IoThink’s innovative IoT platform will create new opportunities for Wireless Logic customers to control connected devices, monitor fleets and analyse data

Wireless Logic, the leading global IoT connectivity platform provider has acquired IoThink Solutions for an undisclosed sum. IoThink is an international software as service vendor, which provides tools for customers to quickly and easily build their own bespoke IoT solution. This agreement marks the latest step in Wireless Logic’s business expansion following the acquisitions of Mobius Networks and Jola in July.

Formed in 2016 and headquartered in France, IoThink is on a mission to simplify IoT. Its core offering is the Kheiron IoT Suite, which provides users with the required tools to quickly and easily build their own IoT platform. The fully customisable solution offers low-code development, over 750 pre-integrated devices, digital twin capabilities and templates for multiple use cases. In addition, Kheiron facilitates the management of information flows from different sources and allows integrators to interconnect with their own internal solutions under a single data format. Kheiron can adapt to different use cases to meet demand across different vertical sectors – from smart cities, buildings and industry, to retail and utilities.

Julien Dalmasso, Co-founder and CEO at IoThink Solutions commented: “Joining one of the world’s largest IoT Connectivity providers is a natural fit and a logical next step for us. Wireless Logic is a heavyweight in the IoT industry, as evidenced by its recent global momentum, partnerships and overall market success. Introducing our IoT enablement solution to Wireless Logic’s extensive customer base presents a huge opportunity. This milestone is testament to the hard work and dedication of the amazing team at IoThink. We are all very excited at the prospect of what we can achieve as part of the group.”

Joining one of the world’s largest IoT Connectivity providers is a natural fit and a logical next step for us. Wireless Logic is a heavyweight in the IoT industry, as evidenced by its recent global momentum, partnerships and overall market success.

Jeremy Mirouf, Co-founder and CTO at IoThink Solutions commented: “We are delighted to be joining the Wireless Logic Group. This will enable us to accelerate the development of our IoT enablement capabilities for our 1,000+ customers across the globe, as well as introducing our own capabilities to Wireless Logic customers. Innovation is at our core, and we are passionate about delivering scalable, cost effective and user-friendly software solutions to simplify IoT. I am thrilled that Wireless Logic’s reliable and secure connectivity solutions will now be available to IoThink customers. This will provide our joint customer base with a horizontal ‘one-stop-shop’ to help speed up and simplify global IoT deployments.”

We are delighted to be joining the Wireless Logic Group. This will enable us to accelerate the development of our IoT enablement capabilities for our 1,000+ customers across the globe, as well as introducing our own capabilities to Wireless Logic customers.

Marc Niccolini, Managing Director, Group Revenue (CRO) at Wireless Logic commented: “This acquisition will expand Wireless Logic’s position into an adjacent part of the value chain. With the talented IoThink team onboard, our customers will be able to take charge and accelerate their IoT deployments through the low-code development, templates, and large device library available on the Kheiron IoT Suite. Similarly, our connectivity solutions will be a valuable addition to Kheiron, helping customers to decrease complexity and time to market. We look forward to working closely with the talented and innovative IoThink team.”

This acquisition will expand Wireless Logic’s position into an adjacent part of the value chain. With the talented IoThink team onboard, our customers will be able to take charge and accelerate their IoT deployments through the low-code development, templates, and large device library available on the Kheiron IoT Suite.

Oliver Tucker, CEO of Wireless Logic commented: “There are great synergies between Wireless Logic and IoThink Solutions, and this is an exciting acquisition for us, as it extends our reach to an adjacent part of the value chain. As IoT scales, the tools and solutions that IoThink offers are increasingly important to optimise any IoT project for maximum efficiency, and we are excited to bring these capabilities to our customers as they accelerate their own deployments. Similarly, our connectivity solutions will be a valuable addition to the Kheiron IoT Suite, helping customers decrease complexity and time to market. We look forward to working closely with the talented and innovative IoThink team.”

There are great synergies between Wireless Logic and IoThink Solutions, and this an exciting acquisition for us, as it extends our reach to an adjacent part of the value chain.

Oliver Tucker, CEO, Wireless Logic

Eurazeo, via its Small-Mid Buyout team is today announcing the signature of an agreement with a view to investing in NeoXam, alongside its founder Serge Delpla and its management team led by Florent Fabre.

Under the agreement, Eurazeo would invest more than €100 million, thus becoming the group’s majority shareholder. Historical partners (led by Cathay Capital and BPI), shareholders since 2018, would sell their share in this occasion.

