Iris leads Ornis sale

Sold for €35m, Ornis was owned by a number of French VCs, led by Iris Capital and joined by Elaia Partners, Societe Generale Asset Management, 123Venture and Credit Agricole Private Equity.

Achieving €17m of revenues and net income of over €1m in 2006, Ornis is forecast to generate €22m of revenues for 2007. The company provides network provision and administration, on-line data back-up and restoration, telephony over internet and a range of other IT services.

Jean-Stéphane Bonneton, partner at Iris Capital, said: “Since its inception, Ornis has been focused on outsourcing of infrastructure services and software applications with a strong emphasis on security and quality of service. This transaction confirms that Ornis had the right positioning and vision.”

Iris backed the company in a Series A round in 2000, and was joined by the other backers in subsequent rounds, the last one being held in December 2006. Elaia first participated in 2003. Xavier Lazarus, partner at Elaia, said : “This strategic acquisition is very positive for the French IT industry and establishes a new software as a service European leader”

Jerome Crampagne, partner at fellow investor SGAM Alternative Investments, added: “The scope and quality of Ornis solutions in IT outsourcing and TOIP (telephony over IP) match perfectly Risc Group’s objective of becoming the number one managed service provider in Europe”.