DIF Capital Partners acquires additional stake in Dublin Waste to Energy PPP project

DIF

Following its initial investment in May 2019, DIF Capital Partners, through DIF Infrastructure V (“DIF”), is pleased to announce it has closed the acquisition of an additional 10% stake in the Dublin Waste to Energy PPP project (the “Project”). Together with its partner MEAG, DIF acquired the stake from the Green Investment Group (“GIG”). Following this transaction, DIF and MEAG together now hold 50% of the Project, with DIF holding the majority thereof. The Project is an operational waste to energy facility supported by a 45 year contract with Dublin City Council.

Located in Poolbeg, Dublin Port, the Project processes 600,000 tonnes of residual waste annually and generates electricity which is exported to Ireland’s national grid – sufficient to power 80,000 homes. The facility has been designed to provide highly efficient incineration and is classified as energy recovery in line with EU policy on waste. The Project is part of a wider Dublin regional waste management plan, which is aimed at reducing waste, maximizing recycling and generating energy from waste. The Project benefits from the Irish renewable energy feed-in tariff. The facility was constructed by Covanta who are also its long term operator.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

 

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Ardian and BNP Paribas developpement invest in Proteor, a french leader in external orthopedics

Ardian

13 January 2021 GrowthFrance, Paris

Paris, January 13, 2021 – Proteor, a major player in the manufacture and distribution of prosthetics and orthotics, has chosen to partner with Ardian, a world leading private investment house, and BNP Paribas Développement, the investment arm of BNP Paribas Group.

Through this investment, Ardian and BNP will support the company in the next phase of its development and in the acceleration of its international expansion, particularly in Europe and North America.

Founded more than 100 years ago, Proteor is a family business headquartered in Dijon, Burgundy, France. The company’s core business is in the manufacturing and distribution of orthopedic devices, with the Group providing tailor-made equipment to meet the needs of patients. Proteor employs more than 900 people and generates more than 20% of its turnover abroad, with operations in France, Europe, the United-States, China and Japan.

Proteor’s growth has been possible thanks to a network of more than 70 orthopedic centers in France and across Europe, which are staffed by more than 200 orthopedic professionals.

The company is also active in the design, manufacturing and marketing of components and materials for prosthetics and orthotics. Proteor has sites in Seurre, France and a factory in Tempe, Arizona in the US. The Group is actively engaged in innovation in this field and has filed more than 100 patents since its creation.

The Group has been focused on expansion in recent years. In 2016, it acquired Lecante, a network of orthopedic centers in France, to extend its market coverage and acquire new software expertise for orthoprosthesists), and made a first acquisition in the United-States in. In 2018, Proteor acquired Ability Dynamicswhich enabled it to expand its product offering and strengthen its presence in the US market.

Now, with the backing of Ardian and BNP Paribas Développement, Proteor will be able to accelerate its international expansion by acquiring Freedom Innovation in the US from Otto Bock Healthcare North America. This transaction is in line with Proteor’s long-term strategy and will help further strengthen its components and materials division, its production capacity and its technological know-how, particularly in microprocessor-controlled knees and new-generation ankle and foot prosthetics.

“Ardian and BNP Paribas Développement were instrumental in negotiating and securing the Freedom Innovations acquisition. With their help, we were also able to complete this first capital opening alongside the founding family. This marks the first step in a collaboration that aims to make Proteor one of the world leaders in external orthotics. » said Jean-Fraçois Cantero and Edouard Archambeaud for Proteor.

“Proteor is a French flagship in external orthopedics, which has been able to expand thanks to innovative solutions particularly adapted to patients’ needs. We are pleased to be partnering with the company in this new phase of international development and consolidation of its technological assets and help Proteor become one of the world leaders in its market”, continued Alexis Saada and Frédéric Quéru for Ardian Growth.

