Sydney-based IT consulting firm Cloudwerx has secured a $7 million investment from private equity firm CVC Group to support its expansion.
The investment was from CVC’s Emerging Companies Fund, which focuses on upstart Australian companies. Cloudwerx is part of the fund’s second iteration, which was launched in 2021.
CVC said the investment was the first external capital that Cloudwerx received since it was founded in 2018.
Cloudwerx co-founder and Chairman Roger Burgess said the company’s strategy is to partner with strategic businesses “who recognise the value of their offering”.
“Our unique approach to design and delivery of Salesforce consulting services is helping our customers transform manual and highly repetitive processes,” Burgess said.
Cloudwerx targets mid-market clients with offerings aimed to improve business processes and gain critical insights, including services like implementation, integration and automation. Some of its vendor partners include Salesforce, Mulesoft and UiPath.
The company is anticipating turnover between $15 to $20 million this financial year and said it has been growing at more than 100 percent per annum since inception.
CVC portfolio manager Jonathan Pearce said, “We were immediately attracted to the quality of the management team at Cloudwerx. Core to our investment thesis are the founders who operate the business and Cloudwerx have an all-star team.”
Cloudwerx was founded by Burgess and Miha Remec and is led by chief executive Toby Wilcock and CTO Chris Baldock.
Wilcock commented, “Customers are demanding high quality players and innovative solutions. Our nimble and agile approach allows us to compete and win market share from the larger global service integrators.”
Burgess added, “The industry is ripe for consolidation with larger players Deloitte and Accenture recently acquiring several smaller players. Partnering with CVC enables us to double our staff numbers over the next 18 months and pursue accretive bolt-on acquisitions to accelerate growth.”