Daisy founder and Chairman Matt Riley and PE partner Oakley Capital Private Equity II have sold Damovo to investment firm Eli Global. Riley acquired a majority stake in Damovo in January 2015. Since then the company has consolidated from separate country operations into one group and acquired three businesses.
Damovo now employs more than 500 staff in 13 locations across Europe, Asia-Pacific and Latin America, serving customers in more than 120 countries. It holds high level accreditations with Avaya, Cisco, Microsoft and Mitel.
As part of the acquisition the current management team of Glen Williams, CEO, Matthew Riley, Executive Chairman and Stuart Hall, CFO, will be leaving the business.
Carl Mühlner will be moving from his role as MD for DACH and Poland to take on the role of Group CEO, and Burkhart Böttcher will be expanding his current responsibilities to take on the position of Group CFO.
"In this technology driven world of change, it is becoming increasingly important to recognise that the collaboration between people is still one of the most critical factors for success," said Mühlner.
"I am happy that Damovo, as a fast growing company with a strong culture, has found an investor where culture and trusted relationships are also considered to be at the heart of long term business success."