Novacap and Cofomo Announce a Strategic Investment to Accelerate the Growth of Quebec's Leading IT Consulting Firm
MONTREAL, June 1, 2021 /PRNewswire/ - Novacap, one of Canada's leading private equity firms, today announced that it has acquired a significant equity interest in Cofomo, Canada's leading provider of business talent management, information technology (IT) and digital transformation consulting services.
"We are proud to partner with Cofomo, an industry leader with an impressive track record of growth over the past 26 years. Cofomo's success is based on a clear vision, a solid business model and strong execution. We are thrilled to work with Régis Desjardins and his talented team to pursue their continued success," said Pascal Tremblay, President, CEO and Managing Partner of Novacap.
"Our partnership with Novacap is a strong vote of confidence in our firm and its growth potential. This investment will help us achieve our ambition of consolidating our leadership position in the Canadian market, all while working together and leveraging each other's strengths. In an industry in transformation, we will now be able to enhance our firm's offering, accelerate our growth and solidify our unique positioning across Canada," said Régis Desjardins, President of Cofomo.
A beneficial transaction for stakeholders
This transaction provides Cofomo with an increased capacity to accelerate the digital transformation of its major public and private sector clients. Present in Montreal, Quebec City and Ottawa, Cofomo's team will remain unchanged, as will its commitment to the highest quality standards and its focus on the organizational values at the heart of its business strategies.
Cofomo's ability to adapt to evolving market needs has resulted in exceptional top line growth and consistently high levels of customer satisfaction. Cofomo has been recognized as one of Canada's Best Managed Companies (2020 and 2021) because of its performance and sustained growth over the past several years.
"This partnership marks an important step in Cofomo's growth strategy. We are confident in Cofomo's ability to grow and solidify its position as one of Canada's leading IT consulting firms," added Éric Desrosiers, Senior Partner at Novacap.
About Cofomo
Established in 1995, Cofomo is a Canadian leader in information technology (IT) and business consulting services, which translates today into the acceleration of client companies' digital transformation. Its solutions cover the full range of business needs, including strategy, innovation, agility, intelligence, security and cloud computing. Its unique expertise is delivered through flexible on-demand project and talent delivery models. A team of over 2,600 professionals provides these services to large private and public sector organizations, mostly located in Eastern Canada. This team is supported by a high-performance lean organization and a state-of-the-art digital ecosystem to communicate with clients, acquire and manage talents, projects and deliver the full services of the new digital economy (www.cofomo.com).
About Novacap
Founded in 1981, Novacap is a leading Canadian private equity firm with more than C$8B of AUM that has invested in more than 90 platform companies and completed more than 140 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries and now Financial Services, Novacap's deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit www.novacap.ca.
SOURCE Novacap Management Inc.
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