Freudenberg IT: Novacap-backed Syntax Systems to buy Freudenberg IT

Syntax Systems has agreed to acquire Freudenberg IT, a Morrisville, North Carolina-based cloud provider and information technology service provider. Terms weren't released for the deal, which is expected to close in Q1 2019. FIT, which manages SAP applications in the cloud for global enterprise customers, is being sold by Freudenberg Group, a German technology conglomerate. Canadian mid-market private equity firm Novacap, which acquired Syntax in 2016, provided equity financing for the transaction. Montréal-based Syntax is a provider of cloud managed ERP services.