NeoXam was created in 2014 following a carve-out from Sungard and a series of acquisitions adding complementary solutions. It now has 550 employees, of which half in R&D, across 15 offices worldwide. The company provides “data-centric” solutions used by more than 120 clients – large asset managers, financial institutions, and global banks – to structure their IT systems. NeoXam solutions cover everything from Front Office (Portfolio Management System) to Back and Middle Office, accounting (NAV) and regulatory and client reporting teams. Clients on all continents – in Europe, the US, Canada and Asia, particularly Singapore and mainland China – have chosen NeoXam for its functional and technological expertise.

Over the last four years, NeoXam has deployed its global growth strategy while also developing its business model. It has transitioned away from upfront licences to SaaS subscriptions, which now account for more than half of its revenue (€75 million) and make the company highly resilient.

Through its investment plan, Eurazeo is willing to support NeoXam in continuing ramping up growth, particularly in the Data Management and Reporting segments, and expanding internationally (particularly in Asia, the UK and US). Eurazeo also plans to provide NeoXam with its internal resources, helping NeoXam to pursue its buy-and-build strategy to complement its range of services and client base, and to accelerate its international expansion.

To achieve this, Eurazeo would give NeoXam access to its global network and expertise in developing businesses throughout their growth phase, in order to strengthen the global leading position of this asset management solution provider.

Serge Delpla, founder of NeoXam, said:

“With Eurazeo’s support, NeoXam could add a new dimension to its international growth strategy. Our products, which are used by most of the global top 20 asset managers in locations such as NY, London and Singapore, have proven their value as extraordinarily useful tools, particularly in the rapidly developing fields of Data Management and Reporting. Eurazeo would be an ideal partner, combining extensive investment capabilities, an exceptional international network and a rare understanding of the entrepreneurs it supports. We hope to enter into a partnership in the very near future, to enable NeoXam to reach its full potential.”

Florent Fabre, Managing Director of NeoXam, added:

“We are confident that Eurazeo is the best partner to accompany NeoXam in the next chapter of our story. On top of all the resources that Eurazeo can offer, its teams share with us the same human and entrepreneurial essential values, which will help us to work together to complete the next phase of our growth strategy. We will more than ever focus on the continuous investment in our solutions, client satisfaction and our workforce fulfilment.”

Pierre Meignen, Managing Director of Eurazeo’s Small-Mid Buyout team, said:

“The opportunity to work alongside NeoXam fits perfectly with our investment strategy. The company has an extremely resilient business, its core business areas displaying growth over 20% p.a. Its strong global presence will help boost growth and its teams are immensely talented.”

Lutech, an IT services, software and technology company in Italy and other parts of Europe, and a portfolio company of funds advised by Apax Partners LLP (“Apax Funds”), today announced it has entered into exclusive negotiations with Atos Group to acquire Atos Italia S.p.A.[1] (“Atos Italia”).

Operating across 6 diversified verticals, and servicing major Italian companies, Atos Italy has built a very solid franchise and benefits from a strong reputation in the IT services market, with a total of approximately 1,600 skilled employees in over 5 sites across the country.

Following the acquisition of Lutech by the Apax Funds in 2021, this transaction is an important step towards creating a market leader in the rapidly evolving digital transformation sector. This combination will help drive increased scale, strengthen Lutech and Atos Italia’s offering by adding complementary expertise, while also bolstering their presence in strategic sectors. The integration between the two companies will take place gradually, ensuring business continuity and high level of customer service and support.

“This is an important announcement that brings together two major players in the Italian IT market”, announced Tullio Pirovano, CEO of the Lutech Group. “Today’s news is a fundamental step towards achieving our goal, in partnership with Apax, of creating a leading Italian company in the digital transformation space. This transaction brings together two cutting-edge companies, combining our skills and cultures and consolidating our leadership position as an end-to-end player in the digital market.”

Gabriele Cipparrone, Partner at Apax, added: “We are proud to partner with Lutech in this transaction. When the Apax Funds first invested in Lutech we saw the opportunity to consolidate the Italian IT services market, and this transaction is a crucial step in that process. By combining the complementary scale, expertise, and capabilities of Lutech and Atos Italia into one group, we are creating a leading provider in the market that can offer an even wider suite of products and services to clients across a more diversified set of sectors. We are excited to partner with both teams to deliver on our ambitious growth plans.”

“A new leading company will be born to enhance the country’s digital growth and support our customers.” declared Giuseppe Di Franco, President and CEO of Atos Italia. “The entire management team is proud to announce that today we have taken a further step in the consolidation of the Italian digital market. The new company will benefit from continued cooperation with the Atos Group to manage global operations in Italy and abroad. We will be able to use the combined skills of Atos Italia and Lutech, and our complementarity will allow us to better serve companies in their digital transformation journeys.”

