Cologne, Germany-based engineering and consulting platform, Avenga acquired IncluIT. The company disclosed the acquisition on November 17, 2022. However, it did not unveil the financing details pertaining to the transaction.

As a part of the deal, IncluIT’s founders and experienced leaders, Alberto Harriague and Rafael Ibanez intend to serve on Avenga’s board of directors. They aim to drive future organic growth in the U.S. and Latin America. Besides, pursuing further acquisitions in the LATAM region.

Avenga, formed by merging four formerly independent I.T. companies, came into existence in 2019.

Purpose of acquisition by Avenga 

The recent acquisition of IncluIT allows Avenga to operate in the same time zone as its American customers. Besides, the company seeks to enhance the platform’s presence in the U.S. market.

What the Avenga’s officials have to say

Yuriy Adamchuk, Group CEO of Avenga, said, “IncluIT is a strong, successful company with a long and proud history of almost three decades. With this sizable acquisition, Avenga is becoming a true global champion with a wide network of delivery centres in Europe, Latin America and South East Asia. We intend to use the existing ecosystem developed by IncluIT to further expand in the Latin American region. With the IncluIT team’s experience in the Automotive, Telecom, Insurtech and Finance verticals, we are uniquely positioned to provide premier services to our customers from convenient locations.”

What the founders of IncluIT have to say

Rafael Ibanez, founder of IncluIT and Managing Director, Sales Avenga LATAM, said, “IncluIT has come a long way since Alberto and I founded it in 1994, and the last few years have been characterized by rapid growth. Joining Avenga will provide us with an even steeper growth curve because we will get access to a bigger, more diverse set of competencies and a broader customer base, allowing us to develop IncluIT’s purpose with even more power.”

In addition, Alberto Harriague, co-founder of IncluIT and Managing Director, Operations Avenga LATAM, said, “Just like us, Avenga is preceded by the reputation of being a value-driven company that focuses on customer satisfaction and being a great place to work. I am looking forward to this exciting new chapter and to unlocking potentials and synergies enabled by close collaboration.”

What Oaktree Capital Management has to say

Avenga counts Oaktree Capital Management L.P. (“Oaktree”) and Cornerstone Investment Management as investors.

Karim Khairallah, Managing Director and Co-Portfolio Manager of the European Principal Group at Oaktree, said, “We believe Avenga’s partnership with IncluIT and its founders will further enhance its global footprint and allow it to strengthen its already fast-growing U.S. business. We also see IncluIT as a very strong platform for further growth in Latin America through acquisitions and partnerships.”

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


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