Version 1 is to acquire Qubix as part of its ambitious growth strategy for 2023 and beyond. Since 2016, Version1 has acquired several UK-based Oracle businesses including Patech Solutions, Beoley Mill Software and parts of DSP. Those acquisitions strengthened the firm’s customer base and expertise for on-premise Oracle technologies (E-Business Suite and JD Edwards), whereas the latest purchase provides a boost for EPM, analytics and database solutions.
The companies will have over 3,000 employees combined, and offer services to more than 650 customers. This move places Version 1 as the largest Irish-founded technology employer and comes after significant growth for the firm.
In April 2022, Version1 was acquired by Partners Group in a deal that valued the business at €800m. Partners replaced Volpi Capital as the majority owner delivering a significant return on the €90m invested in 2017, which valued the business then at roughly €200m.
Details of the price paid to acquire Qubix were not disclosed.
Colm Gillard, managing director of Version 1’s Oracle practice, said: “As an award-winning global Oracle partner of the highest level of accreditation, Qubix brings Version 1 over 25 years of specialist experience and expertise from over a thousand successful financial engagements across hundreds of customers’ projects. With deep expertise evidenced at every stage of their customer journeys, Qubix will place Version 1 in an increasingly favourable position with both new and long-standing customers alike, enabling Version 1 to drive further business agility and transformation within our customers’ businesses.”
Following the acquisition, Qubix International and its board of directors announced that CEO Julian Owens and group director of strategy and growth, Paul Johnston, will step down immediately. The broader Qubix team, including Richard Pepper, current board director at UKOUG (the UK Oracle user group) will be integrated into the Version 1 team.
Commenting on the acquisition, Owens said: “We set out to find a partner who would complement our existing business and geographies and provide a good home for our staff in terms of a caring environment and excellent career opportunities. We believe Version 1 is that good home.”