Devoteam closes €30m private placement

Proceeds from the placement will help the information technology group to continue with its acquisition policy targeting cloud and digital businesses.

Paris-headquartered Devoteam has completed a €30 million private placement deal with institutional investors, the firm said.

A spokeswoman for the information technology group declined to identify the investors.

The financing has a six-year term and bears interest at a rate of 3.25 percent. It diversifies Devoteam's sources of financing and extends the maturity profile of the group's debt, the company said.

Proceeds from the placement will allow Devoteam to pursue with an acquisition drive which started last year. The firm is seeking to purchase cloud and digital businesses. 

At the same time, the group has also renewed for three years its lines of credit in the form of revolving loans. BNP Paribas and HSBC arranged the transaction.

Devoteam is a consultant and offers cloud solutions. The firm is based in 20 countries across Europe, North Africa and the Middle East and had a turnover of €443 million in 2014.

The European private placement (Euro PP) market raised €6.4 billion via 87 deals in 2014, according to a report published by Standard & Poor's in June.