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Sumeru Equity Partners Invests $330 Million in JobNimbus

Mainsail partners

New investor Sumeru, JobNimbus co-founders, and existing investor Mainsail Partners back JobNimbus as an industry game changer making contractors heroes to their customers

Lehi, Utah – November 13, 2024 – JobNimbus, a game-changing SaaS provider for the roofing industry, today announced a $330 million growth investment from Sumeru Equity Partners (“Sumeru”). Existing investors including founder and CEO Ben Hodson, other co-founders Nick and Jason Wood, and Mainsail Partners will continue as investors in the business. This funding will help enable JobNimbus to scale its operations, expand product offerings, and continue its mission to transform the contractor technology space.

“This investment marks a significant milestone for JobNimbus and is a testament to the hard work of our incredible team,” said Ben Hodson, CEO of JobNimbus. “We chose Sumeru as our partner because of their expertise in scaling high-growth companies, and with this funding, we’ll continue to double down on our commitment to making contractors heroes, helping them drive their businesses forward with advanced technology.”

“JobNimbus is a unique company, transforming the day-to-day lives of contractors through aggressive product innovation and a mission-driven culture,” said Jason Babcoke, Sumeru Co-Founder and Managing Director, who will join the JobNimbus board of directors as part of the investment. “We are excited to partner with the JobNimbus and Mainsail teams to continue to scale the company, expand the platform, and create a clear category leader. JobNimbus is an ideal fit with our skill set helping founders and management teams scale SaaS businesses.”

Also joining the JobNimbus board of directors from Sumeru are Chris Litster, Paul Mercadante, Jack McCabe, and Blake Shott. Vinay Kashyap and KC Kanoff from Mainsail Partners will remain on the board.

“There’s a lot to be proud of from the last four years of our partnership with JobNimbus, from working together to expand the product suite and customer base, to completing three strategic acquisitions,” said Vinay Kashyap, Partner at Mainsail Partners. “Most importantly, JobNimbus has delivered on its mission to help roofing and residential contractors become heroes to their customers. We welcome the opportunity to partner with the Sumeru and JobNimbus teams to help drive the company’s continued growth and impact on the roofing industry.”

Read the Case Study: Building a Construction & Home Services Software Leader Through Strategic Growth

JobNimbus provides contractors with an all-in-one software that helps streamline their business operations. Contractors can quickly create quotes, order materials, and manage projects—all from a single, user-friendly platform. By simplifying these essential tasks, JobNimbus helps contractors save time and reduce overhead, empowering them to focus on growing their businesses.

The funding will be used to help accelerate product development, invest in AI-driven features, and scale the team to support growing demand from customers across the roofing industry. The company plans to expand significantly, with a focus on key roles in engineering, product development, and customer support.

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Stonepeak to Acquire Boundary Street Capital

Stonepeak

World’s largest independent infrastructure alternative investment manager expands credit, digital infrastructure, and technology investment capabilities

NEW YORK & ALEXANDRIA, Va. – November 12, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has agreed to acquire Boundary Street Capital, LP (“Boundary Street”), a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. Boundary Street currently has more than $700 million of capital commitments.

Stonepeak’s credit business (“Stonepeak Credit”) has been actively investing in private and secondary infrastructure credit since 2018. Its experienced team of credit professionals takes a disciplined approach to investing across the capital structure as they seek to create a diverse portfolio in the infrastructure and real assets sectors, including digital infrastructure, energy and energy transition, and transport and logistics.

Stonepeak has long been at the forefront of investing in the infrastructure assets underpinning the global megatrend of digitalization currently being driven by data proliferation and the increased adoption of AI. This transaction further strengthens Stonepeak Credit’s digital infrastructure investing capabilities and supports its expansion into complementary sub-sectors, including enterprise and infrastructure software, cloud and managed services, technology-enabled services, advanced mobility, and earlier stage digital infrastructure platforms. With the addition of Boundary Street’s platform and team of experienced professionals who have deep credit and technology sector expertise, Stonepeak will seek to offer a more comprehensive set of credit and credit-linked capital solutions to businesses taking advantage of the strong tailwinds in the digital infrastructure and technology services sectors across multiple stages of the growth lifecycle.

Jack Howell, Co-President of Stonepeak, said, “We continue to see compelling investment opportunities within the credit space, especially as it relates to digital infrastructure, which has long been one of Stonepeak’s most active sectors. Over the last several years, we’ve made thoughtful investments to further build out our credit platform, including the addition of Michael Leitner as a Senior Managing Director in 2023. As we have built out the broader credit organization and successfully deployed capital across the capital stack into world-class infrastructure portfolio companies, the team has continued to excel. The acquisition of Boundary Street is a natural next step in the growth of the firm and the evolution of Stonepeak Credit. We are excited for what this transaction means for our limited partners and look forward to having the Boundary Street team onboard.”

