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Bowmark wins Mid-Market Buyout House of the Year

Bowmark

Bowmark is honoured to have received the Unquote British Private Equity Award for Mid-Market Buyout House of the Year 2020.

The awards recognise the role of private equity in generating outstanding returns for investors while fostering growth in the UK economy. The winners were selected by Unquote readers and industry stakeholders.

Unquote commented: “Bowmark delivered strong investment performance over the judging period, with the companies in its two current funds delivering profit growth of over 15% in the year to June 2020.”

Charles Ind, Bowmark managing partner, said: “In what has been a challenging year for everyone, we are incredibly grateful to our colleagues in the industry for selecting Bowmark for this award. We are delighted that the outstanding work of our portfolio companies has been recognised, and our team will endeavour to maintain its high standards of delivery for our investors.”

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Arcus announces financial close on the sale of Brisa

Arcus

15 October 2020

LONDON, United Kingdom (15 October 2020) – Arcus Infrastructure Partners (“Arcus”) is pleased to announce the closing of the sale of AEIF1’s (the ‘Fund’) entire 40.6% interest in Brisa Auto-Estradas de Portugal S.A. (‘Brisa’) to a consortium comprising APG Asset Management N.V., the National Pension Service of Korea and Swiss Life Asset Management AG on the 13 October 2020.

Completion of the transaction follows approval granted by the relevant antitrust authorities on 18 September 2020.

Michael Allen, Arcus Partner and Brisa Asset Manager, said: “Over a 13 year period, Arcus has worked in close partnership with Brisa Management and JdM to grow the company, to enhance Brisa’s position as the leading toll road operator in Portugal and leverage its technology and innovation to further develop automated tolling and mobility solutions. Brisa is one of the most efficient toll road operators in Europe and a leader in ESG metrics.”

This transaction marks the sixth and final exit for the Fund.

Simon Gray and Ian Harding, Arcus Co-Managing Partners, said: “We are extremely pleased with the conclusion of the sale of Brisa and the outcome delivered for AEIF1 and its LPs, following 13 years of managing the Fund and its investee companies through some challenging periods as well as some more benign circumstances.  We would like to extend our thanks and appreciation to our LPs for their continued trust and support over this long period.”

Arcus’ financial advisors for this transaction were Morgan Stanley and Millennium Investment Banking. Arcus’ legal advisors were Clifford Chance as to English law and Luxembourg law and CS Associados as to Portuguese law. Deloitte provided accounting and tax advice.

Media Contacts:

Callum SprengE: callum@sprengthomson.com

T: +44 7803 970103

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About Arcus

Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and special co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value in excess of EUR 15bn (as of 31 December 2019).  The Arcus investment track record includes: Forth Ports, TDF, Alpha Trains, Angel Trains and several other leading European infrastructure businesses. Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the transportation, energy and telecommunications sectors.

For further information: www.arcusip.com

Linkedin/arcusinfrastructurepartners

Twitter/ArcusInfra

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About Brisa

Brisa is a leading toll road concessionaire in Europe (c. 1,575km total network length) and the largest road platform in Portugal representing c. 57% of total national distance travelled and c. 43% of the country’s toll road network. Every year, over 7.5 million customers drive on Brisa motorways.

Brisa, which comprises 5 concessions holding a total of 21 motorways, is the backbone of the Portuguese road system: it runs through 12/18 Portuguese regions, connecting Porto-Lisbon (the key national business route) and East-West (with two major accesses to Spain and the Trans-European road network). The largest concession is Brisa Concessão Rodoviária (BCR), which comprises a network of 11 motorways spanning across 1,100 km in which Brisa holds a 70% stake.

For further information: https://www.brisa.pt/en

LinkedIn/Brisa

Twitter/viaverdept

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21 Concordia exits Apaczka

21 Concordia has signed an agreement to sell its stake in Apaczka, the #1 e-commerce logistics and shipping platform operator, to Abris Capital Partners, a leading independent private equity fund manager.

