Miami-based HIG Capital has agreed to sell Project Informatica, its Italian information technology services portfolio company, to EMK Capital, marking a profitable exit from an investment that grew revenues fourfold during the holding period.
The transaction, which requires regulatory approval, values WeAreProject Group at more than €450 million in annual revenues. Both HIG Capital and Project Informatica's management team will reinvest alongside EMK Capital to support continued expansion, according to terms disclosed this week.
Founded in 1990, Project Informatica provides cybersecurity, managed services, hybrid cloud solutions, and artificial intelligence capabilities to small and medium-sized enterprises and public sector clients across Italy. The company employs more than 700 people and operates a technology platform that combines hardware resale with ongoing service contracts.
HIG Capital, founded in 1993 by Sami Mnaymneh and Tony Tamer, has overseen seven acquisitions during its ownership of Project Informatica, transforming a single IT services provider into a consolidated group serving the Italian market. The firm manages $70 billion in capital across private equity, growth equity, real estate, infrastructure, and credit investments.
Italian IT Consolidation Strategy Delivers Returns
Raffaele Legnani, managing director and head of HIG Capital's Italy office, and Giovanni Guglielmi, managing director at HIG Capital, reported strong financial returns for limited partners while noting the firm will maintain a minority stake post-transaction. The exit comes as Italy's fragmented IT services market continues to consolidate, with private equity firms targeting mid-market operators for roll-up opportunities.
"Project Informatica has become a benchmark player in Italy's ICT landscape," Legnani and Guglielmi said in a joint statement. The executives highlighted the company's position as a full-stack provider capable of delivering complex, multi-vendor solutions across cybersecurity, network management, and cloud infrastructure.
Alberto Ghisleni, who founded Project Informatica over 35 years ago and remains chief executive, described the HIG Capital partnership as instrumental in executing acquisitions and building technical capabilities. The company now serves clients through Security Operations Centers and Network Operations Centers while offering AI-enabled infrastructure management.
EMK Capital, which operates from offices across Europe, Asia, and North America, focuses on mid-market businesses with unrealized value. Fabio Cadeddu, a partner in EMK's Milan office, said the investment fits the firm's thesis around consolidation opportunities in Italian IT services.
HIG Capital Continues European Middle-Market Focus
The Project Informatica exit adds to HIG Capital's recent European transaction activity. The firm completed the acquisition of France Workwear from Rentokil Initial in October, followed by investments in Norwegian logistics properties and Italian self-storage facilities through its real estate division.
Earlier this year, HIG Capital acquired ITH Group, a UK pharmaceutical compounding services provider, and took a majority stake in Avanta Salud, a Spanish occupational health services platform. The firm also merged two U.S. technology services companies, Converge Technology Solutions and Mainline Information Systems, to form Pellera Technologies with approximately $4 billion in combined revenue.
HIG Capital's European middle-market team, led by Markus Noe-Nordberg, has prioritized investments in business services, healthcare, and technology infrastructure. The firm maintains offices in Hamburg, London, Luxembourg, Madrid, Milan, and Paris, supporting both equity and debt investments across the continent.
The Project Informatica transaction demonstrates continued appetite for Italian IT assets among international private equity investors. EMK Capital's willingness to partner with existing shareholders suggests confidence in the company's ability to capture market share as businesses modernize technology systems and increase spending on cybersecurity and cloud migration.
Financial terms of the sale were not disclosed. HIG Capital expects regulatory approval for the transaction in the coming months, with completion contingent on standard closing conditions.