ALTER WAY JOINS SMILE GROUP
Alter Way to join forces with Smile to consolidate the group's position as the European leader in open source with the support of Keensight Capital.
After 6 successful years of growth within the Econocom Group, Alter Way, an emblematic French player in open source specializing in consulting, managed services and the hosting of digital platforms in the cloud, announces its merger with Smile, the European leader in digital and open source technologies. By selling 100% of its majority stake in Alter Way to Smile, Econocom fosters the positive consolidation of the open source market and will remain a leading business partner of Alter Way.
This merger strengthens Smile’s position and ambition across infrastructure and cloud services. As part of this new project, the Alter Way brand will become the spearhead of the group's infrastructure and cloud strategy to meet the challenges of a rapidly growing and fast-changing market. As for Alter Way's application services, they will further bolster the Smile Group's digital offering. The merger benefits from the active support of Smile Group's shareholders: Keensight Capital, one of the leading private equity managers dedicated to pan-European Growth Buyout investments, and Eurazeo through its Small-Mid Buyout team.
Marc Palazon, CEO of the Smile Group, says: "This merger with Alter Way represents a new step in our construction of the European Open Source Champion. Thanks to the recognized expertise of Alter Way's teams, which have worked hard to make it an emblematic player in open source, we are strengthening our infrastructure, managed services and cloud consulting offerings, which will represent a significant part of the Group's revenues and will play a key role in supporting the evolving needs of our customers with a comprehensive, high-performance and responsible offering. We are delighted to welcome the Alter Way teams and look forward to working with these new talents."
Véronique Torner and Philippe Montargès, co-founders and presidents of Alter Way, add: "After an exciting entrepreneurial journey within the Econocom galaxy which enabled us to successfully develop our Build4Run plan, we are convinced that we need to accelerate the development of Alter Way around our two strategic priorities; namely, managed services and cloud infrastructure services on the one hand, and on the other, a strong commitment to a more responsible digital world. Since its creation, Alter Way has been a leading actor committed to a digital world founded on accessible and eco-responsible open source solutions. Our company can rely on a team of engaged collaborators who have at heart to change the future of open source. We naturally find our place within the Smile group, which has fully integrated this component into its project. We are proud to contribute to the future of Europe's champion of open source and digital responsibility alongside Marc and his talented management team.”
Stanislas de Tinguy, Partner at Keensight Capital, concludes: "We are pleased to accompany Smile in this new strategic step for the group's development, after the successful merger with UX-Republic last April. This merger with Alter Way is fully in line with Smile's strategy of expanding its offer and will enable the group to reinforce its position as the European leader in open digital technology.”
Find more in our press release.