Headquartered in Warsaw, Apaczka has been active for over 10 years in the logistics sector, enjoying a leadership position in Poland at the same level of large international shipping groups. Apaczka operates as a technology platform and an integrator, offering comprehensive shipment services for e-commerce stores, SMEs and SOHO (small office / home office) clients.

Acquired by 21 Concordia in 2017, throughout the holding period Apaczka enjoyed strong growth in direct sales and in the volume of parcels sent thanks to several strategic actions carried out. Apaczka completed 6 strategic acquisitions, including the second largest logistics player in Poland and five add-ons aimed at accelerating digital development. Moreover, Apaczka strengthened the managerial structure in the areas of finance, product, marketing and customer service and diversified its supplier base thanks to new agreements reached with international couriers such as GLS.

Apaczka also developed a new international parcel service from Poland to Germany and created a new platform dedicated to private individuals, while investing in online marketing to improve brand positioning.

On the back of these targeted actions, Apaczka today has over 40,000 clients compared to 16,000 at entry and has increased the volume of parcels sent to 8 million compared to 2.4 million in 2016, continuing to record a positive growth trend also during the covid-19 emergency.

Apaczka has a strong growth in sales in the last three years (2017-2020(B)), achieving a CAGR of over 15% and with over 35 million in sales expected in 2020. Apaczka has also doubled its workforce and opened a new branch.

21 Concordia has identified Abris Capital Partner as the ideal partner to continue the dynamic growth path launched in Apaczka.

Marek Modecki, Managing Partner at 21 Concordia, commented: “We are pleased to have actively participated in the growth of Apaczka. Working closely with the management team has allowed a rapid development of the company in one of the most appealing sectors of the moment. We are pleased that the management of Apaczka will be able to continue on this path and tackle new markets alongside a partner like Abris”

Grzegorz Iwaniuk, Co-founder and President of Apaczka, commented: “In addition to pursuing the current strategy of increasing our market share and asserting our leadership position, we plan to accelerate the growth of the business. Indeed, with the support of Abris we will notably develop and implement new solutions for entities operating in the e-commerce industry. Our goal is also to address new market segments with the apaczka.pl online platform.”

Edgar Koleśnik, Partner at Abris Capital Partners, commented: “Apaczka falls perfectly in line with the increasing demand for delivery e-services, allowing to foresee greats prospects for the company’s development. We are convinced that, with the experienced management team in place, we will be able to implement our ambitious plans both in terms of organic growth and acquisitions.”

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CD&R Completes Acquisition of Epicor, Leading Software Provider to Industrial Sectors

Clayton Dubilier Rice

Eppicor logo

Wednesday, October 14, 2020
New York, NY

Clayton, Dubilier & Rice today announced the closing of CD&R funds’ acquisition of Epicor, a global provider of industry-specific enterprise software to industrial sectors. The transaction is valued at $4.7 billion.

Epicor is a leading enterprise software vendor delivering cloud-enabled services to more than 20,000 customers globally. Epicor’s flagship products are curated to support complex, vertical-specific workflows and provide mission-critical support to customers seeking to drive growth and profitability in their own businesses. Epicor is an acknowledged leader in the industrial end markets it serves, including manufacturing, distribution, retail, and services categories.

Upon the close, CD&R Partner Jeff Hawn assumed the role of Chairman of the Epicor Board. Mr. Hawn has more than 20 years’ experience across a range of senior executive roles in software and technology-related businesses, including serving as Chairman and Chief Executive Officer of Quest Software, Vertafore, and The Attachmate Group.

“We believe Epicor is positioned to accelerate growth in the coming years based on the company’s reputation for quality and reliability and impressive portfolio of next-generation cloud products,” said Mr. Hawn. “We are focused on applying CD&R’s experience—both in software and industrial end markets—to support the talented Epicor management team and its growth plans, including the pursuit of strategic acquisitions.”