Michael Leitner, Senior Managing Director at Stonepeak, added, “Boundary Street has assembled an exceptional team who have been investing in digital infrastructure and related technology services businesses since the mid-2000s. By combining Stonepeak’s expertise and resources with the Boundary Street team’s complementary experience and skillsets, we will have the ability to broaden our investment aperture and execute more efficiently on the opportunities we’re seeing in AI-driven businesses, including cloud services, enterprise and infrastructure software, and digital services, while bringing a more comprehensive breadth of offerings to our constituent borrowers and limited partners.”

Rashad Kawmy, Partner and Co-Founder at Boundary Street, said, “We are thrilled to be partnering with Stonepeak to achieve the full scale of our vision for Boundary Street, and to continue being a strong partner to all of our stakeholders. As an early mover investor in digital infrastructure, Stonepeak knows the space extremely well and their expertise will be additive to our strategy. With the benefits of Stonepeak’s scale, resources, and shared passion for digital infrastructure, we will be even better positioned to continue making sound and thoughtful credit investments and helping grow tomorrow’s greatest technology businesses and digital infrastructure platforms. Our focus on both real asset intensive business models as well as those with exceptionally strong and defensible intellectual property foundations will continue in partnership with Stonepeak.”

The transaction is expected to close in the fourth quarter of 2024 subject to customary and regulatory approvals.

Terms of the transaction were not disclosed. Paul, Weiss, Rifkind, Wharton & Garrison and Simpson Thacher & Bartlett LLP served as legal counsel to Stonepeak. Hogan Lovells served as legal counsel to Boundary Street.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

About Boundary Street Capital

Boundary Street is a private credit investment manager focused on providing flexible capital solutions specifically to lower middle market technology and telecommunications businesses and backed by a team of investment professionals with decades of experience investing in these sectors. Boundary Street seeks to invest credit in durable, recurring revenue businesses providing the mission critical services that will drive economic growth, bridge the digital divide, and keep families and businesses connected. To learn more, visit www.boundarystreetcapital.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

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Accountor Software combines with 24SevenOffice’s ERP software division to expand Nordic footprint

KKR

Accountor Software and KKR, a leading global investment firm, today announce the next phase of Accountor Software’s growth journey; the acquisition of 24SevenOffice’s ERP software division, comprising among others 24SevenOffice Norway AS, 24SevenOffice Scandinavia Systems AS, and 24SevenOffice Sweden AB. The acquisition of 24SevenOffice’s ERP division is an important step in the plan to create one of the leading financial management and HR software businesses for the Nordics. By joining forces with Accountor Software, 24SevenOffice’s ERP software division becomes part of a growing B2B SaaS business backed by a large global investor with expertise in scaling high-growth software companies.  

The transaction follows KKR’s acquisition of a majority stake in Accountor Software earlier this year and supports the company’s ambition to become one of the leading pure-play business software companies, serving SMEs as well as larger organisations and corporations in the Nordics. By combining Accountor Software with 24SevenOffice’s ERP cloud software division, Accountor Software expands its footprint across the Nordics, adding around 30,000 customers in Norway.

“This is an exciting milestone and a natural evolution of our strategy to grow as one of the leading pure-play business software players across the Nordics. Joining forces with 24SevenOffice’s ERP software division will benefit all our stakeholders, from our world-class employees to our customers and partners. We are now firmly executing our plans to expand into new core markets, empowering a broader range of customers with cloud-based mission-critical software,” said Mikko Soirola, CEO Accountor Software.

“The combination of Accountor Software and 24SevenOffice’s ERP division is a perfect fit and will create a very competitive player across the Nordics, with capacity to meet the needs of a large pool of both SME and larger customers. We are impressed by both teams and look forward to supporting them on this growth journey,” commented Hans Arstad, Managing Director and Head of Private Equity in the Nordics, KKR.

24SevenOffice has in recent years accelerated the organic growth of its AI-accounting and ERP software division and has successfully penetrated the B2B SaaS market in Norway and Sweden, providing automated business administration solutions with built-in scalability and modularity.

Strong revenue development of 24SevenOffice’s AI-accounting and ERP software division has significantly contributed to the company’s solid financial performance this year, with ample opportunities for continued sustainable growth.

The acquisition will create additional value and synergies, further boosting Accountor Software’s best-in-class offering and technology platform, with added potential to serve and grow in the SME space as well as with larger organisations.