Lutech and Apax Partners LLP were supported by several advisors, including Bain & Company (commercial advisor), Legance (legal advisor), PCB Partners (M&A advisor), and PWC (financial and tax advisor).

The transaction is subject to the consultation with representative bodies and other regulatory approvals, with closing expected in H1 2023.

About

Lutech Group

Lutech Group, Italian leader and European player in ICT services and solutions, supports the evolution of its clients by designing, implementing and managing end-to-end digital solutions, with a view towards continuous improvement which involves people and processes, technology and knowledge.

Evolution and transformation require a new way of interacting and connecting people, data and technologies. Lutech Group places at the foundation of the Digital Evolution five technological core entities designed to provide a complete and integrated offering, able to meet the manifold needs of digitization: LutechSolutions, LutechDigital, LutechCybersecurity, LutechServices and LutechCloud.

For more information, visit www.lutech.group

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com

[1] The transaction will not include Atos Italia’s UCC operations and EuroHPC’s contracts.

Mumbai and Noida, India, November 17, 2022 – Blackstone (NYSE:BX) today announced that private equity funds managed by Blackstone (“Blackstone”) have signed definitive agreements with Satinder Singh Rekhi and other current promoters to purchase a majority stake in R Systems International Limited (“R Systems”).

R Systems, founded in 1993 by Satinder Singh Rekhi, is one of the leading providers of digital Information Technology services, specializing in product engineering, and serves over 250 customers in technology, media, telecom, and financial services sectors globally. R Systems is a partner of choice for enterprise customers with a strong suite of capabilities in product engineering, artificial intelligence, data analytics, internet of things, robotic process automation and cloud, employing over 4,400 people across 18 delivery centers in North America, Europe, Asia Pacific, and India. R System’s revenue for the last twelve months, as of September 30, 2022, was INR 1,445 crore (~$189 mm), registering a 36% year on year growth.

Satinder Singh Rekhi and the other promoters currently hold ~52% stake in R Systems, which Blackstone will acquire for INR 245 per share. Blackstone will also launch a conditional delisting offer, at a price of INR 246 per share. The transaction is expected to be completed in the coming months, subject to customary closing conditions and regulatory approvals. Dr. Rekhi will continue to guide the company in his role as a non-executive advisor.

Mukesh Mehta, Senior Managing Director at Blackstone, said: “R Systems has been a reliable long-term partner to marquee global customers, guiding them on their digital transformation journeys. Their domain knowledge, service quality and global delivery centers make them a partner of choice for their customers. As a leader in outsourced software product development, R Systems is well-positioned to benefit from digitalization tailwinds, shorter product launch cycles and increased openness to outsource product development. This investment follows Blackstone’s long-standing conviction in IT services and builds on the firm’s robust track record in the sector globally. We are excited to partner with the current management team to support the company’s next phase of growth, both organically and through strategic acquisitions. I am aware of the great work that Dr. Rekhi has done in the field of the science of Happiness, and the Blackstone team is looking forward to working with him.”

Satinder Singh Rekhi, CEO of R Systems, said: “I am excited that our partnership with Blackstone will take R Systems on the path to its next level of growth. Today, R Systems is a well-known product engineering brand that attracts top-notch talent looking to work on cutting-edge solutions for our global clients. The company’s management team will be excited to welcome Blackstone and benefit from their scale, expertise, and global track record in IT services. Our employees, customers, and partners will gain immensely from this partnership with Blackstone. I am happy for my new role as an advisor to the company under Blackstone’s ownership.”

BDA Partners acted as the financial advisor to the sellers of R Systems. AZB & Partners acted as legal advisor to the sellers. KPMG, Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett acted as advisors to Blackstone.

About R Systems
R Systems is a one of the leading providers of Information Technology services, specializing in digital product engineering. The firm partners with customers to enable or elevate their digital transformation with diversified digital offerings. Services and solutions span over five major business verticals i.e. technology, media, telecom and financial services.

The firm maintains 18 development and service centers to serve customers in North America, Europe, and APAC. With over 25+ years, the firm has been empowering organizations with 25+ offices worldwide and a workforce of 4,400+ professionals ensuring seamless services to clients across the globe.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $951 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

Blackstone Media Contact
Deepa Jayaraman
Deepa.jay@outlook.com
Tel: +91 90087 78681

Ellen Bogard
Ellen.Bogard@Blackstone.com
Tel: +852 3651 7737