“This partnership reinforces a long-standing relationship based on trust with the management and the founding family. We are delighted to support Proteor in pursuing its innovation strategy and in its new phase of international growth.” concluded Gilles Poncet and Guillaume Wolf for BNP Paribas Développement.

 

ABOUT PROTEOR

Proteor is an independent family business, founded over 100 years ago and headquartered in Dijon, France. Proteor operates in the orthotics and prosthetics market with three main business areas: software, components and custom orthopedic devices. Thanks to continuous investments in innovation, numerous medical and scientific partnerships, and daily cooperation with orthoptists, Proteor benefits from recognized expertise in the orthopedic sector.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$103bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow Ardian on Twitter @Ardian

 

ABOUT BNP PARIBAS DEVELOPPEMENT

BNP Paribas Développement, an independent subsidiary of the international banking group BNP Paribas, is a public limited company that has been investing its equity capital directly as a minority shareholder for over 30 years to support the development of high-performance SMEs and ETIs and ensure their sustainability by facilitating their transfer. In addition to the financial resources made available to the company to ensure stable resources, the vocation of BNP Paribas Développement is to support the management team over the long term in carrying out its medium-term strategic projects. Our minority position ensures our partners an adapted governance without interference in the day-to-day management, while benefiting from the strength of a recognized group and the experience of a partner with a portfolio of more than 400 diversified investments.

Participants

  • Ardian

    • Alexis Saada, Frédéric Quéru, Louise Gros
  • Proteor

    • Edouard Archambeaud, Jean-François Cantero
    • M&A advisors: Neuflize OBC (Johanna Guzman, Géraldine Grossiord, Anne Nguyen)
    • Legal advisors: Alcya Conseil (Laurent Simon, Antonin Thel, Jérôme Loisy)
    • Financial advisor: Advance (Olivier Poncin, Arnaud Vergnole, Thomas Recipon, Mehdi Adyel)
  • BNP Paribas Development

    • Gilles Poncet, Guillaume Wolf, Julien Lemaire
    • Legal advisors & audit: McDermott Will & Emery (Diana Hund, Antoine Vergnat, Emmanuelle Turek, Côme de Saint-Vincent, Katya Ascher)
    • Financial audit: Eight Advisory (Christophe Delas, Nicolas Bassi)
    • Arranger: BECM-CIC (Aurélie Stassinet, Nathalie Picard, Corinne Bugaut)
    • BNP Paribas (Stéphanie Bibollet, Antoine de la Taille), LCL (Anne Garrot, Dirk Weinand, Aurélia Bojmal), Banque Populaire BFC (Edwige Lemarchand, Christine Velon, Fabienne Blanc Mondiere)
    • Crédit Agricole (Barbara Kieres Balko, Jean-Christophe Risold, Adrien Bagard)
    • Advisor : De Gaulle, Fleurance & Associés (May Jarjour, Margaux Baratte, Vahan Guevorkian)

PRESS CONTACTS

ARDIAN – Headland

VIKTOR TSVETANOV

VTsvetanov@headlandconsultancy.co.uk +44 207 3435 7469

 

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Robocath successfully carries out Europe’s first remote robotic-assisted coronary angioplasty

Supernova Invest

Rouen, France, January 13, 2021 — Robocath, a company that designs, develops and commercializes cardiovascular robotic systems for the treatment of vascular diseases, today announces the successful completion of the first remote robotic-assisted coronary angioplasty in Europe. The procedure was carried out by Prof. Eric Durand and Prof. Rémi Sabatier at the Rouen Medical Training Center and Caen University Hospital in France – spanning 75 miles (120 km) between the two locations. The procedure is the first of its kind in Europe; it was completed with R-One™, Robocath’s first commercial robotic-assisted platform. This unprecedented achievement opens the door to new options for patients who live in remote areas and require swift treatment to successfully treat cardiovascular diseases.

The procedure was carried out on an animal model on December 8, 2020. Consistent communication between Prof. Sabatier – operating in the Caen University Hospital, and Prof. Durand – based at the Medical Training Center in Rouen, was secured using a variety of tools.

