TH Global Capital advises ServiceNow partner The Cloud People on sale to NTT DATA
The Cloud People, an international ServiceNow partner with offices around the world, has been acquired by NTT DATA. The sale was advised on by TH Global Capital, a global investment bank.
Founded in 2019 and headquartered in Oslo (Norway), The Cloud People is an end-to-end provider of consulting, implementation, and technology services across the ServiceNow ecosystem. The company supports over 130 enterprise clients across technology, media, telecom, financial services, retail, energy, manufacturing, and the public sector.
The deal sees a team of over 300 professionals cross to NTT DATA Business Solutions, a subsidiary of NTT Data, across the Nordics, Germany, the Benelux, Poland, Brazil, and the United States.
TH Global Capita, a global investment bank with operations in 5 continents, acted as the exclusive financial advisor to The Cloud People.
Vivek Subramanyam, Founder & CEO of TH Global Capital, said, “We are delighted to have advised on another landmark transaction in the ServiceNow ecosystem, marking our 10th ServiceNow deal globally, in our 31st country. This deal underscores TH Global Capital’s deep expertise in the digital transformation, cloud and ServiceNow space, and our strong track record of partnering with blue chip global strategic buyers and private equity funds.”
“The Cloud People has built a high quality ServiceNow practice, and its combination with NTT DATA creates a powerful platform for global cloud transformation. We wish The Cloud People and NTT DATA every success in this next phase of growth.”
Ryan Edelmann, Director at TH Global Capital, added, “The Cloud People has built a highly differentiated ServiceNow pure-play platform with strong execution capabilities and a scalable international presence. The strategic fit with NTT DATA Business Solutions is compelling and creates a powerful opportunity to globally accelerate growth.”
“We are pleased to have supported The Cloud People on this successful transaction while continuing to expand our leadership in the global ServiceNow M&A landscape.”
Reflecting on the collaboration, Bjørn Jarl, the CEO of The Cloud People, said: “We are grateful for TH Global Capital’s work during the process of finding the right strategic investor for our growth project. Their deep understanding of the ServiceNow ecosystem enabled them to perform an exceptionally strong job in scanning the market to find the right match for our needs, tailored to our criteria. TH Global Capital followed the process from start to finish and was an effective advisor throughout all processes leading up to the closing.”
