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title: He sold the majority in 2021. Here is what he would change.
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What you actually keep, Wolfgang Kurz on the three years after selling the majority, and 4 Deals That Matter | Stay Ahead in IT Edition September 2026 ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­    ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­  

| View in browser IT Capital Partners Edition September 2026 Stay Ahead in IT The monthly briefing for IT services founders, investors, and M&A advisors. In This Edition Last month I argued that the multiple is a scorecard rather than a market price. This month is the other half of that sentence. The multiple sets the headline. Three clauses further down the agreement decide what actually reaches your account, and almost nobody negotiates them properly. I put that to Wolfgang Kurz, who co-founded indevis in 1999, sold the majority to HQ Equita in 2021, stayed on for three years and handed over in 2024. He answered without hesitating: the earnout, the leverage and the waterfall. And the day before the last edition went out, Porsche signed away MHP. That deal is in the Deal Radar, and it is the clearest public lesson in what concentration costs that this market has produced all year. Five minutes. That is all you need. Let’s go.   What I See Right Now · The three clauses that decide what you keep   Founder Spotlight · Wolfgang Kurz on the three years after   Exit Readiness Score · Twelve questions, three minutes, the buyer’s five levers   Deal Radar · Four deals, and the second owner generation arriving   On My Radar · The first CRA deadline, CADA, and three keynotes in nine days   What I See Right Now What You Actually Keep Last month I wrote that the multiple is a scorecard, not a market price. That was the first half of the sentence. Here is the second half. The multiple decides the headline. Three other clauses decide what reaches your account. I have been thinking about this since a conversation with Wolfgang Kurz, whose interview is below. He sold the majority of indevis in 2021, stayed significantly invested, and remained in the management team for three years. When I asked him what he would negotiate differently with hindsight, price aside, he named three things without pausing. The earnout, the leverage and the waterfall. Not the price. Not the governance. Three clauses most founders hand to their lawyer somewhere in week six of a process. The earnout is a bet on a plan written during the sale. Every earnout is measured against a business plan drafted in the middle of a process, at the point of maximum optimism, by people who need that plan to look good. Then the world happens. Wolfgang signed after the pandemic, when IT had never looked more essential and everything pointed to a quick recovery. Within months came the component shortage, the war in Ukraine, and the first serious inflation in fourteen years. His earnout was settled fairly and in under fifteen minutes, which says something about the people at HQ Equita. He is also clear that he was lucky, and that this risk increasingly sits with the founder. The market data says the same thing. Rödl’s Private Equity Study 2026, published in August and built on the investment criteria of more than 450 private equity houses active in Germany plus a market survey, found that 43 percent now use earnouts in more than half of their transactions. In the same study, investors insisting on majority stakes only fell from 77 percent to 54 percent in a single year. Read those two numbers together and you have the shape of the current market: more flexible structures, more of the valuation deferred, more of the risk moved into the years after signing. The leverage sits on your company, not on your buyer. Acquisition debt is serviced by the business you built. When borrowing costs rise and demand softens in the same quarter, the structure that looked conservative in the model starts eating the room you need to act. Wolfgang’s advice here is unglamorous and correct. Keep the leverage as low as you can, read the loan agreement yourself, and take advice on every clause you do not understand. It is the least interesting hour of the whole process and the best paid one. The waterfall decides who absorbs the disappointment. In a second exit the proceeds go out in a defined order. If you are not paid at the same level as your investor, the gap between the underwritten enterprise value and the realised one comes out of the founder’s shares first. Founders sign this because at signing everyone assumes the second exit will be the bigger one. Sometimes it is. Sometimes it arrives four years later in a different rate environment. For the 2021 vintage that second exit is no longer hypothetical. indevis is its own example. HQ Equita acquired the majority in August 2021. In June 2025 Sophora bought the company, merged it with Data-Sec and built a southern German MSSP of more than a hundred people around the combination. Four years, one change of owner. Every platform bought in 2020 and 2021 is now inside that window, and the plans those deals were underwritten on were written in a world that no longer exists. So here is what I would put on the wall of any founder currently in a process. You will