Prof. Rémi Sabatier, Interventional Cardiologist at Caen University Hospital and Associate Professor in Remote Medicine said: “There are still significant disparities in the level of care for cardiovascular diseases depending on where a patient lives. For example, in Europe, 40% of heart attacks are not treated with a coronary angioplasty, even when this is clearly a better option for the patient than fibrinolytic therapy. This is essentially because it takes too long to get to an interventional cardiology center (1). This pioneering robotic procedure, the first in Europe carried out at a distance of over 70 miles, could eventually improve patient care in case of serious cardiac events such as heart attacks and strokes, and save lives. Aside from the technical achievement, it’s been a privilege for me personally to be involved in this first intervention. The equipment provided by Robocath meant that I was perfectly able to communicate with my colleagues in Rouen without a hitch. Operating my tools remotely felt exactly the same as a standard robotic procedure.”

Prof. Eric Durand, Interventional Cardiologist at Rouen University Hospital said: “I’m delighted to have participated in this landmark operation, which has proven that long-distance robotic procedures can be completed safely and securely by qualified caregivers. There are a number of challenges that still need to be overcome before this can become commonplace within this sector, particularly in relation to the required personnel training and legal liability. Nonetheless, I’m convinced that the future of interventional cardiology is robotic and that this remote connection module will speed up growth in this area.”

Bruno Fournier, CTO at Robocath said: “This successful operation is a great proof-of-concept in a number of technical aspects; it demonstrates that a coronary angioplasty can be completed safely between two distant sites. In the long run, our goal is to provide the user with the same level of performance as with an in-person robotic procedure.”

Lucien Goffart, CEO of Robocath said: “Cardiovascular diseases are currently the number one cause of death worldwide. In part, this is due to a number of circumstances which make it hard to improve treatment, such as geographic, structural and economic factors. Ensuring equality of treatment and access to care – regardless of where one lives, is fundamental. Robotic interventional medicine unquestionably represents a reliable response to these major social challenges. Firstly, robotic procedures make vascular intervention safer for the physician, by providing complete protection from X-rays; over the last 15 years, X-ray exposure has had a significant effect on the number of qualified people entering this field. People are less available, less willing to train, because of the health conditions caused by wearing lead equipment. This has resulted in a growing shortage of qualified medical staff. Secondly, remote robotic interventions will provide patients with rapid access to the best treatment by experts, who can operate from a specialist center on a patient located at a smaller ER.”

Philippe Bencteux, President and Founder of Robocath said: “When I founded this company, almost ten years ago, my ambition was to develop robotic solutions for remote treatment in order to improve care for patients suffering from serious heart conditions such as strokes, heart attacks and hemorrhagic shocks. This telerobotic intervention represents a major triumph for public health. It will clear the way for better treatment for a significant majority of the population – who have not had access to it before. Almost twenty years after the first surgery was carried out between two different locations: New York and Strasbourg, I am particularly proud that Robocath has achieved this ‘first’ in remote vascular intervention. It is a key step in developing the field and will soon lead to a new global era in interventional treatment.”

(1) Widimsky P, Wijns W, Fajadet J, et al., Reperfusion therapy for ST elevation acute myocardial infarction in Europe: description of the current situation in 30 countries, Eur Heart J, 2010;31:943–57 ; Grønborg Laut K., Becic Pedersen A., Lash T., and Dalby Kristensen S., Barriers to Implementation of Primary Percutaneous Coronary Intervention in Europe, European Cardiology, 2011;7(2):108–12

ABOUT ROBOCATH

Founded in 2009 by Philippe Bencteux, MD, Robocath designs, develops and commercializes robotic solutions to treat cardiovascular diseases. As an active player in the evolving medical robotic industry, these innovative solutions aim to make medical procedures safer thanks to reliable technologies, while complementing manual interventions.