The transaction will have no impact on current relations with Accountor Software’s customers and business partners.

24SevenOffice Group AB is listed on Nasdaq First North Stockholm and the transaction is conditioned upon shareholder approval at an extraordinary general meeting, as announced by 24SevenOffice Group AB today. The transaction is also subject to regulatory approval.

Contact information

Kirsi Nystén, Senior Communication Manager, Accountor Software
kirsi.nysten@finago.com

About Accountor Software

Accountor Software specialises in software for financial and HR management. It is driven by empowering Nordic businesses to thrive with innovative solutions that make work more efficient and effortless. ​Accountor Software is a participant of the UN’s Global Compact and adheres to its principles-based approach to responsible business. The group employs about 700 experts and its headquarters is in Espoo, Finland. ​

​About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

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Bridgepoint to join forces with Schuberg Philis, European leader in mission-critical IT

Bridgepoint
  • Bridgepoint to become new majority investor in Schuberg Philis, a fast-growing specialised managed IT service provider for mission-critical applications across large organisations.
  • Schuberg Philis has delivered CAGR of 17% over past 20 years, operating in an addressable market for specialist services valued at around €5 billion* and growing high double digit annually.
  • Partnership will fuel Schuberg Philis’ ambitious growth and innovation strategy across Europe, leveraging Bridgepoint’s expertise in tech-led businesses, global office network and deep industry contacts.

 

Bridgepoint, one of the world’s leading quoted private asset growth investors, has announced it will partner with Schuberg Philis, a Dutch-rooted IT company specialising in mission-critical IT services, cloud-native solutions, and digital transformation.

The transaction will see Bridgepoint Europe VII, a fund focused on investing in mid-market growth businesses, become Schuberg Philis’ new majority investor. Through the partnership with Bridgepoint, Schuberg Philis’ existing shareholders from both founder and management teams will retain significant stakes in the business.

Schuberg Philis will continue to operate based on its foundational principles, emphasising the unique Plan-Build-Run model, which ensures continuous alignment and accountability throughout every stage of customer projects. This approach underpins the company’s distinctive working philosophy, fostering collaboration and a shared mission among teams to address complex, mission-critical IT challenges.

Founded in 2003, Schuberg Philis has become a trusted partner for organisations needing reliable, secure IT solutions. With strong expertise in the fast-growing public cloud market, the company offers services across cloud, data & AI, software, and security. Schuberg Philis supports well-known companies such as Rabobank, ING, Heineken, Enexis, PostNL, NS, and Port of Rotterdam. Positioned for significant international growth, Schuberg Philis is ready to assist more enterprises with the next generation of digital transformation.

Led by its highly experienced co-founders, Schuberg Philis has historically delivered compound annual growth rates of 17% over the past two decades, 80% recurring revenues and an industry-leading Net Promoter Score (NPS) of 75, reflecting the strength of its reputation for excellence and long-term customer relationships with retention rates of over 95%. The firm operates in a fragmented Dutch addressable market, valued at around €5 billion* and marked by annual growth rates of high double digits.

With support from Bridgepoint, Schuberg Philis will expand its core business in The Netherlands, while expanding into the strategically important Nordic, DACH and UK regions, enabled via the depth of industry expertise and contacts across Bridgepoint’s office network. Further growth will be fuelled through selective M&A, reinforcing the company’s position as the market leader in its niche.

Bridgepoint’s strategic investment in Schuberg Philis builds on the firm’s strong track record investing in the growth of specialised technology-led businesses with a focus on mission-critical services for enterprise customers, with previous investments including Infinigate, Qualitest, Kyriba, DataExpert and ACT.

“Consistently ranked as one of the strongest IT services brands in the Netherlands, Schuberg Philis stands out as a high-quality, technology-driven business with an exceptional track record in its niche market. Five years ago, we first recognised the unique qualities that set Schuberg Philis apart and have followed their impressive journey closely since. With an outstanding NPS of 75 and a people-first culture, Schuberg Philis is well-positioned to lead as enterprise customers face increasingly complex digital transformations. We’re excited to partner with Schuberg Philis, leveraging Bridgepoint’s sector expertise and global network to expand its Northern European presence and support its next growth phase.” said Olivier van Riet Paap, Partner at Bridgepoint.

“Joining forces with Bridgepoint marks a significant milestone in our 20-plus-year journey,” said Gerwin Schuring, founder and CEO of Schuberg Philis. “This partnership will enable us to scale our European operations, invest in new technologies, and continue delivering exceptional service to our customers while staying true to our strong company values and people-first culture. Schuberg Philis’s management team will continue to guide the company.”