spend ninety percent of your negotiating energy on the price, which is the number you control least, because it is set by what a buyer can underwrite. Porsche has just demonstrated that in public, and you will find the arithmetic in the Deal Radar below. You will spend almost none of that energy on the three clauses that decide what happens to the price when the plan is missed. And the plan will be missed. Every plan written since 2020 has been. One place where I do not follow Wolfgang all the way. He would treat the earnout and the second exit as optional, and after his five years I understand why. I sit on the other side of that table and I do not think deferred consideration is the problem. Structure that is not written down honestly is the problem. Deferred money is how a buyer and a seller share a risk neither of them can price alone on the day of signing. What decides whether that is fair is the waterfall. If your rollover is paid at the same level as the investor’s, you carry the same risk and you earn the same way. If it is not, you are financing somebody else’s downside. That is one clause, and it is negotiable long before anyone argues about the multiple. “Make sure you are paid at the same level as the investor. That is what protects the value of the founder’s shares when the enterprise value does not meet expectations.”   Founder Spotlight The Three Years After Wolfgang Kurz on selling the majority and staying on Wolfgang Kurz Co-founder, indevis · Munich Wolfgang Kurz co-founded indevis in Munich in 1999 and led the company for 25 years, building it into one of the established managed security service providers in the DACH region. In August 2021 he and co-founder Andreas Mayer sold a majority stake to HQ Equita, both remaining significantly invested and active in the management team. Wolfgang handed the CEO role to Frank Pütz in March 2024 and left the company that summer, shortly before its twenty-fifth anniversary. LinkedIn → Q1 · You co-founded indevis in 1999 and sold the majority in 2021, staying significantly invested and in the management team. What actually changes in a founder’s working week the day after that signature? Less than people expect in the first weeks, and more than you expect over the first year. The customers and the technology do not change. What changes is that decisions now have an audience. Before, I could decide something on a Tuesday afternoon and we would start on Wednesday. Afterwards the same decision needed a paper, a number and a conversation. That is not automatically worse, but it costs a great deal of time. The second thing was reporting. We had basic KPIs to measure our own success and they were nowhere near enough for what a private equity owner needs. A managed service business is more complex than it looks from the outside, our systems had limited reporting capability, and explaining the numbers became a job of its own. You have to want that discipline. If you merely tolerate it, the partnership will feel like a loss of freedom rather than a professionalisation, and that feeling does not go away on its own. Clarify what your role is expected to deliver from the very beginning, say so immediately when something is not achievable, and create the room to handle the extra work. Q2 · Which conversations with your investor turned out harder than you expected, and which turned out easier? Harder: the numbers. We had home grown systems, many years in use and with a life of their own. In many cases we could not produce the requested figures at the accuracy expected, and the forecast, which is one of the most important KPIs, was not always reliable. The plan itself was the other hard part. We sold after the pandemic, when everything looked like blooming landscapes. IT had become more relevant, we expected the economy to recover quickly and the growth to continue. Within months came supply chain problems, a shortage of electronic components, the war in Ukraine and, after fourteen years, inflation with rapidly rising interest rates. Staying on track under those conditions was hard. Easier: the earnout. You hear again and again that the earnout is where investors and founders fall out. Ours was settled in less than fifteen minutes and it was entirely fair. Nobody tried to calculate us down. That says something about the people on the other side of the table. Q3 · The 2021 announcement promised growth through acquisitions as well as organic expansion. What did you learn about buy and build in a security business that a plan does not tell you? That the plan is the easy part. What we underestimated was how few valid targets there actually are. The German IT market is highly fragmented, which sounds like a good starting position. But we were a nationwide IT security provider for mid-sized companies, and many of the smaller firms are purely regional, which helps only so much. Many system houses cover a very wide spectrum, while we needed security specialists, preferably with a high share of recurring revenue, and ideally with a portfolio that complements ours. Finally the owner has to be willing to sell to a private equity investor at all. In the end there was not much left on the list, and M&A turned out to be considerably harder than expected. It pleases me all the more that one of our first targets was acquired