R-One™ is the first solution developed by Robocath. It uses a unique technology that optimizes the safety of robotic-assisted coronary angioplasty. This medical procedure consists of revascularizing the cardiac muscle by inserting one or more implants (stents) into the arteries that supply it with blood. Every 30 seconds, somewhere in the world, this type of procedure is performed. R-One is designed to operate with precision and perform specific movements, creating better interventional conditions. Thanks to its open architecture, R-One is compatible with market-leading devices and cath labs.

In a prospective, randomized, controlled pre-clinical trial, R-One demonstrated safety and efficacy as it achieved 100% technical procedure success and no MACE (major adverse cardiovascular events). R-One received the CE marking in February 2019 and started its clinical application in September 2019. Currently R-One is available in Europe and Africa.

Robocath aims to become the world leader in vascular robotics and develop the remote treatment of vascular emergencies, guaranteeing the best care pathway for all. Based in Rouen, France, Robocath has more than 40 employees.

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K1 Agrees to Sell Clarizen, the Category Leader in Enterprise Collaborative Work Management, to Planview

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K1

LOS ANGELES, January 12, 2021 — K1 Investment Management, LLC (“K1”), a leading investment firm focusing on high-growth enterprise software companies, today announced it has entered into a definitive agreement to sell Clarizen, the category leader in Enterprise Collaborative Work Management software. Clarizen, based in Tel Aviv, Israel and San Mateo, California, will be acquired by Planview, a leading portfolio and work management solutions platform backed by TA Associates and TPG Capital. K1 will continue to hold a minority stake in the combined company.

K1 acquired Clarizen in 2018 and partnered with management to expand the company’s North American presence while driving topline growth and expanding profitability. With K1’s backing, Clarizen made several targeted go-to-market and product investments that resulted in nearly doubling the company’s enterprise business. In October 2020, the company was recognized as a leader in project and portfolio management software by G2 Crowd and ranked #1 in user experience and ease of implementation.

“K1 was the perfect partner for Clarizen over the last few years,” said Boaz Chalamish, Executive Chairman at Clarizen. “They helped us accelerate our expansion in North America, continued to support investment in our products and helped drive substantial improvements in our team.”

Clarizen’s customer base includes over 900 organizations in over 120 countries including Box, Siemens, Blackrock, Western Union and Dell.

“Clarizen has become a clear category leader in enterprise work management,” said Sujit Banerjee, Managing Director of K1 Operations, LLC. “We identified Clarizen as having one of the best products in the industry when we first invested, and we worked closely with Boaz and his team to execute on the vision for becoming the global solution for enterprises looking to use technology to do more with less.”

The transaction is subject to regulatory approval. Clarizen was advised by William Blair as financial advisor, and Morris, Manning & Martin LLP and Meitar as legal counsel in the US and Israel, respectively.

Financial terms of the combination were not disclosed.

About K1

K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 and its operating affiliate, K1 Operations LLC, change industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 135 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, ChiroTouch, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Graduway, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.

About Clarizen

Clarizen connects work across the enterprise, turning ideas into strategies, plans, and action. With Clarizen, organizations can work the way they want to work and have real time visibility into all their workstreams. This keeps teams focused on the things that matter, delivers results faster, and helps them exceed their company goals and customers’ expectations. Thousands of global customers, such as Jones Lang LaSalle (JLL), Siemens, De Beers, Ricoh, Box and Shaw Industries, across a wide variety of industries in 124 countries rely on Clarizen to help them achieve their business goals. To learn more, visit clarizen.com.

SOURCE: PRNewswire

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Employee Navigator Raises $34 Million in Growth Equity Financing

JMI Equity

BETHESDA, Md.–(BUSINESS WIRE)–Employee Navigator, a leading benefits administration & HR software provider, announced it has raised $34 million in growth equity funding from JMI Equity. The minority investment will go towards hiring across all functions and expanding Employee Navigator’s product offerings.