The transaction is subject to customary closing conditions including regulatory approval. Financial terms of the deal are not disclosed.

Bridgepoint was advised by Lazard and Axeco (M&A Advisors), A&O Shearman (Legal Advisor), Bain (Commercial), EY (Financial, Tax, ESG and Cyber Due Diligence) and Crosslake (Tech Due Diligence).

Schuberg Philis was advised by Arma Partners (M&A Advisor), De Brauw Blackstone Westbroek (Legal Advisor), PwC (VDD Financial and Tax), McKinsey (VDD Commercial) and Atlas (Tax advice).

 

*As estimated by Bridgepoint

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Vega Raises $20 Million Series A led by Apollo and Motive to Scale AltOS – The New “Core” for Private Markets Client Service

Apollo logo
  • Apollo and Motive led a $20 million Series A investment in Vega to scale its alternative asset manager client service technology platform – Vega AltOS – building on Vega’s $8 million seed investment from Motive, Picus Capital, Citi Ventures, and 60+ senior financial services executives.
  • Apollo has become an enterprise-scale anchor client, using Vega AltOS to power its client services across its institutional, family office, and global wealth channels.
  • Additionally, Apollo will contribute Edna, one of the largest alternative employee investment platforms in the market with more than $2 billion in employee AUM, into Vega.

NEW YORK and LONDON, Nov. 12, 2024 – Vega, an alternative investment technology company, founded by a team of former executives from leading hedge funds, private equity firms, and fintech scale-ups, today announced the successful closing of a $20 million Series A led by Apollo (NYSE: APO) and Motive. In addition, Vega has formed an enterprise-scale partnership with Apollo. These developments mark a significant milestone in Vega’s growth journey, as the company aims to become the industry’s leading operating system for alternative asset managers.

Building Technology for Alternative Asset Managers

Growing investor demand for private markets exposure is pushing alternative asset managers to transform how they service current clients and rapidly expand their service to new segments globally. Outdated client service technology and fragmented point solutions have created friction and hindered asset managers’ ability to scale, leading to substantial inefficiencies across their client service ecosystem.

In response, Vega’s mission has been to focus exclusively on the technology needs of alternative asset managers – building unifying solutions that enable scalable growth through Vega’s alternatives core system (AltOS), a comprehensive platform powering digitally-enabled client service across pre-trade, execution, and post-trade operations.

Alternatives Needs a Core

Vega AltOS will enable alternative asset managers to distribute products and serve clients through an “Alternatives-as-a-Service” framework, allowing any platform or client to connect to an alternative asset manager via API.  This technology facilitates direct connection between an asset manager and clients via the client’s service or platform of choice – whether intermediary advisor platforms, technology partners, or direct-to-institutional – enhancing the integration of alternatives in client portfolios.

Establishing a New Industry Standard for Alternative Managers

Vega believes the transformation of alternative asset management client service and operations infrastructure – through a modern AltOS client core – is the missing foundational layer for the industry to transition from its current bespoke distribution framework to a more scalable flow operating model, driving down cost for alternatives distribution, client service, and private markets transaction processing.

Vega intends to partner with other asset managers and platform providers to build standardized private markets client service infrastructure and drive growth across the industry.

“We have reached an inflection point where alternative asset managers now need their own operating system to power the industry’s next growth phase. We are thrilled to welcome Apollo as an enterprise-scale client and investor as we bring a new standard to the alternative asset management space,” said Alexis Augier, Founder & CEO at Vega.

“We purpose-built Vega AltOS to meet the complex client infrastructure needs of high growth, private markets asset managers. Similar to our experience in the core banking and payments revolution, demand and volumes across all client channels for private markets investments have outstripped the industry’s infrastructure of generic, sub-scale point solutions. We are excited to partner with Apollo and Motive to innovate and solve this industry challenge,” Augier continued.

“Apollo’s contribution of Edna – one of the largest alternative employee investment platforms in the market – accelerates Vega’s AltOS vision for GPs. Edna was incubated at Apollo, in partnership with Motive, and epitomizes the innovative approach to global wealth solutions at Apollo.  We are excited to continue expanding our range of GP solutions with the addition of Edna’s employee investment capabilities,” said Augier.

“Vega is building an innovative operating system purpose-designed for the alternatives industry to transform internal GP client operations.  As private market products continue to expand across asset classes and penetrate all parts of a client’s core portfolio, asset managers must transform client operations to better serve our clients’ evolving needs,” said Jake Walker, Partner and COO of Client and Product Solutions at Apollo.