shortly after I left. Q4 · You handed over as CEO in March 2024 and left that summer, three years into the partnership. How does a founder know when their own role is finished? Selling a company is a farewell in many steps. From the day you sign you know that your time in the company is limited, and I was always aware of that. I also knew that the next stage of development needed other managers. IT security has gone from a niche to a highly competitive market, and I felt that my strength and my energy were no longer enough to take the next steps. The farewell was hard, and it was absolutely the right decision. Credit to our investor for running the search for my successor transparently. I was in the loop throughout and my view was always taken seriously. Q5 · Price aside, what would you negotiate differently in the purchase agreement and the shareholders’ agreement with hindsight? Three things: the earnout, the leverage and the waterfall. The earnout is always based on a business plan written during the sale process, and we have seen how fast things can change. In the last five years the world moved in ways we had not thought about in the twenty-five years before. On that experience an earnout is hard to negotiate honestly. We were lucky. I think it is increasingly a risk that sits with the founder. Leverage on the purchase price is always a load on the company, especially when external conditions turn. Rising loan costs and a weakening economy can put the whole structure under pressure. Keep the leverage as low as you can and you keep room to act. Read the loan agreement properly and take advice on anything you do not understand. And watch the waterfall, meaning the order in which the proceeds are distributed in a second exit. Private equity will sell after a few years, and the money goes out in a defined sequence. Make sure you are paid at the same level as the investor. That is what protects the value of the founder’s shares when the enterprise value does not meet expectations. Q6 · A founder is sitting across from a private equity investor right now. What should they insist on, and what is not worth fighting over? Insist on the people. Board members are part of every decision and they matter in your daily work. If you can elect a board member, insist on that seat. Check who your day to day contact will be and whether that person will still be there in three years. The fund matters less than the humans you will argue with. Not worth fighting over: reporting formats, budget processes, the hundredth version of the KPI sheet. Founders spend enormous energy resisting exactly the part that genuinely makes the company better. And be honest with yourself about the valuation and about the money you want on the table now, at the first exit. If that feels right, take the next step. Do not rely on an earnout or on a second exit. Both can happen, both are optional, and both are a long way off. You only sell your own company once, so the deal has to be right. Featured Assessment Exit Readiness Score Recurring revenue · customer concentration · founder independence · processes and delivery · growth and margin Wolfgang’s last line is the hard part: be honest about the number. Most founders have never seen their own company scored the way a buyer scores it. Twelve questions, three minutes, and you see your result before we ask for anything.Take the Exit Readiness Score   Deal Radar My four picks since the August edition closed on 25 August, cross-checked against the last five issues so nothing repeats. One of them signed the day before that edition landed in your inbox. 🇮🇳 TCS agrees to buy MHP from Porsche (Ludwigsburg)  • signed 24 August 2026 Porsche sells its management and IT consultancy in full to Tata Consultancy Services, alongside a five year partnership and a joint AI Mobility Centre of Excellence. MHP keeps its name and operates as an independent consultancy inside TCS. Signing only: closing is subject to regulatory and competition clearance in the coming months. Neither party disclosed a purchase price, but Tata’s mandatory filing puts MHP’s enterprise value at 320 million euros. Hold that against roughly 743 million euros of revenue in 2025 and more than 4,500 people, for a firm Lünendonk ranks eighth among German IT consultancies. The five year partnership, reported at around 1.25 billion euros, sits beside the purchase rather than inside the enterprise value, so treat the ratio as an order of magnitude rather than a multiple. Even on the most generous reading it is under half of one times revenue. This is what customer concentration costs, priced in public. MHP’s tie to Porsche and the wider Volkswagen group delivered an order book most consultancies would envy, and to a buyer the same sentence reads as cluster risk, which is why processes like this one usually end in long term volume commitments. Handelsblatt first reported Porsche’s intention in June 2025, so the search for a buyer ran well over a year. Most buyers treat more than 30 percent of revenue from a single client as a discount or a deal breaker. Here is that rule applied to Germany’s eighth largest IT consultancy. 