About Epicor Software Corporation
For almost 50 years, Epicor Software Corporation has specialized in helping its customers grow their businesses, expand their capabilities, increase their productivity, and improve efficiencies. A leader in Enterprise Resource Planning for medium-sized businesses, Epicor serves as a trusted partner for thousands of companies worldwide across key industries, such as manufacturing, distribution, and retail. Through its innovative services and unparalleled vertical knowledge, Epicor is creating a world of better business for its customers, building in its unique business processes and operational requirements into every one of its solutions―in the cloud or on premises. For more information, connect with Epicor or visit www.epicor.com.

About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on enhancing the value of the businesses it acquires by supporting long-term growth, productivity, capital efficiency, and related strategic measures. Since inception, CD&R has managed the investment of more than $30 billion in 94 companies with an aggregate transaction value of approximately $150 billion. The Firm has offices in New York and London. For more information, visit www.cdr-inc.com.

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Ratos Nomination Committee and 2021 AGM

Ratos

Ratos’s Annual General Meeting (AGM) will be held on 5 May 2021 at Skandiascenen, Cirkus, in Stockholm, Sweden.

In accordance with the policy for appointing Ratos’s Nomination Committee, it is hereby announced that the company’s major owners/owner constellations have appointed a Nomination Committee with the Chairman of the Board Per-Olof Söderberg as the convener.

The Nomination Committee comprises the following individuals:

  • Jenny Parnesten, nominated by the Ragnar Söderberg Foundation, and own and related parties’ holdings
  • Jan Söderberg, own holdings
  • Maria Söderberg, nominated by the Torsten Söderberg Foundation, and own holdings
  • Erik Brändström, nominated by Spiltan Fonder AB
  • Martin Gärtner, nominated by SEB Investment Management
  • Per-Olof Söderberg, Chairman of Ratos’s Board

The Nomination Committee has nominated Jenny Parnesten as Chairman.

In accordance with an AGM resolution, the Nomination Committee shall evaluate the composition and work of the Board of Directors and draft proposals for the 2021 AGM regarding:

  • election of the Board of Directors and Chairman of the Board
  • election of Auditor (in cooperation with the Audit Committee)
  • remuneration to Board members and auditors
  • election of Chairman of the AGM
  • where necessary, changes to principles for composition of the next Nomination Committee

Shareholders who wish to submit proposals to the Nomination Committee may send an e-mail to helena.jansson@ratos.com (subject line “To the Nomination Committee”) or a letter to Ratos Nomination Committee, Helena Jansson, Ratos AB, Box 1661, SE-111 96 Stockholm, Sweden, not later than 31 January 2021.

Shareholders who wish to submit a proposal for consideration at the AGM should send such a proposal to the Chairman of the Board (at the above address) not later than 17 March 2021 in order for the proposal to be included in the notice of the AGM.

 

For further information, please contact:
Jenny Parnesten, Chairman of Nomination Committee, +46 70 742 51 77
Per-Olof Söderberg, Chairman of the Board, Ratos, +46 8 700 17 98

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer & Technology and Industry. In total, the companies have SEK 38 billion in sales and EBITA of SEK 1.8 billion. Our business concept is to develop mid-sized companies headquartered in the Nordics that are or can become market leaders. We enable independent mid-sized companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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Arbor Investments Closes Fund V and DOF II, Raising over $1.65B of Capital

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Arbor Investment

Oct. 14, 2020

Arbor Investments (“Arbor”), a specialized private equity firm that focuses exclusively on investing in the food and beverage industry, announced today the closing of its fifth equity fund, Arbor Investments V, LP (“Fund V”), with $1.5 billion of outside capital commitments, as well as its second captive subordinated debt fund, Arbor Debt Opportunities Fund II, LP (“DOF II”), with $168 million of outside commitments. The close brings Arbor’s total assets under management (AUM) to $2.9 billion.