The company began licensing its benefits and HR products to insurance brokers in 2012 and has expanded its offerings to partner with the nation’s leading insurance carriers, payroll companies, and third-party administrators (TPAs) to provide a unified benefits and HR solution. Employee Navigator’s growth has accelerated over the past few years; they now support over 2,000 of the nation’s leading insurance brokers, over 50,000 employers, and over 10 million employees and dependents.

“As our business matured, we became convinced of the opportunity to sustainably build a substantial company supporting our core market,” said George Reese, Founder and CEO of Employee Navigator. “We believe there is a need for an agnostic company to bring the benefits ecosystem stakeholders together, and we are confident Employee Navigator can be that trusted partner. We have come to know JMI very well over the last two years and feel they are the ideal long-term partner for our business goals. Ultimately, this was an opportunistic fundraise as we’ve been profitable since 2015 and continue to grow profitably despite the COVID-19 headwinds, and we are excited to deliver more great products and services to our customers and partners.”

“George and the Employee Navigator team have built a resilient business well-positioned for accelerated growth, as demonstrated by their record new business and profitability through COVID,” said David Greenberg, General Partner at JMI Equity. “The Company has established itself as a leader in the benefits administration software space, with impressive employee scale on the platform and some of the most positive customer and partner reference calls we have ever completed. Most importantly, George and the team have the deep insurance industry experience that is crucial to sustained success in this space. We are incredibly excited to partner with Employee Navigator and support their compelling long-term vision.”

About Employee Navigator

Employee Navigator is a rapidly growing benefits, compliance, and HR software provider. The company currently works with more than 2,000 industry-leading brokers nationwide, providing benefits administration and HR products to over 50,000 companies and 10 million employees and dependents.

Employee Navigator has also been named a Top Workplace by the Washington Post in 2017, 2018, 2019 and 2020. For more information, visit www.employeenavigator.com

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 150 businesses in its target markets, successfully completed over 100 exits, and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.

Contacts

For Employee Navigator:
Kyle Reese
kreese@employeenavigator.com
301-583-5185

For JMI Equity:
Chuck Dohrenwend / Will Braun
Abernathy MacGregor
cod@abmac.com / whb@abmac.com
212-371-5999

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Baird Capital Invests in Jumpcode Genomics

Baird Capital

Baird Capital announced today that its venture team has completed an investment in Jumpcode Genomics (“Jumpcode”), a genome technology company focused on improving the understanding of human disease. Joining Baird Capital in the $21 million Series B round of funding was Arboretum Ventures and existing investor LYZZ Capital.

Jumpcode Genomics

Founded in 2016, Jumpcode’s patented technology unlocks the power of next-generation sequencing by improving sensitivity, reducing costs, simplifying workflows and removing bias. Researchers worldwide are using Jumpcode’s CRISPRClean technology in the fields of basic research, infectious disease, oncology and consumer genomics.

“The Jumpcode Genomics team and advisors have a tremendous amount of experience and knowledge in this sector,” said Mike Liang, Partner with Baird Capital. “We believe the underlying technology within Jumpcode has revolutionary applications within the life sciences tools market and within clinical diagnostic applications.”

For the full announcement and additional details on the funding round, a new board member appointment and office and laboratory space expansion, the full press release is available here.

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Volpi Capital beats target with second fund holding final close at €323m

Volpi Capital

London,12 January, 2021: Volpi Capital, the London-based mid-market tech investor, has today announced the final close of its second fund at €323 million (excluding co-investments) surpassing its €300 million target. Despite the challenges of fundraising during the pandemic, the new fund is 75% larger than Volpi’s predecessor fund which closed in March 2018 on €185 million.

This successful fundraise enables Volpi to continue its thematic, “Pick-Your-Partner” approach to investing in Northern European tech-enabled businesses. As with Fund I, Fund II will focus on businesses providing mission-critical services to enterprise customers where technology is displacing traditional business models. Volpi takes a partnership approach to working with management teams to accelerate growth, driving transformation through product expansion, internationalisation and ambitious buy-and-build programmes.