“As an early-stage backer of Vega, and our extensive portfolio of WealthTech assets at Motive, we saw the need for a GP AltOS platform to help accelerate the alternatives distribution flywheel. Managers have been underserved to-date and Vega’s AltOS is critical to address this gap,” says Ramin Niroumand, Partner at Motive Ventures.

About Vega

Vega is building the distribution operating system (“AltOS”) for the alternatives industry, empowering asset managers to efficiently service and scale their client base in an era of hypergrowth for alternatives.

Through a single unified Core engine, Vega orchestrates previously siloed offline processes across pre-trade, execution and post-trade client operations, while enabling asset managers to distribute their products through a scalable “Alternatives-as-a-Service” framework. Vega’s modular, API-driven architecture ensures compatibility with a broad range of existing point solutions and third-party stakeholders, setting the foundations for the first purpose-built infrastructure layer for the alternatives industry.

Vega’s founding team consists of alternatives specialists from investment firms such as KKR, Blackstone, Elliott and Goldman Sachs, along with top product and engineering talent from successful fintech scale-ups like Revolut and Trade Republic. Vega has raised over $28m in funding from Apollo, Motive, Picus Capital, Citi Ventures, and 60 senior executives from the alternative investment industry. To learn more, please visit www.vega-alts.com

About Motive

Motive Partners is a specialist private equity firm with offices in New York City, London and Berlin, focusing on growth equity and buyout investments in software and information services companies based in North America and Europe and serving five primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Investment Management and Insurance. Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies. Motive Ventures is the early-stage investment arm of Motive Partners, focused on pre-seed through to Series A financial technology investments in North America and Europe. For more information, please visit www.motivepartners.com

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Vega
media@vega-alts.com

Apollo
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Motive Partners
Britt Zarling
+1-414-526-3107
Britt.Zarling@motivepartners.com

Motive Ventures
Caroline Wahl
+49 1520 6254 889
c@caroline-wahl.com

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Alantra hires Anja Proeve as Managing Director to strengthen its global technology practice

Alantra

London, 12 November 2024 – Alantra, the independent global mid-market financial services firm, has bolstered its technology investment banking practice with the appointment of Anja Proeve as Managing Director. Based in London, Anja will focus on the software and fintech sub-sectors.

Anja brings over 20 years of experience working with corporate and private equity clients on strategic M&A, equity, and debt financing options. She joins Alantra from HSBC in London where she was Managing Director and Head of Software/Fintech. Previously, she spent time on the buy-side as a Senior Investment Director at Keensight Capital in Paris. Her extensive investment banking background also includes roles in the technology investment banking teams at Morgan Stanley in London, Barclays Capital in London, and Bank of America Merrill Lynch in New York City.

Alantra’s technology investment banking team has a proven track record of helping emerging and established technology businesses deliver on their financing, M&A, and strategic objectives. The team covers a range of technology sub-sectors, such as Software, Technology Consulting, Managed Services, Fintech, Online/eCommerce, Digital Infrastructure, and Gaming. Headquartered in London, the team has 40 expert members based across the UK, U.S., Germany, France, Benelux, and the Nordics. In the last twelve months, the team has completed 28 transactions worth over €2.9bn.

Alantra is actively looking to scale its technology practice by adding senior sub-sector specialists across the tech ecosystem and has also recently strengthened its digital infrastructure team with the hire of Bagdat Skakov as Vice President. Additionally, Alantra plans to strengthen the technology practice’s strong geographical presence in markets like the U.S. – with a focus on New York City – and in its European hubs.

Miguel Hernández, CEO of Investment Banking, said: “We are excited to welcome Anja to the team. We are confident her expertise and experience will play an important role in advancing our growth strategy for Alantra’s global technology investment banking team. Her addition aligns with our commitment to investing in sector experts to strengthen our global hubs and key sector practices.”

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Agicap raises €45m in Series C round

AXA

Agicap, the all-in-one treasury management platform, announces €45m Series C funding round led by AVP

Press release, LYON – November, 12, 2024

The round led by AVP will enable Agicap to further consolidate its leadership position in Europe as it scales to become the global reference in the midmarket treasury management space.

Agicap is pleased to announce a €45m Series C funding round led by AVP.

Since its inception, Agicap has emerged as the leading treasury management platform for SMB and midmarket companies, the driving force of our economy. Agicap provides the C-suite and finance teams with flexible and real-time visibility into current, historical and projected cash flow data, alongside a comprehensive, end-to-end suite of treasury management tools.

