“It’s been incredible to see our thesis play out over the last five years, with Team Blue evolving into one of the largest tech platforms in Europe,” Hg said in a statement.
Team Blue’s founders, Jonas Dhaenens and Ali Niknam, will remain as cornerstone investors alongside the management team led by Chief Executive Claudio Corbetta.
The company has expanded significantly through mergers and acquisitions, including the recent acquisition of web-hosting business Loopia Group from Nordic private equity group Axcel.
“Under its current leadership, the business has executed on a successful M&A strategy to expand its product offerings and local presence,” Hafiz Lalani, global head of direct private equity at CPP Investments, said.