Investors were attracted to Volpi’s tech-enabled focus and resilient portfolio, which grew EBITDA by 27% in 2020. Volpi secured backing from both existing investors, and substantial new commitments from blue-chip European (70%) and US (30%) institutions, including university endowments, fund of funds, insurance companies and family offices.

The growth seen in Volpi’s assets under management reflects the growth of Volpi Capital itself. Today Volpi comprises an internationally diverse team of 17, which will continue to grow as the Fund is invested.

The Fund has already made five investments to date, backing Dutch IT services company Mansystems; Norwegian FSM software provider Asolvi; Dutch fleet management software provider Moving Intelligence; Danish software and solutions business Boyum IT and Profit Software; a Nordic IT services company for the insurance and banking sectors.

Crevan O’Grady, Partner at Volpi Capital said:

“It is fantastic to see the investor support we have received in raising Fund II, especially at such a tumultuous time. We look forward to working with our investors, new and existing, to continue building pan-European tech-enabled assets capable of generating exceptional returns”.

Marco Sodi, Partner at Volpi Capital said:

“The market conditions we have seen in the past year have served to validate the robustness of our thesis and accelerate the long term trends we have been investing behind since inception. Throughout 2020 we have continued to identify attractive opportunities, reflected in our strong deployment, and we look forward to delivering more outstanding deals for our investors in Fund II”.

The Volpi Capital II fundraise was advised by Rede Partners. Loyens and Loeff and MJ Hudson acted as legal advisors.

About Volpi Capital

Volpi Capital is a specialist Northern European lower mid-market private equity firm seeking ambitious businesses that use technology to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, today comprises 17 professionals. Volpi closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million and its second fund (Volpi Capital Fund II) in December 2020 with €323 million of commitments.

For further information visit www.volpicapital.com

Media enquiries:

Volpi Capital – Samantha Lang T. +44 203 747 2625

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Hornetsecurity Agrees to Acquire Software Solutions Provider Altaro to Create International Cloud Security and Compliance Software Platform

Verdane Capital

Transformative acquisition by Hornetsecurity to establish pan-European solution to security and compliance issues in the Microsoft 365 environment

Hanover, Germany –Hornetsecurity Group, a leading European provider of cloud-based email security and data protection headquartered in Germany, today announced that it has agreed to acquire Altaro, a high-growth international provider of reliable backup solutions. The acquisition will transform the company from being a regional leader in cloud email security to an international cloud security and compliance platform.

Altaro provides cloud back-up software for Microsoft Office 365 and virtual machine (VM) software focused on mid-market and SMEs. Headquartered in Malta with offices in the UK, Germany, France, North Macedonia and the US, Altaro serves over 50,000 customers across more than 120 countries.

This transaction will significantly expand Hornetsecurity’s international presence and product range, making the company a pan-European solutions provider to security and compliance issues in the Microsoft 365 environment. As part of the transaction, Altaro’s founders will be appointed into management roles within Hornetsecurity.

 

The transaction is supported by Hornetsecurity’s shareholders Verdane, the Northern European specialist growth equity investor and PSG, a leading growth equity firm partnering with lower middle-market software and technology-enabled service companies.

“We’re thrilled to welcome the Altaro team to help drive the next phase of our growth,” said Daniel Hofmann, CEO of Hornetsecurity. “As we look to provide all organisations with a complete security and compliance solution for their use of cloud technologies, integrating Altaro’s backup solutions into Hornetsecurity’s email cloud security product portfolio will complete the comprehensive security package puzzle.”

David Vella, CEO of Altaro, added: “We have found exactly the right strategic buyer in Hornetsecurity and are delighted to become part of the group. The two companies’ existing business lines complement each other perfectly, and by combining these along with our pooled industry experience and know-how, we are confident in Hornetsecurity’s ability to become the European market leader in cloud security.”