🇬🇧 Quorum Cyber acquires Ontinue from EQT (Zurich)  • announced 16 September 2026 Ontinue runs managed extended detection and response in the Microsoft ecosystem on its own ION platform, serves more than 250 clients in Europe and the United States, and was carved out of Open Systems in 2023. EQT roughly doubled it and added three acquisitions. Now it sells, after about three years, not to a strategic buyer and not to a larger fund, but to Edinburgh based Quorum Cyber, whose majority holder Eterna Growth Partners stays in control. Terms undisclosed. Read this one next to the essay above. A three year hold ending with a smaller, private equity backed platform on the other side of the table is exactly the second exit founders are asked to underwrite in a shareholders’ agreement. It happens. It does not always happen at the number in the model. 🇩🇪 Maguar Capital takes a majority in ConSense (Aachen)  • 26 August 2026 ConSense has built quality and integrated management software since 2003 for regulated industries, pharma, medical technology, energy and infrastructure, with deep audit trails and revision security, in use in more than 50 countries. Munich based Maguar, which specialises in small and mid-sized B2B software, takes the majority and all three managing shareholders reinvest significantly alongside it. The reinvestment is the detail. Rolling equity back in is the founder’s way of saying the second exit is where the real money is, and it is precisely the case where the waterfall clause decides the outcome. If you are being offered a rollover, that clause is the one to read twice. 🇩🇪 accompio acquires Fornax (Lauchheim and Nördlingen)  • announced 15 September, effective 1 September 2026 A regional mid-market IT provider of around 36 people with a managed services and cybersecurity focus, including MDR, SOC and NIS2 work. Full acquisition from the founding shareholders, folded into accompio’s MidMarket unit, managing directors Marko Bauer and Robert Weber stay on. Terms undisclosed. At some point a sequence of add-ons stops being news about the targets and becomes news about the buyer. accompio now runs roughly 900 people across two dozen sites in four countries, and this is the third transaction from the group I have tracked since June. Also noteworthy: the Egeria backed Cpro Group adds SAP technology house exxonit • Adelis Equity Partners backs PLENTICON Group, the system house group founded only in 2022 • Hamburg MSP HIRSCHTEC joins Venitus IT Solutions with effect from 15 September, the group’s sixth company and one that positions itself explicitly on sovereignty and resilience • Ratiodata, the Atruvia subsidiary, buys iCOMcept for mid-market consulting and software development • investors advised by ACONTIN, among them Walter Beteiligungen und Immobilien, take a majority in WhereGroup, the Bonn based leader in open source geoinformation systems, around 60 people at four sites, in a succession situation • arcApex takes a majority in Swiss data and analytics specialist IT-Logix • Ardelin adds Cologne software engineering firm SIDESTREAM • NTT DATA Business Solutions buys Netgain from CombinedX to build Sweden’s largest ServiceNow specialist • and Artefact combines with Munich’s Nunatak Group, with founding partner Robert Jacobi taking over as CEO of Artefact Germany. The Pattern I See The second owner generation has arrived. Look at who is on the selling side this month. A listed carmaker exits a captive. A large fund sells a carve-out it held for three years to a smaller fund. Founders who sold once are rolling equity into the next holder. Of the transactions above, most involve a financial investor on one side or the other, and in three of them the sellers reinvest rather than leave. That changes what a founder is actually signing. Ten years ago the question was who buys you. Now the question is who buys you, and then who buys them, and where you sit in the order when that happens. The first sale is a negotiation about price. Everything after it is a negotiation about structure, and the structure is agreed on day one, when nobody in the room wants to talk about the day the plan is missed.   On My Radar Three Things I Am Tracking Regulatory The first CRA deadline is live Since 11 September, manufacturers of products with digital elements must report actively exploited vulnerabilities and severe security incidents. An early warning within 24 hours, detail within 72, a final report within 14 days. ENISA runs the single reporting platform, in Germany the BSI receives through CERT-Bund. CE marking, SBOMs and the rest of the obligations follow on 11 December 2027. If you sell software or connected products, this has stopped being a policy question. Buyers will ask to see the process, not the policy. Policy CADA turns sovereignty into an audited grade The Commission’s Cloud and AI Development Act proposal of 3 June 2026 sets four Union assurance levels, verified by independent auditors, and makes them binding for public procurement. It is now in the ordinary legislative procedure, and both the criteria and the timing will move before it lands. The direction will not. What shows up in public tenders shows up in private supplier questionnaires around eighteen months later. This is the backbone of all three keynotes below. Commission proposal → Worth Reading Rödl Private Equity Study 2026 Fifteenth edition, built on the investment criteria of more than 450 private equity houses active in Germany plus a market survey. Two numbers