Funding comes on heels of acquisition of digital user experience agency Saturized; reflects Devtech’s market momentum and track record of excellence in driving agility and business growth for customers
Devtech, a global digital innovation services company, today announced that it has secured €12.25M in financing from Claret Capital Partners, a London-based growth fund that has provided financing to more than 150 innovative businesses since 2013. Devtech will use the funding to accelerate the company’s growth in key markets worldwide and expand its end-to-end digital innovation capabilities for Fortune 1000 companies.
“Claret Capital Partners is one of the most respected financial firms in Europe and the company’s track record in helping fuel the growth and success of industry leaders is unmatched,” said Milovan Milic, founder and CEO of Devtech. “The funding is another indicator that our business strategy and holistic digital innovation approach is resonating among our global customers. As digital transformation accelerates, executives are under growing pressure to drive greater agility and growth. We will continue augmenting our core end-to-end capabilities to help our clients innovate, transform, and disrupt.”
The announcement comes on the heels of other growth milestones including Devtech’s recent acquisition of Saturized – an omni-channel user experience and creative design agency. With the acquisition, Devtech helps clients accelerate their digital transformation agenda with the end user at the center. The moves further accelerate Devtech’s organic growth of more than 60% YoY annual recurring revenue (ARR) and 50% growth of new customers during the last 12 months.
“Claret is delighted to support Milovan and the whole Devtech team with the continued expansion of its digital innovation capabilities across key markets,” said Antony Baker, Principal at Claret Capital Partners. “Highly valued by its clients worldwide, we believe Devtech’s expert services are uniquely positioned to take advantage of growing market demand and further M&A opportunities. We look forward to our continued partnership with Devtech.”
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