Gregory Purcell, Arbor co-founder and CEO, commented, “We are humbled by the commitments from our longtime limited partners as well as the interest from new investors who have entrusted Arbor with their capital. The quick and successful closing of Arbor Fund V, especially during this unique fundraising environment, is not only a testament to our outstanding investment track record but also a continued endorsement of the highly differentiated strategy we’ve refined over more than two decades. We anticipate tremendous opportunity to deploy this new capital with outstanding entrepreneurial families and blue-chip strategic players.”

“Contrary to typical private equity firms, Arbor has always been focused on adding value beyond just capital and our results reflect this unconventional approach,” said Senior Operating Partner Timothy Fallon. “We’re firm believers in the advantages of industry specialization and our model is rooted in leveraging the firm’s experienced team of in-house resources to identify and execute transformative changes to our portfolio companies. It’s an operationally intense, all-hands-on-deck attitude that we believe drives value creation and positions us as the partner of choice to companies in the food and beverage sector.”

“Arbor’s brand is stronger than ever,” added Arbor President Carl Allegretti. “We are honored to have earned the trust of our investors and I couldn’t be more proud of our people. To raise this amount of capital so efficiently in this unprecedented time is a testament to the strength of our team and the track record that has been built over the 21 years of Arbor. The best is yet to come.”

Shannon Advisors acted as placement agent, and Kirkland & Ellis LLP served as fund legal counsel.

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21 Concordia exits Apaczka

October 14, 2020

21 Concordia has signed an agreement to sell its stake in Apaczka, the #1 e-commerce logistics and shipping platform operator, to Abris Capital Partners, a leading independent private equity fund manager.

Headquartered in Warsaw, Apaczka has been active for over 10 years in the logistics sector, enjoying a leadership position in Poland at the same level of large international shipping groups. Apaczka operates as a technology platform and an integrator, offering comprehensive shipment services for e-commerce stores, SMEs and SOHO (small office / home office) clients.

Acquired by 21 Concordia in 2017, throughout the holding period Apaczka enjoyed strong growth in direct sales and in the volume of parcels sent thanks to several strategic actions carried out. Apaczka completed 6 strategic acquisitions, including the second largest logistics player in Poland and five add-ons aimed at accelerating digital development. Moreover, Apaczka strengthened the managerial structure in the areas of finance, product, marketing and customer service and diversified its supplier base thanks to new agreements reached with international couriers such as GLS.

Apaczka also developed a new international parcel service from Poland to Germany and created a new platform dedicated to private individuals, while investing in online marketing to improve brand positioning.

On the back of these targeted actions, Apaczka today has over 40,000 clients compared to 16,000 at entry and has increased the volume of parcels sent to 8 million compared to 2.4 million in 2016, continuing to record a positive growth trend also during the covid-19 emergency.

Apaczka has a strong growth in sales in the last three years (2017-2020(B)), achieving a CAGR of over 15% and with over 35 million in sales expected in 2020. Apaczka has also doubled its workforce and opened a new branch.

21 Concordia has identified Abris Capital Partner as the ideal partner to continue the dynamic growth path launched in Apaczka.

Marek Modecki, Managing Partner at 21 Concordia, commented: “We are pleased to have actively participated in the growth of Apaczka. Working closely with the management team has allowed a rapid development of the company in one of the most appealing sectors of the moment. We are pleased that the management of Apaczka will be able to continue on this path and tackle new markets alongside a partner like Abris”

Grzegorz Iwaniuk, Co-founder and President of Apaczka, commented: “In addition to pursuing the current strategy of increasing our market share and asserting our leadership position, we plan to accelerate the growth of the business. Indeed, with the support of Abris we will notably develop and implement new solutions for entities operating in the e-commerce industry. Our goal is also to address new market segments with the apaczka.pl online platform.”

Edgar Koleśnik, Partner at Abris Capital Partners, commented: “Apaczka falls perfectly in line with the increasing demand for delivery e-services, allowing to foresee greats prospects for the company’s development. We are convinced that, with the experienced management team in place, we will be able to implement our ambitious plans both in terms of organic growth and acquisitions.”