belong next to this month’s interview. Investors insisting on majority stakes only fell from 77 to 54 percent in a year, and 43 percent now use earnouts in more than half of their transactions. Wolfgang’s warning that earnout risk increasingly sits with the founder is not an anecdote about one deal. It is the structure of the current market. Read the study → Where I Will Be Three keynotes in nine days, all on the same question: how do you evaluate a sovereignty claim without taking anyone’s word for it. Why a private equity investor spends his autumn on cloud sovereignty: it started as a spreadsheet, built when tecRacer, the AWS Premier Partner in which Fund I holds the majority, became a launch partner for AWS European Sovereign Cloud and I needed to understand the market from the inside. It is now the Sovereign Cloud Compass, 17 providers scored against 43 criteria across six dimensions of sovereignty, weighted to your own use case rather than to a generic overall winner, every score backed by a source you can check, free and without registration. Compare providers in the Sovereign Cloud Compass → 30 September · Heidelberg CCX Cloud Computing Conference I open day two of Vogel IT-Akademie’s conference at the ATLANTIC Hotel Heidelberg: “Machbare Souveränität statt Marketing: 17 Cloud-Anbieter im unabhängigen Vergleich”. Readers of the March and May editions will recognise the material. If you are there, come and say hello. Agenda and registration → 7 October · Cologne SITS Sovereign Summit Opening keynote at Im Mediapark 6, 10:15: “Das Puzzle digitaler Souveränität: Sovereignty Washing erkennen und Bedarf richtig bewerten”. How much sovereignty a given use case actually needs, and how to place a provider against publicly verifiable criteria instead of a claim. Disclosure: tecRacer, mentioned above, is a gold partner of this event. Programme → 8 October · Cologne EuroCloud Summit “Souveränität ist messbar: Zwischen GmbH-Kulisse und EU-Flagge”, followed by a panel on how to run a fact based debate about digital sovereignty with Dr Marc Wilczek, CEO of plusserver, and Helen Wohlfahrt, Managing Director of OVHcloud. The summit is open to members of EuroCloud Deutschland only, so if you are a member, this is the one to book. Programme →   A Note From Me The other side of the table This edition is about what a founder keeps when a financial investor buys the majority. Eike and I are that financial investor, so here is the usual transparency note, with one addition. Everything in the essay above is what I would want a seller across the table from me to have read first. A deal that works only because the other side did not understand the waterfall is not a deal worth having. IT Capital Fund I is a DACH small-cap buyout fund. We acquire profitable IT services companies with 5 to 30 million euros of revenue and build them into European champions through operational excellence and programmatic Buy and Build. The playbook comes from scaling Cloudflight from 25 to 100 million euros of revenue and exiting at 400 million euros to Partners Group. Portfolio: tecRacer, our AWS platform, has earned three AWS competencies in twelve months. AI Services, Business Value Realization, and Digital Sovereignty Services. The last one is not a coincidence. It is the shift described in the three keynotes above, arriving as a formal partner qualification. The second platform investment is in preparation, and fundraising continues toward a Q4 2026 close. One more thing. We relaunched itcapital.de three weeks ago, and the page I care about most is the one listing what we do not buy: no software without a service component, no hardware and licence trading, no body leasing, no turnarounds, no minority stakes in platforms. Next to it the criteria without soft focus, and, because of what this edition is about, our own deferred consideration range. Typically 30 to 50 percent of the price runs through earn-out, rollover equity and a vendor loan, and if the plan does not work out you get less. You would find that out in due diligence anyway. Advisers get a commitment they can hold us to: an answer on every teaser within 48 hours, with a reason, including when it is no. IT Capital Fund I DACH small-cap buyout · operator-led · fundraising toward a Q4 2026 closeRequest the Fund Memorandum For professional and semi-professional investors. Marketing communication. Directed exclusively at semi-professional and professional investors per §1 (19) No. 32 and 33 of the German Capital Investment Code (KAGB). Not an offer or solicitation.   If anything in this edition resonated, I would love to hear from you. Whether you are three years into a partnership, weighing an offer, or reading the shareholders’ agreement for the first time and wondering which clauses actually matter, my door is always open. If you are building, integrating, or considering an exit in IT services, I have probably sat in a version of your seat already. Drop me a line. info.itcapital.de/joernpetereit → Or simply reply to this email. I read every response. Until next month, Jörn Petereit Managing Partner, IT Capital Partners GmbH joern@itcapital.de  •  LinkedIn  •  itcapital.de IT Capital Partners GmbH, Ballindamm 3, Hamburg, Hamburg 20095, Germany Unsubscribe Manage preferences |
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