation prohibits us from making it available more widely.
Our analysis and market observations are open to everyone, though. We are glad to stay in touch that way.
The information on this page is provided for general information purposes only. It constitutes neither an offer to sell, nor a solicitation of an offer to buy, nor a recommendation in respect of an investment in any fund, and it is not investment, legal or tax advice. Any offer of interests is made solely to eligible investors on the basis of the final contractual documentation, which sets out the terms of the offer and describes the associated risks.
Interests in IT Capital Fund I are directed exclusively at professional and semi-professional investors and are not available to retail investors. Access to the fund documents is granted only after the investor has been identified and a non-disclosure agreement has been concluded.
The interests described on this page are not being offered in the United States. Interests in IT Capital Fund I have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or with the securities authority of any state of the United States, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person as defined in Regulation S under that Act. This page is not directed at U.S. persons and does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation would be unlawful.
Investments of this kind carry substantial risks, including the risk of a total loss of the capital invested. They are illiquid and unsuitable for investors who cannot bear such a risk. Statements about portfolio companies, market conditions and strategy reflect our current view and may change without notice. Information on portfolio companies is drawn from publicly available sources. Past performance is not an indicator of future results.