Cash management and forecasting have become top priorities for CFOs navigating increasingly uncertain macroeconomic conditions. Yet, Agicap’s recent survey (in partnership with Innofact) of 500 European CFOs revealed that 80% of midmarket firms still rely on Excel-based processes to manage and forecast their cash positions – a manual, time-consuming task with only 41% conducting long-term cash forecasts.

“In today’s economic conditions, the importance of cash management is paramount. Mid-market organizations have reached a level of complexity that makes it challenging for them to properly manage and optimize their cash strategy, given the need to track countless incoming and outgoing cash flows across multiple entities with numerous bank accounts and currencies. Agicap automates this entire process, offering critical insights in just minutes.”
Clément Mauguet, Co-founder & Chief Expansion Officer, Agicap

Agicap empowers more than 8,000 companies by simplifying the consolidation of cash flow data through unique and direct bank connectivity (via local protocols, an extensive network of real-time APIs and Swift) as well as integration with ERPs, finance and other business enablement tools. The platform also offers actionable levers to improve cash performance and simplify liquidity management with optimized payment strategies, customer collections, debt and investment management, spend management and more.

“Midmarket companies lose an average of €450k annually on overdraft fees and financial income due to inefficient cash management. Agicap’s purpose is to bring this figure close to zero.”
Sébastien Beyet, Co-founder & CEO, Agicap

Since its Series B funding in 2021, led by GreenOaks Capital, Agicap has increased its revenue by 7x and solidified its leadership position in Europe by expanding into 4 regions (DACH, Italy, UK & Ireland, Spain), while demonstrating strong efficiency, with the company projected to generate positive cash flow in Europe by beginning of 2025. Agicap has also enhanced its Treasury Management System with new product offerings (such as accounts payable automation, accounts receivable automation and spend management) designed to serve larger midmarket customers as the company scales upmarket.

Agicap will use the Series C funds to continue investing in its product, people, and growth initiatives. The transaction proceeds will support efforts to:

  • Consolidate its leadership in Europe by expanding sales and customer success teams, especially outside of France (other countries already account for >50% of total revenue)
  • Double down on product depth and capabilities by reinforcing its software & organization to better address the unique needs of midmarket firms across the product suite (e.g., FX risk and credit management modules)
  • Strengthen its go-to-market strategy by expanding indirect channels, through the network of treasury partners and system integrators

AVP is excited to support Agicap in its next phase of growth as the lead investor in its Series C round. This marks the first European investment from AVP’s newly created €1.5bn late-stage fund, a vehicle dedicated to supporting high-potential technology scale-ups in Europe and the US.

“We are thrilled to invest in the exceptional team at Agicap as they continue on their path to become the next generation global Treasury Management System. Agicap has the best-in-class technology, deepest product offering with the highest accuracy. We were thoroughly impressed by the product-driven culture, strong customer references, rapid growth and seamless ability to scale in different markets. We look forward to being a long-term partner of Agicap as they continue on their global expansion journey.”
Warda Shaheen, General Partner, AVP

About Agicap

Founded in 2016, Agicap is at the forefront of cash management innovation, with a next-gen treasury management solution integrating Banking & ERP connectivity, Cash Management, Liquidity Planning, Accounts Receivable, Accounts Payable and Spend Management. With over 8,000 clients across Europe, Agicap continues to empower businesses to achieve operational excellence and maintain a culture of cash performance. Learn more at www.agicap.com/en/.
Contact: Bertrand Salord, Chief Marketing Officer (bertrand.salord@agicap.com)

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Growth, Late Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. For more information about AVP, please visit www.axavp.com.

Contact: Sébastien Loubry, Partner Business development (sebastien@axavp.com)

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Blackstone Leads Landmark Music ABS Transaction for Hipgnosis

Blackstone

Hipgnosis completes $1.47 billion music ABS deal, successfully pricing one of the largest-ever music royalty securitisations.

LONDON, UK – Hipgnosis, a leading music rights investment and management company, today announced the successful completion of a $1.47 billion master trust music rights asset-backed securities (ABS) deal, Lyra 24-2.

This landmark transaction represents Hipgnosis Song Assets’ second music royalty securitisation, after a $222 million issuance in 2022. The 2024 deal is backed by royalties from the $2.36 billion music rights portfolio acquired as part of the take-private of Hipgnosis Songs Fund (“SONG”), a UK music royalties investment trust, which comprises 138 catalogues across more than 45,000 songs. The portfolio is one of the highest quality, most diversified, seasoned, publishing-led portfolios at scale in the market, including iconic songs from the Red Hot Chili Peppers, Fleetwood Mac, Journey, The Chainsmokers, Shakira, Bon Jovi, 50 Cent and Eurythmics.