Financial terms of the transaction were not disclosed.

 

About Hornetsecurity Group

Hornetsecurity is a leading email cloud security provider in Europe, which protects the IT infrastructure, digital communication and data of companies and organizations of all sizes. Founded in 2007, the security specialist from Hanover, Germany, provides its services worldwide via 9 redundant, secured data centres. The product portfolio covers all important areas of email security, including spam and virus filters, legally compliant archiving and encryption, as well as defense against CEO fraud and ransomware. With around 200 employees, Hornetsecurity is represented globally at 11 locations and operates in more than 30 countries through its international distribution network. The premium services are used by approximately 40,000 customers including Swisscom, Telefónica, KONICA MINOLTA, LVM Versicherung, DEKRA and Claas.

Further information on www.hornetsecurity.com

 

About Altaro

Altaro is a high-growth developer of reliable backup solutions for managed service providers (MSPs), IT resellers and enterprises. The company has over 50,000 customers in 121 countries around the world, 10,000 partners and over 2,000 MSPs. Altaro offers cost-effective and professional features without unnecessary aspects that add costs or excessive complexity. The flagship product is the backup solution for virtualized environments Altaro VM Backup. It is becoming increasingly popular and is the first choice for Hyper-V and VMware backups and replications. Altaro Office 365 Backup is a subscription solution for backing up and restoring Office 365 mailboxes. A backup solution for physical Windows servers is also available. Altaro has offices in the U.S., U.K., Germany, France, northern Macedonia and Malta.

For further information visit www.altaro.com

 

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 €2.1bn in total commitments and have made over 120 investments in category leaders within software, digital consumer, and energy & resource efficiency. Verdane’s team of more than 60, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner in Northern Europe. www.verdane.com

About PSG

PSG is a growth equity firm that partners with lower middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 60 companies and facilitated over 250 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London.

 

Press contacts

Jonathan Bui, Communications Manager
Verdane
press@verdane.com
+46 76 27 28 100

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Blackstone Private Credit Fund Breaks Escrow with Net Proceeds of $814 Million

Blackstone

New York, NY, January 12, 2021 – Blackstone today announced that Blackstone Private Credit Fund (“BCRED”), the firm’s non-listed business development company (“BDC”), broke escrow with approximately $814 million in net proceeds for its continuous public offering on January 7, 2021. With leverage, BCRED may have approximately $1.8 billion of investable capital.

Blackstone Credit manages approximately $135 billion[1] of assets overall and invests across the corporate credit market. BCRED is part of Blackstone Credit’s $21 billion[2] direct lending platform, which provides privately originated, senior secured, floating rate loans to U.S. and European middle market companies. Leveraging Blackstone’s institutional-caliber investment approach, BCRED aims to provide income-focused individual investors access to private credit in a continuously offered fund structure. BCRED is offered through Blackstone’s global Private Wealth Solutions business, demonstrating the firm’s continued commitment to delivering solutions for individual investors.

Commenting on the announcement, Joan Solotar, Global Head of Private Wealth Solutions, said: “Just as we reimagined the non-traded REIT with BREIT, we are hoping to do the same with private credit and BDCs. The positive initial response to BCRED illustrates the need for income solutions in today’s low rate environment and the compelling opportunity BCRED can provide.”

Dwight Scott, Global Head of Blackstone Credit, said: “Blackstone has built a $21 billion direct lending business, focused on developing long-term partnerships with companies to support their success. With BCRED, we’re excited to give individual investors the same access to our experienced team, scale and deep resources that we provide our institutional clients.”

Brad Marshall, Co-Head of Performing Credit and CEO of BCRED, said: “With BCRED, we’re focused on investing in established, historically stable enterprises with positive cash flows and staying senior in the capital structure. Our scale and resources differentiate us in the market, help us identify investment opportunities and help support the long-term success of the companies we invest in.”