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Ex-DICE & e-sports veterans raise pre-seed for new games studio NAG

LVP

Welcome to the LVP family, NAG Studios!

NAG raises pre-seed round

We are very excited to announce this $1M pre-seed round into NAG Studios AB, based in Stockholm, Sweden. The team is headed by DICE veteran Peter Stahl and esports specialist Johan Skott, and aims to deliver the next generation of competitive gaming entertainment.

Within VC and game development circles, the idea of investing into esports as some monolithic entity can form the punchline to many a joke. Not because it isn’t important within gaming, nor valid as a genuine differentiator – indeed, this was one of the key reasons why we invested into NAG – but that the sophistication of analysis has been lacking beyond platitudes about viewership, or esports was used as a buzzword tacked on without understanding what its function would be (see our previous blog post). We found that very few people were talking about esports in the right way. Is it possible to design an esport from the start? Is an esport a competitive game that has merely become popular?

On the other hand, when considering how well a game design will work as a viewing experience, or planning monetisation and balancing to make it open and fair enough to be considered by the esports ecosystem and tournament organisers, an esports focus makes sense. This also has added benefits when considering collaborating with streamers and influencers. Esports as a superstructure, being built on a competitive game with a fair balance and a fun to view format, means that getting teams in early to assist in this regard is only logical. The larger question that follows this is whether you can kickstart these communities by starting with this more hardcore community first and then expect the mass market to pick up the game as a result.

When we met NAG, we had all these thoughts running through our heads, and initially questioned why they were so explicitly targeting esports. However, as we talked further it became clear that their focus on esports was the effect, not the cause, of their wider strategy. Peter and Johan’s approach, in bringing in the community first and using them to build games from the inside out, was like music to our ears; this is how games should (and increasingly need) to be made. Their obsessive focus on integrating and engaging all users, regardless of whether they are actively playing the game or not, felt both revolutionary and natural at the same time. NAG is redefining what it means to be a competitive game, widening its scope to become a hobby activity: not merely the game, but including lots of overlapping activities including viewing and streaming integrations, flexible user engagement and community assistance in the design of the game.

To undertake this is no mean feat and luckily for us, the team assembled at NAG is more than up for the task. Together, the team has 60 years’ experience in the games and esports industry (the majority in competitive gaming), having worked on leading FPS titles such as Battlefield, Medal of Honor and Star Wars: Battlefront. Johan brings with him his deep network within esports. The creative spine of NAG, Peter and Niklas, both worked together whilst they were at DICE and the team are well positioned to draw upon the vibrant Swedish gaming ecosystem.

NAG’s first game is providing a mode and format that is different to anything that is currently out in the market today. Competitive games have always been more community-led and prone to experimentation than any other genre, thanks largely to a large and passionate core group seeking these high octane experiences. Looking back at the progression of competitive games, Counterstrike was initially a mod of Half-Life and battle royale was borne out of an Arma 2 mod. The fact that the ideas for these multi-billion dollar games have been spawned from within the community, clearly illustrates the importance of listening to and interacting with them. And this is exactly what NAG intends to do. We can’t wait to get started.

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LIVEKINDLY Collective Announces an Additional $135 Million Capital Raise

Blue Horizon

By Blue Horizon

Zurich, 14 October 2020 – Blue Horizon Corporation, the pure play thematic-impact asset manager in the alternative protein sector, announced today that The LIVEKINDLY Collective has successfully completed a USD 135 million capital raise through convertible securities with a selected group of strategic, institutional and mission-driven investors. The transaction was strongly supported by Blue Horizon Corporation as the anchor investor. New investors include a syndicate from Asia, led by Trustbridge Partners, global investment organisation EQT and Griffith Foods.

Blue Horizon Corporation is the controlling shareholder of The LIVEKINDLY Collective, which was created in 2019 (formerly known as Foods United). The LIVEKINDLY Collective has grown into one of the world’s largest and fastest growing plant-based food companies within a very short period of time.

