Oakley is now looking to sell its majority stake in Munich-based company Contabo

The Covid pandemic has boosted the efforts of several companies in the cloud segment, and it has now grown exponentially

Popular private equity firm Oakley has recently decided to sell a major part of its stake held in Contabo. The main motto behind selling the stake in the German cloud hosting platform is to gain the upper hand in the market as demand for cloud computing continues to skyrocket. The Covid pandemic has boosted the efforts of several companies in the cloud segment, and it has now grown exponentially. According to reports, Contabo is being valued at more than 800mn euros as a part of the auction process.

Arma Partners, a London-based advisory firm, is expected to handle the sales proceeding because it is an expert focused on private equity bidders. The company has received interest from several tech buyout funds like Vitruvian, Montagu, Civen and IK partners, and Hg. Back in 2019, Oakley had taken control of Contabo from its founders. Following that, the company managed to forecast only around 21.4mn euros for the year 2021, while sales accounted for 43.7mn. According to recent data from markets and research, the global cloud computing segment is all set to reach a whopping $832 billion from the existing $371 billion. Compound growth of almost 17.5 percent is being predicted for the segment.