Blackstone has been investing in the music royalties asset class since 2021, and in July 2024, with the SONG transaction, completed one of the largest music take-privates ever, demonstrating continued and strong conviction in the asset class.

MUFG Securities was the structuring lead with Barclays, Goldman Sachs, Fifth Third Securities and SMBC Nikko as joint bookrunner. Blackstone Capital Markets served as a co-manager.

With 25 investors, the order book represents one of the most diversified ABS issuance for music rights to date. The notes are rated A- by KBRA and proceeds from issuance will predominantly be used to repay existing debt in full and support future acquisitions.

Ben Katovsky, Chief Executive Officer of Hipgnosis, and Dan Pounder, Chief Financial Officer of Hipgnosis, said: “We are delighted to announce the successful completion of our second asset-backed securitisation, a significant milestone for Hipgnosis. This achievement not only reinforces the quality and strength of our music catalogue but also enables us to unlock new opportunities for growth and investment.

“Music rights continues to be a fast-growing investable asset class that we are excited to be a leader in as we stay firmly committed to supporting songwriters and artists, and enhancing the legacy and value of our songs through active song management.

“With this ABS refinancing completed, we will continue to work on expanding the investor base with further institutionalisation of the asset class leveraging Hipgnosis’ proprietary technology and data analytics platform across underwriting, monitoring and reporting.”

Qasim Abbas, European Head of Tactical Opportunities, Blackstone, added: “This landmark transaction not only highlights the strength of Hipgnosis’ exceptional catalogue but also reflects our capabilities in providing innovative financial solutions in support of their ongoing growth and success.

“Our partnership underscores the long term, sustainable value we see in music royalties, and we remain excited for the future.”

FTI Consulting served as the backup manager for the transaction, with Citibank acting as trustee. Virtu Global Advisors, LLC provided valuation services, while Latham & Watkins provided legal counsel for the issuer and Paul Weiss, Rifkind, Wharton & Garrison for the noteholders.
 
About Hipgnosis
Hipgnosis is a leading music rights investment and management company. Founded in 2018, Hipgnosis owns and manages a portfolio of over 45,000 songs, from more than 145 catalogues, including many of the most successful and culturally important songs of all time. We create value by enhancing the legacy of our songs, optimising revenue generation, developing our audience and advocating on behalf of songwriters.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
 
Media Contacts
 
Hipgnosis
Giles Croot
+44 (0)20 4542 1511
mediaenquiries@hipgnosissongs.com

The Outside Organisation
Alan Edwards / Nick Caley
+44 (0)7711 081 843

Blackstone
Rebecca Flower
+44 7918 360372
rebecca.flower@blackstone.com

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Apollo and Mubadala Extend Multi-Billion-Dollar Partnership Focused on Global Origination Opportunities

Apollo logo

Extension Further Strengthens Apollo’s Capital Solutions Business and Origination Capabilities Across Asset Classes, While Enabling Mubadala to Access a Range of Compelling Investment Opportunities

NEW YORK and ABU DHABI, United Arab Emirates, Nov. 11, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Mubadala Investment Company (“Mubadala”) today announced an extension of their multi-billion-dollar partnership focused on global origination opportunities. The multiple year extension of this partnership, which was first established in 2022, further strengthens Apollo’s Capital Solutions business and ability to originate investment opportunities of scale across asset classes to help meet the growing demand for bespoke private debt and equity financing solutions globally.

Co-President of Apollo Asset Management Jim Zelter said, “We are pleased to extend our partnership with Mubadala, which builds on our strong relationship and several strategic initiatives that we have collaborated on over the past several years. Further enhancing our ability to originate investment opportunities that offer strong risk-adjusted returns is our top priority amid unprecedented demand for large-scale, customized capital solutions, and we believe the platform that the firm has created is particularly well positioned as a financing provider of choice to leading companies.”

Omar Eraiqat, Deputy CEO of the Diversified Investments platform at Mubadala, added, “We share an aligned investment philosophy with Apollo and are pleased to extend our longstanding and strategic partnership with them, which provides us access to Apollo’s differentiated origination ecosystem. We continue to observe a secular shift in corporate financing toward private market execution and believe that this platform will continue to provide a scaled supply of attractive investment opportunities.”

At the firm’s Investor Day in October, Apollo announced a new target of reaching $275 billion of annual origination volumes in the next five years. The firm believes it is uniquely positioned to address the financing needs of large, high quality corporate borrowers while serving as a key capital provider supporting areas including the clean energy transition, power & utilities and digital infrastructure.

