Based in Poole with operations across the UK, SAP and Microsoft Gold partner Codestone Group backed by FPE Capital, announced today that it is enhancing its leadership in the delivery and management of SAP Cloud ERP, Analytics and EPM solutions with the acquisition of SAP ERP, Analytics and EPM specialist Clarivos.
The acquisition successfully closed on 3 May 2022 and Codestone expects the acquisition will generate £10 million in incremental revenue and £2 million in incremental adjusted EBITDA over the next 12 months.
Clarivos supports Codestone’s cloud-first approach in helping customers gain rapid results today and future-proofing their tomorrow by running better with cloud solutions and adopting innovative technology. Clarivos has a well-established focus on transforming the future “Office of the CFO”. It’s recognised industry expertise in deep and broad enterprise performance management (EPM), data analytics and business intelligence (BI) and SAP Business ByDesign (ByD) will bolster Codestone’s digital platform capabilities around ERP, EPM and BI, enabling next level cloud transformation for SMEs to large enterprises.
Clarivos’ rapid growth in SAP Business ByDesign delivery has resulted in many awards including the recent SAP UK and Ireland and SAP EMEA North Partner Excellence Awards for Outstanding Performance. As well as being an SAP Gold partner, Clarivos’ Platinum partnership with CCH® Tagetik leads the field in the successful delivery of EPM projects across Europe.
Clarivos will bring to Codestone over 70 people who have delivered over 350+ successful EPM and ERP projects across the EMEA region.
Jeremy Bucknell, Co-Founder & CEO, Codestone says, “This agreement complements our award-winning SAP ERP and Microsoft Cloud offerings and creates one of the most differentiated SAP services in the market. It is perfectly aligned with our customer-centric, cloud-first strategy and will drive greater focus on strategic execution and operational excellence to the Group’s already significant value creation.”
Commenting on the acquisition, Kirit Patel, Executive Director – Strategy and Execution, Clarivos says, “Codestone’s multi-capability Microsoft credentials, cloud hosting expertise and comprehensive support provides much in demand services to our customers. Our mid-market and large enterprise customers will benefit from more comprehensive ERP delivery, cloud and managed services from a pedigree organisation that is widely recognised in this space.” The Clarivos leadership team remain within the expanded group and Kirit will now become the Director of Mid-Market and Large Enterprise and sit on the Codestone Operational Board.
Codestone and Clarivos’ technology partners will benefit from an accelerated combined partnership engagement that will enhance solution delivery and provide expanded focus and sales opportunities.
Codestone was advised and supported by Stephenson Harwood LLP, Azets, England and Company, FRP Advisory, Armstrong Consultants and Shawbrook Bank. Clarivos was advised by Actons Solicitors and Arithma LLP.