3i invests in Evernex, the European leader in third party maintenance of IT infrastructure

3I

3i Group plc (“3i”) today announces that it will invest in Evernex, a leading international provider of third party maintenance (“TPM”) services for data centre infrastructure. 3i is investing alongside the management team, headed by Stanislas Pilot, and is acquiring the business from Carlyle Europe Technology Partners.

Headquartered in Paris, France, Evernex maintains over 200,000 IT systems in c. 160 countries, and has a global network of 34 offices. It is the preferred maintenance partner for multinational companies. It has developed a multi-channel and multi-vendor flexible offering. With a maintenance proposition covering data centre hardware & critical IT assets, the business provides solutions for servers, storage and network equipment, with a differentiated presence notably in Europe and Latin America.

Under 3i’s helm, Evernex will push its expansion agenda in a market backed by sound growth fundamentals: increasing diversity of servers and storage systems in data centres; customers’ propensity to seek alternatives to existing maintenance solutions; and a growing need from customers for integrated network maintenance. In this market, Evernex’s international scale and technological expertise fits IT decision makers’ requirements of relying on single point of contact providers to maintain mission-critical IT equipment across several continents.

Stanislas Pilot, CEO, Evernex, commented:

“3i has a truly international team and network, which makes it the best partner for businesses looking to expand geographically. It also has deep expertise in the outsourcing space and we look forward to benefiting from its track record as we look to accelerate our growth. ”

Rémi Carnimolla, Partner & Managing Director, Frédéric Chiche and Guillaume Basquin, Directors at 3i France, added:

“We are delighted to invest in Evernex, a business we have been tracking for more than 2 years and which fits strongly with our focus on the Business & Technology Services sector. It has performed solidly over the past 6 years, with c.20% growth per annum. Under Stanislas’ leadership, Evernex has become a leading player in the mission-critical IT lifecycle services with a highly differentiated proposition and a global footprint. We believe Evernex is the best positioned consolidation platform to take global leadership in a fragmented industry. We look forward to supporting its growth plans and working with Stanislas Pilot and his excellent management team.”

The transaction is subject to approval under foreign investment regulations in relevant jurisdictions and is expected to close by Q4 2019.

 

– ENDS –

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Questel acquires Direct Validation

ik-investment-partners

Questel, one of the world’s largest intellectual property software and service providers, has signed an agreement to acquire Direct Validation.

Founded in 1988 and based in Stockholm (Sweden), Direct Validation is a major player in EP validations services, the process of registering granted European patents in the countries where they will ultimately be enforceable.

“Questel has provided European patent validation services in the past, mainly through partners,” says Charles Besson, Questel CEO. “This investment will provide us with yet another highly synergistic client offering within the innovation and IP lifecycle.”

”Connecting Questel’s intellectual property solutions and worldwide network with Direct Validation’s unique knowledge of EP validations will translate into deep savings for clients of both of our companies,” says Olle Bäcklund, CEO of Direct Validation.

For more information, please visit www.questel.com

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Signavio raises $177 Million led by Apax Digital to accelerate global expansion

Apax Digital

Investment to fuel further international growth and technology innovation for Signavio’s one-million users 

Berlin, New York – July 11, 2019: Signavio, a leading provider of business transformation solutions, today announced a $177 million investment to fuel continued international expansion and further investment in its world-class software suite. The transaction was led by Apax Digital, the growth equity team of Apax Partners, with participation from DTCP. Existing investor Summit Partners will retain an equity stake in the business.

Signavio’s Business Transformation Suite enables its over 1,300 customers to effectively mine, model, monitor, manage and maintain their business processes. Its intelligent decision-making tools address digital transformation, operational excellence and customer centricity, helping place process at the very heart of organizations. Signavio has grown its revenue by more than 70% in the last twelve months. Today the company’s software is used by more than one million users across industries and geographies, including leading companies such as SAP, Deloitte, Liberty Mutual, Bosch, Comcast-NBCUniversal.

This new investment will be used to accelerate international expansion and to further invest in Signavio’s product suite. The company already has 9 offices across the world and is expanding operations in Japan and India, increasing its employee base by over 50% in 2019. Earlier this year, Signavio was recognized as a March 2019 Gartner Peer Insights Customers’ Choice for Enterprise Business Process Analysis Software.

