Greece’s largest power utility, Public Power Corporation (PPC), has acquired an 80% stake in Cloudevo, a Greek technology company specializing in artificial intelligence, conversational AI, digital marketing, data analytics and technical search optimization, according to people familiar with the matter.
The transaction was completed through the acquisition of the stake previously held by private equity investor CVC Capital Partners. The remaining 20% remains in the hands of Cloudevo founder Nikos Iliopoulos, who will continue to serve as chairman and chief executive.
The deal forms part of PPC’s broader strategy to expand its digital capabilities and strengthen its presence in fast-growing technology sectors linked to data management and artificial intelligence. Like many European utilities, PPC has been investing heavily in digital transformation as it seeks to diversify beyond its traditional energy business and improve customer engagement through advanced analytics and AI-driven services.
ΔΙΑΒΑΣΤΕ ΕΠΙΣΗΣ
Specialized digital solutions
Founded as a digital business and technology consultancy, Cloudevo has built a growing presence in recent years by providing specialized digital solutions to corporations and public-sector organizations. The company already counted PPC among its clients, alongside major Greek electronics retailer Kotsovolos.
The acquisition also marks the latest chapter in Cloudevo’s evolving shareholder structure. Prior to CVC’s investment, the company had shareholder ties to entrepreneurs Tasos Karamitsos and Evangelos Evangelou, principal shareholders of Greek media group Proto Thema. The two businessmen stepped down from Cloudevo’s board in May 2026 and no longer hold management roles within the company.
Following the transaction, Cloudevo’s board consists of Mr. Iliopoulos as chairman and chief executive, PPC Chairman and Chief Executive Giorgos Stassis as vice chairman, and board members Alexandros Paterakakis, Giorgos Karakousis and Sofia Dimtsa. Financial terms of the transaction were not disclosed.