About Blackstone Credit

Blackstone Credit is one of the world’s largest credit-focused asset managers, with $135 billion in assets under management. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments.

About Blackstone   

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M-Files Secures $80 Million in Growth Investment

Tesi

M-Files, the intelligent information management company, today announced that it has received a strategic investment of $80 million (€67 million). Bregal Milestone, a European growth capital firm, led the round with current investors Partech, Tesi and Draper Esprit also participating.

M-Files provides an intelligent, repository neutral platform that utilizes metadata and artificial intelligence (AI) to break down information silos and unify systems, data and content across an organization. M-Files seamlessly embeds within popular digital workplace platforms, including Microsoft 365, Salesforce and Google Workspace, enabling users to access and manage documents and information from the applications where they prefer to work.

From small and medium-sized businesses to large global enterprises, M-Files is a trusted partner to thousands of customers in over 100 countries, helping them increase efficiencies and drive productivity.  M-Files has more than 500 employees located across 11 global offices. The company’s software-as-a-service (SaaS) business model continues to propel its strong growth. M-Files has been featured in the Gartner Magic Quadrant for Content Services Platforms (formerly Enterprise Content Management) since 2012 and named a Visionary for the last five consecutive years.

Cyrus Shey (on the left) and Antti Nivala (on the right)

Antti Nivala, CEO and founder of M-Files:

“Bregal Milestone’s extensive experience investing in the B2B enterprise software sector and their philosophy in partnering with fast-growing companies like M-Files made the firm an attractive investment partner. We’ve identified opportunities to accelerate our growth and further expand M-Files’ market penetration, especially in North America. The valuable investment from Bregal Milestone, bolstered by support from our existing shareholders Partech, Tesi and Draper Esprit, will enable M-Files to deliver further innovations in product development, AI and our cloud platform.”

Cyrus Shey, Managing Partner at Bregal Milestone:

“We are thrilled to partner with the M-Files team to support Antti and his team on their very exciting growth journey. M-Files has a robust and cutting-edge solution that brings tangible value-add to its customers. We look forward to supporting management in accelerating growth and further consolidating M-Files’ leadership position, namely in the US and other key geographies. The transaction is the 9th investment made by Bregal Milestone’s inaugural growth capital fund in just over 2 years, and we couldn’t be more proud to partner with Antti and the world-class M-Files team.”

Additional information:

Antti Nivala, CEO and founder, M-Files Oy
antti.nivala@m-files.com
+358 40 556 0471

Juha Lehtola, Director, venture capital invesments, Tesi Oy
juha.lehtola@m-files.com
+358 400 647 671

 

M-Files Oy

M-Files provides a next-generation intelligent information management platform that improves business performance by helping people find and use information more effectively. Unlike traditional enterprise content management (ECM) systems or content services platforms, M-Files unifies systems, data and content across the organization without disturbing existing systems and processes or requiring data migration. Using artificial intelligence (AI) technologies in its unique Intelligent Metadata Layer, M-Files breaks down silos by delivering an in-context experience for accessing and leveraging information that resides in any system and repository, including network folders, SharePoint, file sharing services, ECM systems, CRM, ERP and other business systems and repositories. Thousands of organizations in more than 100 countries use M-Files for managing their business information and processes, including NBC Universal, OMV, Valmet, SAS Institute and thyssenkrupp. For more information, visit: m-files.fi.

Bregal Milestone

Bregal Milestone is a growth capital firm managing a €495 million pan-European fund dedicated to making investments in high-growth European companies. The firm provides growth capital and strategic assistance to support market-leading companies in the technology and technology-enabled services sectors. Bregal Milestone is part of Bregal Investments, who have invested over €15 billion to date.

Tesi (Finnish Industry Investment Ltd) is a Finnish state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.6 billion euros. Ambition for ownership and success – tesi.fi | @TesiFII

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