“10 years ago, we set out on a journey to tackle the time-consuming practices that limit business productivity,” said Dr. Gero Decker, CEO and co-founder of Signavio. “This significant new investment further validates our approach to solve business problems faster and more efficiently, unleashing the power of process through our unique Business Transformation Suite. We are thrilled to welcome Apax Digital as our new lead partner, and look forward to building upon our success to date by leveraging our partners’ operating capabilities and global platforms for our international expansion.”

Concurrent with this investment, Daniel O’Keefe, Managing Partner, and Mark Beith, Managing Director, of Apax Digital will join Signavio’s board of directors. Summit Partners Managing Director Matthias Allgaier will retain a seat on the company’s board of directors.

“As businesses have become more global, and workforces more distributed, business processes have proliferated, and become more complex,” noted Mr. O’Keefe and Mr. Beith. “Signavio’s cloud-native suite allows employees across an enterprise to collaborate and transform their businesses by digitizing, optimizing and ultimately automating their processes. We are tremendously excited to partner with the Signavio team and to support their vision.”

“With innovative, intelligent and easy-to-use solutions, Signavio is helping to enable digital transformation across thousands of organizations worldwide, enabling new use cases and extending the reach of BPM software from IT to business users,” said Matthias Allgaier, Managing Director with Summit Partners, which first invested in Signavio in 2015. “It has been a delight to work closely with Gero and the entire team to support the company’s impressive growth thus far. We are thrilled to welcome Apax and to continue our partnership with Signavio.”

The transaction is expected to close later this year, subject to regulatory approvals.

About Signavio
Over 1 million users in more than 1,300 organizations worldwide rely on Signavio’s unique offering to make process part of their DNA. Signavio’s business transformation suite enables mid-size and large organizations to effectively mine, model, monitor, manage and maintain their business processes. Its intelligent decision-making tools address digital transformation, operational excellence and customer centricity, placing them at the heart of the world’s leading organizations. Headquartered in Berlin, with offices in US, UK, France, Netherlands, Switzerland, Singapore and Australia, Signavio is well placed to deliver local services on a global scale. For more information, visit www.signavio.com.

About Apax Digital
The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.

Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About DTCP
DTCP is an investment management group with c. $1.7 billion assets under management and advisory from Deutsche Telekom and other corporate and institutional investors, and a portfolio of over 60 companies. The group provides venture and growth capital, private equity investments, and advisory services to the technology, media and telecommunication sectors. It operates and invests in Europe, the US, and Israel. To learn more about DTCP, visit www.telekom-capital.com or @TelekomCapital on Twitter.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

Media Contacts 

For Signavio

Global Media: Geraldine Teboul, Signavio | +49 151 54070110 | geraldine.teboul@signavio.com
USA Media: Kyle Tildsley, PAN Communications | +1 978 790 2063| ktildsley@pancomm.com
Germany Media: Natascha Hass, PR-Com | +49 89 59997 801| natascha.hass@pr-com.de

For Apax Digital / Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com
USA Media: Todd Fogarty, Kekst CNC | +1 212-521 4854 | todd.fogarty@kekstcnc.com
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For DTCP

Global Media: Julia Wolters, DTCP |+49 160 6809906 | julia.wolters@telekom-capital.com

For Summit Partners

Global Media: Meg Devine, Summit Partners | +1 617 824 1047 | mdevine@summitpartners.com

Notes to Editors: 

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

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Litera Microsystems Acquires Workshare

HG Capital

Creating a Leading Supplier of Document Drafting Technology

The combination offers professionals a simplified end-to-end solution which simplifies the document drafting lifecycle.

Litera Microsystems today announces its acquisition of Workshare in a move that underlines the company’s focus on providing a seamless drafting experience for users across best-of-breed technologies. The deal will enable firms which currently use both suppliers to consolidate their relationships, simplify the process of updating software and rely on a single, world-class, support team for the full suite.

Earlier this year, Litera Microsystems partnered with Hg, a specialist private equity investor focused on software and service businesses based in London, Munich, and New York. Litera Microsystems was able to leverage Hg’s network and knowledge of the global legal software market to help drive this integration with Workshare, adding further products to the suite, for the benefit of existing and future customers.

Please find the full press release on the Litera Microsystems website.

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Cinven to invest in Jaggaer

Cinven

Investment in leading global procurement software business

International private equity firm, Cinven, today announces that it has agreed to a significant investment in Jaggaer, a global provider of procurement software for large and medium-sized enterprises. Alongside Cinven, Accel-KKR will maintain an interest in Jaggaer.

