Novacap invests in Quebec IT consultancy Cofomo
Novacap, a Brossard, QC-based private equity firm, has acquired a “significant equity interest” in Cofomo, a Montreal-headquartered talent management and IT consulting firm.
Founded in 1995, Cofomo has grown to a team of 2,600 professionals across offices in Montreal, Quebec City, and Ottawa. The firm has two business lines: talent management and strategy & technology.
Cofomo’s talent management business offers services in talent acquisition (strategy, recruitment, assessments) and talent supply chain management (administration and skills development).
The firm’s strategy & technology business delivers consulting on digital transformation and innovation; IT governance, compliance, and risk; IT development, integration, and management; and emerging technologies.
"We are proud to partner with Cofomo, an industry leader with an impressive track record of growth over the past 26 years. Cofomo's success is based on a clear vision, a solid business model, and strong execution. We are thrilled to work with Régis Desjardins and his talented team to pursue their continued success," said Pascal Tremblay, president, CEO and managing partner of Novacap.
The private equity backing will enable Cofomo to accelerate its growth and enhance its digital transformation offerings, which are primarily delivered to large public and private sector clients in Eastern Canada.
Cofomo was recognized as one of Canada’s Best Managed Companies in 2021 and 2020 due to its performance and sustained growth, according to a release from Novacap.
"Our partnership with Novacap is a strong vote of confidence in our firm and its growth potential. This investment will help us achieve our ambition of consolidating our leadership position in the Canadian market, all while working together and leveraging each other's strengths,” said Régis Desjardins, president of Cofomo.
Specializing in technology, media, and telecom (TMT), industrials. and financial services, Novacap has since 1981 invested in more than 90 platform companies and completed more than 140 bolt-on acquisitions. The firm has more than $8 billion of assets under management.