Eric Needleman, Partner and Head of Apollo Capital Solutions, said, “Mubadala is among the most sophisticated alternative investors globally, and their continued support of our origination and Capital Solutions business positions us to capitalize on a growing global opportunity set as corporate borrowers increasingly recognize the value of private financing solutions.”

“Mubadala and Apollo have a long-standing and mutually beneficial strategic relationship. Within the credit sector, our partnership commenced more than nine years ago in direct lending,” said Fabrizio Bocciardi, Head of Credit Investments at Mubadala. “This partnership has expanded over time across other private debt asset classes driven by Apollo’s innovative capital solutions and our partnership-oriented approach.”

The partnership extension builds on several recent strategic collaborations between Apollo and Mubadala. The firms formed a $2.5 billion joint venture to co-invest in global private credit opportunities, and Mubadala supported Apollo’s launch of a new middle market lending vehicle, Middle Market Apollo Institutional Private Lending, earlier this year. Apollo also invested in Mubadala’s evergreen solutions strategy as part of the launch of its Mubadala Capital Solutions unit in 2023, and Mubadala anchored the formation of Apollo Strategic Origination Partners in 2020.

Apollo Forward-Looking Statements

This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target”, “seek,” “aim,” “continue,” “will,” “should,” “could,” or “may,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including those described under the section entitled “Risk Factors” in Apollo Global Management, Inc.’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2024, and the quarterly report on Form 10-Q filed with the SEC on August 8, 2024, as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in Apollo’s other filings with the SEC. Apollo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About Mubadala Investment Company

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $302 billion (AED 1,111 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.

For more information about Mubadala Investment Company, please visit: www.mubadala.com

Contacts:

For Apollo:
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

For Mubadala Investment Company:
Salam Kitmitto
Head of Communications – Diversified Investments
Mubadala Investment Company
+971 50 276 9286
sakitmitto@mubadala.ae

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819 Capital Partners invests in CiMaas to transform cancer treatment

Deventer, November 22, 2024 – 819 Capital Partners has acquired and invested in CiMaas, a biotech company dedicated to developing Natural Killer cell therapy to improve cancer treatment and patient outcomes.

Pioneering Immunotherapy Solutions for Advanced Cancer Treatment

Founded in 2015, CiMaas BV is a spin-off from Maastricht University and Maastricht University Medical Center+ (UM/Maastricht UMC+). CiMaas is transforming cancer treatment by developing innovative immunotherapies that harness the body’s immune system to address unmet needs in metastatic and late-stage cancers. Current therapies cure only 60% of patients in the Western world and often fail in advanced cases.

CiMaas focuses on safe, effective solutions that minimize side effects while enhancing quality of life. By integrating multiple components of the immune system, CiMaas aims to deliver more robust, lasting treatments—bringing new hope to patients.

For collaborations with partners, (non-) GMP-grade feeder cells are now also available. These make it possible to let Natural Killer expand sufficiently, so that sufficient numbers of these cells can be produced for both scientific research and treatment of patients. Furthermore, CiMaas aims to have clinical production ready for Natural Killer cells soon to start clinical research in collaboration with various partners.

Gerard Bos, CEO, CiMaas

“We are pleased to partner with 819 Capital Partners. This investment enables us to continue working on our ambitions: cure cancer patients by making Natural Killer cells a reality. Our commitment to advancing cell-therapy opportunities for cancer treatment remains as strong as ever, and we are very motivated to continue our work in this vital field now In the coming period, we will further strengthen our team with highly skilled professionals.”

Thomas Smit, director 819 Capital Partners

“We are delighted to welcome CiMaas to 819 Evergreen Fund I. Our investment in CiMaas perfectly aligns with our vision to accelerate the growth of cutting-edge ventures. CiMaas’ pioneering technology has great potential and could be a transformative breakthrough in cancer treatment in the future.”

About CiMaas

CiMaas focuses on the development of immunotherapies for specific types of cancer. The company specializes in creating innovative products based on immune system cells, and antibodies. It has created a platform technology using feeder cells for efficient expansion of NK cells.  Founded in 2015, CiMaas BV is a spin-off from Maastricht University and Maastricht University Medical Center+ (UM/Maastricht UMC+). For more information: https://cimaas.com/

819 Capital Partners

819 Capital Partners is an investment firm managing multiple funds with targeted investment strategies. 819 Evergreen Fund takes minority stakes in early-stage deep-tech and med-tech startups, while 819 Private Equity Fund acquires controlling stakes in mature firms within the leisure, IT, and healthcare industries. The open-ended structure of their funds allows for long-term investments with flexible exit timelines. The firm focuses on sectors like healthcare, technology, and leisure, addressing societal challenges such as aging populations.

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