Headquartered in Research Triangle Park, North Carolina, Jaggaer provides cloud-based Source-to-Pay eProcurement solutions for spend management, which enables a fluid supply chain for its customers, driven by powerful spend analytics, vendor sourcing, contract lifecycle management, savings tracking, and efficient accounts payable systems on a single platform.  Jaggaer’s international office network spans the Americas, APAC and EMEA and serves more than 2,000 customers across a broad range of sectors. Through its network of c. 4 million suppliers across 70 countries globally, Jaggaer supports some of the largest commercial, manufacturing and life sciences companies in the world to manage billions of dollars of annual spend. Blue-chip customers include McDonald’s, DHL, Merck, Rolls-Royce and SABMiller, as well as leading academic and public sector institutions.

Building on its successful investment in Visma, a Software as a Service (‘SaaS’) provider, Cinven’s Technology, Media and Telecom (‘TMT’) Sector team worked closely with its US Regional team to identify Jaggaer as an attractive investment opportunity, given:

  • the strong underlying structural growth trends in the global procurement software market, driven by increased adoption of spend management software tools;
  • the quality and breadth of Jaggaer’s proprietary SaaS Source-to-Pay software platform, JAGGAER ONE, which delivers market-leading capabilities in both upstream and downstream spend management across direct and indirect spend;
  • Jaggaer’s best-in-class reputation with its customers, evidenced by its market-leading customer retention rates;
  • Jaggaer’s strong track record of growth, both organically and through buy and build, with a number of businesses successfully acquired and integrated in recent years; and
  • Jaggaer’s excellent leadership team, led by CEO Robert Bonavito, with decades of experience in enterprise software.

Chris Good, Partner at Cinven and Co-Head of Cinven’s TMT Sector team, said:

“Cinven is excited to have the opportunity to invest behind the outstanding Jaggaer team. As a growing and profitable spend management software business with a very strong track record, and following a number of successful acquisitions, the business is poised for continued significant growth.

“Cinven intends to support Jaggaer management’s ambitions to drive growth through investment in R&D; building on market-leading products, such as the recently launched JAGGAER ONE platform; as well as making further acquisitions in the future.”

Michael Korzinstone, Senior Principal at Cinven, added:

“Cinven’s investment in Jaggaer shows how effectively our Sector and Regional teams work together to identify successful target businesses in growth subsectors. We developed our investment thesis following a subsector review of the global Supply Chain Management software industry, which identified Jaggaer as a highly attractive and market-leading business.

“Given the positive underlying return on investment that Jaggaer’s customers are able to generate, we are confident that corporations will continue to find value in partnering with Jaggaer to manage their procurement spend and identify cost savings across their businesses.”

Robert Bonavito, CEO of Jaggaer, commented:

“Spend management software provides granular, actionable data at all levels, which not only enables accurate profit assessment, but also helps with forecasting.  We are seeing increased demand from businesses looking to manage their procurement spend more effectively. We have also been successful in developing our products to better serve our customers, such as using Artificial Intelligence, machine learning and even predictive order management technology.

“We are delighted to be partnering with the Cinven team, who have impressed us with their knowledge of the market and ability to work with companies like ours to expand geographically as well as invest in R&D and product development to drive growth.”

Cinven’s investment in Jaggaer builds on its strong track record in TMT, following its successful realisations of Visma, a leading business solutions provider, in May 2019; Ufinet Group, a provider of fibre infrastructure and transmission services to telecom operators, in July 2018; and HEG, a provider of hosting and domain services, in April 2017.

Alongside these realisations, Cinven has continued to actively invest in the sector, most recently acquiring RTB House, a global digital advertising technology provider, and One.com, a leading European web hosting provider.

This transaction represents Cinven’s third investment in the US, a region where the firm is focused on the TMT and Healthcare sectors.  Cinven successfully realised its investment in US-headquartered Medpace, a global contract research organisation (‘CRO’), in August 2018.

The transaction is subject to customary regulatory and anti-trust approvals.
Advisors to Cinven on the transaction included: UBS Securities LLC, Latham & Watkins LLP and Deloitte LLP.
Advisors to Accel-KKR included: Goldman Sachs & Co. LLC, Stifel and Kirkland & Ellis LLP.  Goldman Sachs & Co. LLC and UBS Securities LLC are also providing committed financing for the transaction.