Björn Witte, CEO and Managing Partner of Blue Horizon Corporation, said: “We congratulate Kees Kruythoff and his management team for their tremendous operational success in ramping up the company at scale and at speed over the course of this year. We are thrilled that our innovative business model keeps on attracting high quality and mission driven investor interest on a continuous basis.”

Media contact Blue Horizon Corporation
Martin Meier-Pfister, IRF
Phone +41 43 244 81 40
bluehorizon@irf-reputation.ch

Please refer to the official LIVEKINDLY Collective Press Release as below.

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LIVEKINDLY Collective Announces an Additional $135 Million Capital Raise
Following a Successful Founders Round of $200 Million Earlier this Year
Seeks to Make Plant-Based Food the New Normal with Protein-Packed Meat Alternatives

NEW YORK | October 14, 2020 —The LIVEKINDLY Collective, a leading global multi-brand plant-based food company, today announced a successful capital raise of $135 Million led by Blue Horizon Corporation. Investors included a syndicate from Asia led by Trustbridge Partners, and global investment organization EQT, along with Griffith Foods, and other existing shareholders.

Proceeds from this capital raise will be used to accelerate LIVEKINDLY Collective’s mission to transform the current unsustainable meat-centric food system by making healthier, delicious and more sustainable plant-based alternatives accessible to consumers worldwide. The majority of proceeds will be used to increase capacity and accelerate the 2021 nationwide U.S. launch of portfolio brands Fry Family Food Co., LikeMeat, and Oumph! whose products are currently available in select markets across Europe, Africa and Australia, and develop new products, including plant-based chicken and eggs.

“We see significant investor interest increasing around our movement,” said Kees Kruythoff, CEO and Chairman of LIVEKINDLY Collective. “Through our plant-based food platform we’re committed to ethically and environmentally-friendly practices in everything we do. We are also uniquely positioned to scale rapidly and transform the current global food system.” “Global consumer demand for plant-based meat alternatives is growing rapidly, creating a meaningful opportunity for investors, and our focus on chicken alternatives addresses a massive global need,” said David Knopf, Chief Financial Officer of LIVEKINDLY Collective. “Our plans to accelerate business growth not only meets the demand of consumers for healthier and more environmentally friendly products, but also creates an attractive investment opportunity behind a purpose-driven business model.”

With this additional round, the total funds raised by the company in 2020 amount to $335 Million, resulting in LIVEKINDLY Collective becoming one of the highest funded plant-based food companies globally.

ABOUT LIVEKINDLY COLLECTIVE
The Livekindly Company, Inc. (d/b/a LIVEKINDLY Collective) was founded by Blue Horizon Corporation to accelerate the transformation of the global food industry into a healthier, sustainable, kinder food system, accessible to all. Through strategic partnerships with seed growers, producers, and distributors, LIVEKINDLY Collective is the only company in the plant-based food sector to own and operate the entire value chain. As a collective of founders, entrepreneurs and global leaders, the company is uniquely positioned to create impact at speed, at scale. Through its brands The Fry Family Food Co., LikeMeat, and Oumph!, LIVEKINDLY Collective is making plant-based eating the new normal and providing consumers with healthy, sustainable, delicious food. Its mission-driven lifestyle and media platform LIVEKINDLY inspires its community to make positive and sustainable changes through entertaining, and informative content.

Media contact LIVEKINDLY Collective:
Alicia Diotte | media@livekindly.com

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About Blue Horizon
Blue Horizon Corporation has shaped the growth of the market for alternative proteins since the beginning and accelerates it through targeted investments as a pure play industry pioneer. The company aims to sustainably transform the global food industry through investments into companies who are replacing animal proteins with healthy, alternative protein sources across the global supply chain. Blue Horizon was founded in 2016 and is based in Zurich and Los Angeles. The company launched its first venture fund in 2018. Since then, it has completed over 50 seed and venture capital investments in the alternative protein food tech sector and raised more than CHF 350 million. Its business model offers a unique market access from Seed to Consolidation via funds and direct investment platforms throughout all stages of asset lifecycles. More on www.bluehorizon.com

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Lingit acquires LexAble to support international growth

Verdane Capital

TRONDHEIM, Norway — Lingit, a Verdane-owned software company offering multilingual literacy support for dyslexics and others with reading and writing difficulties, continues its international expansion with the acquisition of LexAble, a British technology company providing automatic and immediate text correction.

