US-based investment firm, Carlyle Group Inc., acquires a majority stake in Adastra Group SE, valuing the IT consultancy at approximately $400 million, including debt, according to sources familiar with the situation.

The acquisition will be made through Carlyle Europe Technology Partners V and Carlyle Asia Partners Growth II.

Adastra’s founders will retain a minority stake and continue to be involved in the company, the sources said.

Founded in 2000, Adastra specializes in data, cloud, and artificial intelligence transformations.

The company serves clients in various sectors, including financial services, insurance, automotive, manufacturing, technology, and retail. It currently employs over 2,000 people.

This deal comes as private equity firms are increasing their deal-making activity following a recent slowdown.

Carlyle also recently agreed to sell Calastone, a funds network operator, to SS&C Technologies Holdings Inc. for approximately £766 million ($1 billion).

Recent Carlyle Group developments