Drake Star Acts as Exclusive Financial Advisor to Evo IT on its Sale to Flex Capital

Vienna, Frankfurt, Berlin, Munich | October 08^th, 2025 – Evo IT, a leading Austrian IT services group announced its sale to FLEX Capital, a leading Berlin-based private equity firm. The company was previously majority owned by VR Equitypartner.

Drake Star acted as the exclusive financial advisor to Evo IT, its shareholders, management and VR Equitypartner on this transaction.

Founded in 2011 by Paul Kleinrath and headquartered in Vienna, Evo IT has grown into a trusted provider of complex custom software and digital transformation services in the DACH region. The group consists of two complementary business units: Evolit GmbH and Evol.X GmbH. Evolit specializes in developing tailored enterprise software solutions for highly regulated and mission-critical industries, with expertise in Mobility (Infrastructure), Energy, and Testing, Inspection & Certification (TIC). It is a trusted partner to leading organizations such as ÖBB, RailNet Europe, and TÜV Süd. Evol.X focuses on industry-agnostic digital customer experience (DCX) implementation services, supported by strong expertise in integrating artificial intelligence into enterprise IT landscapes. Together, the two companies serve more than 70 blue-chip customers across Germany, Austria and Switzerland, combining deep sector specialization with cutting-edge technology expertise.

Paul Kleinrath, CEO and founder of Evo IT, said: “We are proud of the strong growth Evo IT has achieved in recent years. With FLEX Capital, we have found an excellent partner to continue our journey. The Drake Star team did an outstanding job in guiding us through the entire process. Their professionalism and commitment ensured that we found the ideal partner for the next chapter of our company.”

Michael Vogt, Member of the Executive Board at VREP, commented: “Evo IT has developed impressively during our ownership, and we are convinced that FLEX Capital is the right partner to continue this success story. I would like to sincerely thank the Drake Star team for their excellent support throughout this transaction. With their deep sector expertise, strong network, and tireless commitment, they created a highly competitive process and ensured an outstanding result for all parties involved. It was a real pleasure working with such a professional and dedicated team.”

“Evo IT is a prime example of a well-positioned software service company with strong technical expertise and a clear industry focus,” said Peter Waleczek, Managing Partner at FLEX Capital. “We are very pleased to be working with such an experienced management team. Together we will lay the foundations for an independent, scalable company and specifically focus on expanding its market presence in the German-speaking countries, which aligns well with our expertise.”

“We see enormous potential to develop Evo IT into a key player in the software market,” added Dr. Toni Schmidt, Partner at FLEX Capital. “With our entrepreneurial approach and a strong team of experts at our side, we will take the company to the next level together.”

Ralf Philipp Hofmann, Managing Partner, Co-Founder at Drake Star and deal team lead, commented: “We are delighted to have advised Evo IT and VR Equitypartner on this important transaction. Evo IT has built an excellent reputation and a strong position in the Austrian IT services market. With FLEX Capital as a partner, the company is well positioned to further accelerate its growth and reach. On behalf of our entire deal team, I want to thank Evo IT’s management and VR Equitypartner for their trust and excellent collaboration.”

Drake Star Team: Ralf Philipp Hofmann, Julian Wolf, Maximilian von Bodman, Christopher von Eickstedt, Carmen Haider

Inquiries

For further inquiries, please contact:

Ralf Philipp Hofmann

Managing Partner & Co-Founder | Drake Star

ralf.hofmann@drakestar.com | +491733930070

About Evo IT 

Evo IT, founded in 2011 and headquartered in Vienna, Austria, is a leading end-to-end provider for complex custom software (Evolit) and digital customer experience (Evol.X) solutions.  

Evo IT’s local presence in Austria and Switzerland, long-standing customer relationships and extensive experience in successfully participating in local public and private tender systems provide the company with a unique position to compete in highly attractive markets – fueled by domestic growth drivers (e.g. significant public investments in Mobility Infrastructure and Energy) and global megatrends (e.g. Digitalization).  

Driven by loyal customers from future-oriented industries resistant to economic volatility and a significant share of repeat business, Evo IT ensures strong revenue visibility while consistently winning new clients.  

For more information, visit: www.evolit.com.

About Flex Capital

FLEX Capital is a private equity fund founded by successful serial entrepreneurs that invests in profitable and growing companies from the German Internet and software midmarket. Announced in early 2023, the second fund of €300 million includes a commercial structure for the first time, enabling FLEX Capital to provide operational support to portfolio companies with a purpose-built 30-person team of experts, differentiating the investor from many other private equity funds. Currently, the FLEX portfolio comprises ten business platforms.

For more information, visit: www.flex.capital/en/.

About VR Equitypartner GmbH

VR Equitypartner is one of the leading private equity companies in Germany, Austria, and Switzerland. The company supports family-owned SMEs in a target-driven manner and brings decades of experience in finding strategic solutions to complex financing issues. Investment initiatives include growth and expansion financing, corporate succession, and shareholder changes. VR Equitypartner offers majority and minority shareholdings as well as mezzanine financing. As a subsidiary of DZ BANK, Germany's leading cooperative bank, VR Equitypartner consistently puts the sustainability of corporate development ahead of short-term exit thinking. VR Equitypartner's portfolio currently comprises around 40 portfolio companies with an investment volume of EUR 400 million.

For more information, visit: www.vrep.de.

About Drake Star 

Drake Star is an award-winning global tech investment bank that has completed over 500 transactions since 2003. The Drake Star global team of experienced professionals and senior advisors across offices in New York, Munich, London, Paris, Los Angeles, San Francisco, Berlin, and Dubai* focuses on mergers & acquisitions and corporate finance services worldwide in Software/SaaS, HR Tech, Digital Services, FinTech, Digital Media, Industrial Tech, Consumer & Retail Tech and Mobility & Sustainability.

Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Razlin Ltd (FRN 730805), which is authorized and regulated by the FCA. This testimonial was given by a client. The testimonial is no guarantee of future performance or success. This is not a paid testimonial and no material conflicts of interest exist between the person(s) providing the testimonial and Drake Star. © 2025 Drake Star Partners Limited.

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