Alantra advises BRIGHT on its sale to Virtusa



Feb 2024
Sell-side advisory

London – Alantra, the independent global mid-market financial services firm, has advised the shareholders of BRIGHT, one of the largest elite partners to ServiceNow & Splunk in EMEA, on the sale of the business to Virtusa Corporation (“Virtusa”). Virtusa is a global provider of digital strategy, digital engineering, and information technology (IT) services headquartered in the U.S..

BRIGHT is an IT company specializing in digitalization and automation initiatives, and in driving innovation and efficiency for large enterprises across Europe. With a diverse workforce of ServiceNow and Splunk experts, BRIGHT has a proven track record of building digitalization, security, observability, SecOps, and AI & ML analytics solutions, enabling enterprise transformation for leading global enterprises. Their end-to-end delivery approach, with a focus on consultancy, design, implementation, support, and continuous improvement, allows them to go beyond standard features and build custom solutions to deliver flawless digital experiences.

Virtusa is a global provider of digital engineering and technology services and solutions for Forbes Global 2000 companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide.

The acquisition of BRIGHT will enhance Virtusa’s existing service offerings and capabilities in Service Now and Splunk, especially in Europe. Apart from a variety of capabilities across various Service Now products, BRIGHT is strong in the legacy to ServiceNow transformation, SecOps, and observability domains. BRIGHT has innovative and industry-centric solutions that complement Virtusa’s strategy to build domain- and business-centric solutions. With combined thought leadership and a platform-centric approach, the partnership will provide state-of-the-art solutions for Virtusa’s clients.

The deal team advising BRIGHT included both local market and global technology sector specialists. They applied their industry expertise, close relationships with international strategic players and private equity, and strong process execution skills to achieve a highly successful outcome for BRIGHT’s shareholders.

Alexandra Nagle, Managing Partner of Alantra Austria & CEE, and Simon Roberts, a managing director in the firm’s global technology sector team based in the UK, led the deal. They were supported by Luka Simoneti in Austria and Sheroze Malik and Jonathan Morgan in the UK.

Alexandra Nagle, Co-Head of Investment Banking Austria & CEE, said, “We are delighted to have advised BRIGHT on this transaction. Angel and his team have created a market-leading business in a region that has a world-class reputation for significant IT consulting expertise. We worked together to explore a range of options that would fit the team’s long-term aspirations. In Virtusa  we have found a partner with an excellent strategic and cultural fit.”

Simon Roberts, Managing Director in Alantra’s Global Technology Team said, “It was a pleasure to advise BRIGHT. This partnership combines Virtusa’s global scale with BRIGHT’s deep consulting expertise in ServiceNow and Splunk, services that are experiencing strong growth in demand. The hunt for highly skilled engineering talent and management teams that can help create a leading European platform for global providers means consolidation continues at a pace in the ServiceNow ecosystem.”

Angel Kanchev, CEO and Founding Partner of BRIGHT, said, “BRIGHT was looking for a strategic partner to speed up its growth in Europe, and I am positive that joining forces with Virtusa will bring joint opportunities to scale. With our shared values on innovation, trust, and delivering high quality solutions, I am sure we can make a positive impact on our customers’ business.”

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