Bahrain-based alternative asset manager Investcorp has bought a majority stake in CloudCare, a digital sales and marketing platform based in Italy.
Set up in 2011, the company provides price comparison services for markets such as energy, telecoms services, insurance and personal finance services through its website, Comparasemplice.it.
It also acts as a digital sales broker and works with companies such as Eni, telecoms companies Tiscali and TIM as well as insurer MetLife, according to its website.
The terms of the deal were not disclosed, but the company's founder and chief executive Andrea Conte retained a "meaningful" stake, Investcorp said.
"We are delighted to be partnering with Andrea Conte and CloudCare as the company moves into its next phase of growth," said Nicola Ferraris, managing director of Investcorp’s European Private Equity group.
"We have an ambitious plan to support the company as it continues to grow within its core verticals and expand into new market segments."
About €88 billion ($105bn) of private equity and venture capital investments were made in more than 8,100 European companies last year, which was 12 per cent less than the record €100bn committed in 2019, according to Invest Europe, an industry association.
Private equity and venture capital funds also raised €101bn in new capital, down from 2019's record high of €114bn.
Investcorp, which had $35.4bn of assets under management as of March 31, has backed a number of European technology companies including Italian ticketing company Vivaticket, Scandinavian HealthTech operator Cambio and cyber security specialist SecureLink.
“As we consider our vision for the future, we are excited and optimistic for the support and breadth of experience Investcorp will bring in the next phase of our evolution," said Mr Conte.
"With Investcorp's history of supporting fast growing and innovative companies, we are confident we can accelerate growth within and beyond our target core markets," he said.