Innova Capital acquires a minority stake in CloudFerro
15 February, 2024,
15:17
Innova Capital has acquired a minority stake in CloudFerro, a Warsaw-based provider of cloud services for space tech companies. The acquisition will expand CloudFerro’s solutions internationally and the fund’s presence in the European high-tech sector. Innova Capital shared the news with AIN.Capital.
About CloudFerro
- Founded in 2015, CloudFerro provides cloud computing services dedicated to the European space sector, climate research, and science. The company has a team of over 200 employees and its own cloud infrastructure located in data centers across Europe.
- CloudFerro participates in development of key European initiatives in the satellite Earth Observation (EO) sector, building and operating EO data repositories, like Copernicus Data Space Ecosystem. The company has also developed and is operating the CREODIAS.eu platform that enables immediate access to Copernicus EO data, its processing in the cloud, and other related services.
- Over the last three years, CloudFerro has nearly quadrupled the scale of operations in Europe. The company also cooperated with the European Space Agency, EUMETSAT, ECMWF, the German AeroSpace Agency (DLR), the Polish Space Agency (POLSA), and Mercator Ocean.
Details about the deal
- Unfortunately, the exact amount of the share acquisition was not disclosed. However, CloudFerro is one of the largest companies in the Polish space sector with over 170 employees.
- In 2023, the company received over €22 million in financing from the European commission. Its annual revenue is estimated to be $13.6 million per year.
- CloudFerro intends to use the funding to expand its product and services offering, as well as opening up new growth and innovation prospects.
The acquisition was made by Innova Capital, an independent private equity adviser operating from Poland and investing in buyouts in mid-sized enterprises doing business in Central and Eastern Europe. Since the launch, Innova Capital has invested close to €1.4 billion in almost 70 companies across 10 countries. Earlier, it acquired Romanian-Belgian EMI Group.