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Herkules sells Puzzel to Marlin Equity Partners

Hercules Capital

Herkules Private Equity Fund III (“HPEF III” or “Herkules”) is pleased to announce the sale of Puzzel AS (“Puzzel”). On 12 April 2019, HPEF III entered into an agreement to sell Puzzel, a leading European provider of cloud-based contact center software solutions, to Marlin Equity Partners
During the Herkules ownership, Puzzel was transformed into a SaaS business. Significant investments were made into the software platform. Today, the company has a comprehensive multi-channel CCaaS solution that is both scalable and flexible, and designed to support contact centers of all sizes. The company combines its omni-channel technology with artificial intelligence capabilities to provide comprehensive, end-to-end customer interaction solutions in an age of digitization.

As part of the Herkules value creation plan, Sales & Marketing was strengthened and Puzzel has experienced strong software growth across Europe that has been fueled by feedback and advocacy from market-leading customers. In 2018, Puzzel was recognized as a Challenger in the Gartner Magic Quadrant report for Contact Center as a Service in Western Europe for the fourth consecutive year given its strong growth, functional capabilities, strengths in standards and compliance, customer service and support.

Puzzel is headquartered in Oslo, Norway, with offices in six European markets including the U.K and the company serves more than 900 customers across 40 countries.

“Puzzel’s leading position in the market, knowledgeable employees and pioneering technology platform positions them well to continue to successfully scale their business,” says Gert Munthe, Partner at Herkules Capital

The exit process was advised by Carnegie Investment Bank, Wiersholm, PwC, and BCG. It was strong interest from both Industrial buyers and financial sponsors.

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Altamir and Apax Partners sell their Altran shares to Capgemini to help create an undisputed leader of digital transformation for businesses

Altamir

Paris, 25 June 2019 – In connection with Capgemini group’s proposed friendly takeover bid for Altran’s shares, Altamir and Apax Partners have entered into an agreement with the Capgemini group to sell their entire interest in the share capital of Altran for €14.00[1] per share.

Altamir and Apax Partners became Altran shareholders in August 2008. Since then, they have supported the group in its development strategy, which has primarily consisted in:

·        establishing a very significant position in the US market,

·        creating its GlobalShore business employing more than 17,500 people, including about 10,000 in India, and

·        moving toward the management of large, outsourced R&D projects for prominent customers.

In March 2018, Altamir and Apax Partners supported Altran through its transformational acquisition of the US company  Aricent for $2 billion, thereby creating the undisputed global leader in engineering services and outsourced R&D. Altamir and Apax Partners participated in the €750 million capital increase, pro-rata to their interest in Altran.

Employing approximately 47,000 people in more than 30 countries, Altran generated close to €3 billion in revenues in 2018 (versus €1.65 billion in 2007 at the time of the investment by Apax Partners and Altamir), of which approximately two-thirds were from abroad. Its operating margin nearly doubled in 11 years, reaching 12.1% in 2018.

“I am proud that Altamir has supported the transformation of Altran, which in ten years has become the undisputed leader of innovation and advanced engineering consulting. I firmly believe that Capgemini is the ideal partner to leverage the skill of Altran’s teams”  said Maurice Tchenio, Chairman of Altamir Gérance.

“It brought me great pleasure to support Altran’s executives and teams in the company’s international growth and the evolution of its business model. The tie-up with Capgemini will create a global player with a unique combination of expertise, enabling Altran to consolidate its leadership in the market of engineering services and R&D” said Gilles Rigal, Partner at Apax Partners.

 

About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of nearly €1bn. Its objective is to provide shareholders with long term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir’s investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental European countries and larger companies across Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as an SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

For more information: www.altamir.fr

 

Contact

Claire Peyssard Moses

Tel.: +33 1 53 65 01 74

E-mail: investors@altamir.fr

 

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Industrifonden sells shares in Footway

Industriefonden

Industrifonden sells 4,3% of its shares in Footway, the leading e-commerce platform for shoes in the Nordics. The transaction generates a return of six times the initial investment for Industrifonden. 

Industrifonden made its initial investment in Footway in 2011, when the company had SEK 3 million in revenue. In 2018, Footway had a revenue of SEK 760 million and a positive EBITDA. In the first quarter of 2019, the company had seen a 78% growth compared to the same period last year.

