IT consulting firm Cloudwerx has raised $7 million, with the funds to be set aside for future expansion efforts.
Based in Sydney, Cloudwerx offers IT consulting to mid-market clients, focusing on implementation, integration and automation by combining solutions from Salesforce, Mulesoft and UiPath.
The capital raise was through the investment firm CVC Emerging Companies Fund, which provides investment to primarily unlisted founder-led companies targeting growth or expansion.
Not only is Cloudwerx looking to expand, but CVC claims the consultancy is undergoing considerable growth, which has risen by 100 per cent per annum since its inception in 2018.
“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,” said Cloudwerx co-founder and chairman Roger Burgess.
According to CVC, its investment into Cloudwerx is the first time it has received external capital since it opened its doors.
“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,” Burgess said.
CVC portfolio manager Jonathan Pearce said that the fund was “immediately attracted to the quality of Cloudwerx’s management team.
“Core to our investment thesis are the founders who operate the business and Cloudwerx [has] an all-star team,” he added.
In the past, CVC has been involved in capital raising efforts with WA's NodeOne back in 2020, which, along with investment firm Tattarang, was focused on developing its network and expanding its offering into the WA business market.