Many people have difficulties acquiring basic writing and/or reading skills, often due to dyslexia. Lingit develops language technology which makes reading and writing easier. The software supports users with spelling, word choice and reading on computers and tablets. It allows users to “read with their ears”, making it less likely for spelling mistakes to occur. This enables users to read more and produce better texts.

In 2018, Norway-based Lingit made its first foray into international markets through the acquisition of Claro Software, a British peer that offers similar solutions as Lingit. Claro Software has a strong foothold in the UK and sales in several European countries including France, the Netherlands, Italy, Spain and Sweden.

Lingit now continues its international expansion through the acquisition of LexAble. Founded in 2007 by Neil Cottrell, who has dyslexia, the company was born out of a wish to create a solution to the personal challenges he was facing when reading and writing. Through establishing LexAble, he was also able to help others in the same situation.

“LexAble has developed an exciting software for automatic text correction as you write. The software has high professional and technological credibility in the market. The technology is developed so that all corrections by the software are aggregated from users in a central database, currently consisting of more than 1.5 million validated autocorrections. This way, the underlying language resources are continuously improved as the software corrects text,” says Frode M. Thulien, CEO of Lingit.

 

As with Lingit and Claro Software’s solutions, LexAble’s software also works on PC, Mac and several other platforms.

“We aim to further improve our software by including LexAble’s technology in the Lingit family. It will allow us to strengthen our offering towards English language education in Norway and for Claro Software’s users, and is also an important step in further international expansion to English speaking markets.”, says Thulien.

“Norway is at the forefront in recognising reading and writing difficulties, and in understanding which approach gives the best results. We are also ahead of the curve with regards to use of digital tools in education. These represent important drivers for the adaptation of reading and writing aids, also internationally. Our experience from our home market, combined with our unique technology and methodology, gives us a clear advantage when entering new markets,” Thulien continues.

Lingit’s revenues amounted to NOK 34 million in 2017, when the Northern European specialist growth investor Verdane became majority shareholder and Lingit’s international growth strategy was implemented. The goal is to reach more than NOK 130 million in revenues in 2020, including completed acquisitions.

“We have set a new standard for reading and writing support software. Our employees are passionate about language and learning, and are privileged to see the impact our software can have on those in need of such support. Our tools provide help to both children and adults in managing and compensating for their difficulties, so that they can have the same education, work and career opportunities as everyone else. We know our technology can help millions of dyslexics across the world and the acquisition of LexAble will allow us to help even more people,” says Thulien.

The parties have agreed not to disclose the terms of the deal.

About Lingit AS

The language technology company Lingit AS is Northern Europe’s leading provider of software for reading and writing support. Founded in Trondheim, Norway, in 2001, the company has since helped tens of thousands of children, students and adults to manage and compensate for their reading and writing difficulties. Lingit aims to contribute to increased inclusion and equal opportunities in work and education through its unique technology and method. With a solid position in the Norwegian market, the company is now expanding internationally, aiming to help more people. Lingit acquired British Claro Software in 2018, a company with a strong foothold in the UK and sales to several European countries. In 2020, the British text correction company LexAble joined the Lingit family. Lingit is headquartered in Trondheim, with offices in Bergen, Cardiff and Manchester and a development department in Ukraine. www.lingit.no

About Verdane

Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €2bn in total commitments and have made over 120 thematic investments in digital consumer, energy & resource efficiency and software businesses. Category leaders backed by Verdane include Brightpearl, Freespee, HIVE Streaming, Hornetsecurity, Inriver, Lingit and Talentech. Verdane’s team of 61, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the best growth partner in Northern Europe. www.verdane.com

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