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EG acquires Lindbak Retail Systems AS

Franciso Partners

EG has acquired Norwegian software company Lindbak Retail Systems AS. The acquisition is the first under the ownership of Francisco Partners and establishes EG as one of the leaders in retail software in Scandinavia.

“Lindbak Retail Systems is one of the largest acquisitions in EG’s entire history. It is evidence we are entering a new era together with Francisco Partners,” says Mikkel Bardram, CEO at EG, adding “this is an excellent acquisition, as there is a strong fit between Lindbak Retail Systems and EG. We share the same focus on customer satisfaction and developing market leading software. Lindbak Retail Systems brings indepth industry knowledge within the retail trade that is essential for success. We are looking forward to learn from our new colleagues and to share our own expertise with them”.

Lindbak Retail Systems (LRS) will continue to operate as a strong and independent business area within EG, and its focus will remain on serving large retail chains headquartered in Norway, Sweden and Denmark.

“The acquisition of Lindbak Retail Systems shows our ambition to accelerate EG’s growth through an aggressive acquisition strategy, focused on vertical software companies in Scandinavia. This is only the beginning,” says Petri Oksanen, partner at Francisco Partners.

Both employees and the current management of LRS will transfer over to EG where the company’s CEO Erik Tomren will join EG’s group management with responsibility for the newly formed retail division:

“It was very important to find an experienced and professional owner such as EG, that will invest in the continued development of Lindbak Retail Systems and take the company to the next level. EG has several important customers and strong industry solutions in the retail segment, so I look forward to delivering existing as well as new customers increased value and a broader range of market leading solutions,” says Erik Tomren, CEO, Lindbak Retail Systems.

EG acquired Lindbak Retail Systems on 3 June 2019. All agreements with customers, suppliers and collaborative partners will continue as before. The purchase price was not disclosed.

About EG

EG is a Scandinavian software company with more than 1,000 employees working from 15 competency centres in Scandinavia and Poland. We develop, deliver and service our own software for more than 9,500 private and public clients. Find out more at eg.dk.

About Lindbak Retail Systems

Lindbak Retail Systems provides business-critical IT solutions to ambitious retail chains within the areas of grocery, supermarkets, convenience and specialist trade. The company’s 130 employees serve more than 4,000 stores daily in Northern Europe from offices in Oslo, Bergen, Trondheim and Gothenburg. Read more at lindbakretail.no.

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Fortino Capital Partners invests in Declaree, the innovative Dutch challenger in expense management

Fortino Capital

Fortino Capital Partners expands its portfolio of Travel & Expense management companies with its investment in Declaree, the innovative Dutch challenger.  Besides the acquisition of MobileXpense in Belgium and eBuilder Travel in Sweden, it is the third investment of Fortino Capital in the market of expense management.

Declaree was founded in 2014 by Bas Janssen, Bart Jochems and Jasper Spoor with the ambition of simplifying and facilitating paper-based and cumbersome expense management processes. Since then, Declaree has 20 employees and 750 clients mainly located in the Netherlands and Germany. In the Netherlands and Belgium, Declaree serves large customers such as KLM, Hunter Douglas, Schiphol and KPMG, as well as many small and medium-sized companies. For Germany, it is about companies such as Lemonaid, Suitepad and Lufthansa Group Business Services.

Expense management is a challenge for many organisations. Many companies still use inefficient methods for these processes. Thanks to Declaree’s mobile and web application, they are capable of reducing the time spent on the internal management of expenses by almost 75 per cent, while also getting more grip on the expenses itself by increased transparency.

Fortino Capital Partners started its growth journey in travel & expense management by investing in MobileXpense in Belgium and eBuilder Travel in Sweden. These two players mainly focus on multinational and governmental organisations that need to comply with many different and often complex rules in all countries active in.

Matthias Vandepitte, partner at Fortino Capital, explains: “Declaree offers a genuinely innovative solution which has already served hundreds of companies of all sizes. We are really impressed by what the team of Bas, Bart and Jasper have built over the past years, and we see enormous potential for the future. That is why we are particularly proud of being able to support the internationalisation of Declaree in Europe with our expertise and investment. We look forward working together on our joint growth aspirations.”

Bas Janssen from Declaree concludes: “The past five years, we have heavily invested in developing our product and scaling in the Netherlands and Germany. To realize the next step in our growth we have searched for a strategic investor with knowledge and experience in international expansion. We are convinced to have found the right strategic partner in Fortino Capital.”