Eurazeo enters into exclusive discussions to sell its stake in SEQENS

Eurazeo

Paris, August 26, 2021

Eurazeo today announced that it has entered into exclusive discussions to sell its stake in Seqens to SK Capital and to the company’s existing French shareholders: Ardian, Mérieux Equity Partners and Eximium. Nov Santé Actions Non Cotées, the fund launched at the initiative of the French Insurance Federation (FFA) and Caisse des Dépôts under their sustainable recovery investment program for France (“Assureurs – Caisse des Dépôts Relance Durable France”) and managed by Eurazeo, would also invest in Seqens. Bpifrance is currently exploring the possibility of co-investing with SK Capital.
The deal is expected to close by the end of 2021, subject to the fulfillment of the standard conditions precedent for this type of transaction. Through the sale of its Seqens stake, Eurazeo would make a 1.8x return on its initial investment, with potential earnouts that could result in a multiple of 2.0x, depending on the company’s future performance.

Since its acquisition in June 2016 and with the support and guidance of Eurazeo and its partners, Seqens has cemented its status as an integrated global player in pharmaceutical solutions and specialty ingredients, generating €1 billion in annual revenue, with 19 manufacturing sites, seven R&D centers, and nearly 3,000 employees on three continents. During this period, Seqens has also expanded its technological and industrial footprint, investing more than €400 million across all its manufacturing sites and completing three major acquisitions: PCAS in France, Finland and Canada; Chemoxy in the United Kingdom; and PCI Synthesis in the United States.

Marc Frappier, Member of Eurazeo Executive Board and Managing Partner, Mid-Large Buyout commented as follows:
“Over the last five years, Eurazeo has supported Seqens in its expansion efforts, helping the company become an integrated global player in pharmaceutical solutions. We are delighted with this partnership involving major French and foreign investors, which will allow Seqens to continue consolidating its position as a French and European champion with global ambitions. We are also very satisfied with the constructive dialogue and excellent cooperation we have enjoyed with Ardian, Mérieux Equity Partners and Eximium throughout this period.”

ilfried Piskula, Managing Director, Mid-Large Buyout, added:
“This partnership has taken shape thanks to the strategic repositioning accomplished in these last few years. We are proud to have helped the teams at Seqens deliver on a shared vision and successfully achieve significant transformation, in particular through key acquisitions, investments in R&D and innovative technologies, as well as operational improvements, which today allow Seqens to aim for global leadership in the coming years.”

ABOUT EURAZEO
Eurazeo is a leading global investment group, with a diversified portfolio of €25.6 billion in assets under management, including €17.8 billion from third parties, invested in 450 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, São Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

 

EURAZEO CONTACT

Virginie Christnacht
HEAD OF COMMUNICATIONS vchristnacht@eurazeo.com
+33 (0)1 44 15 76 44
Pierre Bernardin
HEAD OF INVESTOR RELATIONS pbernardin@eurazeo.com
+33 (0)1 44 15 16 76
PRESS CONTACT
David Sturken
MAITLAND/AMO dsturken@maitland.co.uk
+44 (0)7990 595 913

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Riskalyze Recapitalised by Hg

HG Capital

Industry-leading, risk-centric wealth management platform gains backing of one of the world’s leading software investors

Founder and CEO Aaron Klein to continue leading the firm

AUBURN, CALIFORNIA, USA and LONDON, UNITED KINGDOM — August 25th, 2021 – Riskalyze, Inc., an industry-leading risk-centric wealth management platform serving financial advisors, enterprises, and asset managers; and Hg, a leading global investor in software and services, today announced a definitive agreement for Hg to acquire a majority interest in Riskalyze. Terms of the deal are not disclosed.

Riskalyze’s industry-leading client and portfolio risk technology is rapidly emerging as an industry standard for advisor, client and portfolio risk analytics across the US wealth management ecosystem. Today, Riskalyze’s platform supports tens of thousands of financial advisors who use it to manage millions of client accounts with over $400 billion in assets.

The transaction marks a major inflection point for the fast-growing company, enabling the business to continue to invest in its strategy to serve the advisor desktop, providing risk, portfolio analytics, proposal, trading and compliance solutions to advisors and wealth management enterprises. The company has added thousands of advisors to the platform in the last 12 months, and has signed key enterprise clients such as Cetera, Atria Wealth, Grove Point, Hightower, Boston Private and Private Advisor Group.

Riskalyze Co-Founder Aaron Klein will reinvest the majority of his holdings into the recapitalized firm, and will continue to lead the company as CEO and a member of the Board of Directors.

“We are thrilled to welcome Hg to Team Riskalyze and are excited to have found the perfect partner to write this next chapter of our story. When we set out on this journey a decade ago, we quickly came to realize that we weren’t just building a company, but a movement – and the tens of thousands of advisors who comprise the Fearless Investing Movement took a big step forward today into a future of innovation and growth.”

Aaron Klein, CEO, Riskalyze

For Hg, the deal represents an opportunity to support a leading software as a service (SaaS) platform and to build and scale a strong wealth management technology business in the United States. Hg is a software and services investor with extensive experience in the global fintech sector, having invested in over 10 fintech leaders in just over five years and investing over $1 billion in the sector to date. Hg has a track record of partnering with founder teams of high-quality and scalable technology solutions to the financial advisor ecosystem. This scale and experience will provide Riskalyze with ample access to additional capital and expertise as needed to complete future acquisitions or to support organic growth.

“Riskalyze has seen significant momentum in the last few years. The team have successfully established themselves as providing a best-in-class SaaS tool that solves real business challenges in a sector still seeing increasing tech adoption. Riskalyze’s software enables advisors to participate in key trends in wealth management and offer more holistic engagement with their clients. We’re delighted to join the team and support the momentum of a modern software business of scale, backed by a visionary founder CEO and strong supporting team.”

Max Dewez, Director at Hg in New York

Riskalyze was advised by Financial Technology Partners as financial advisor and Morris Manning & Martin as legal counsel. Hg was advised by Skadden Arps as legal counsel. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close before the end of September. Hg’s Sebastien Briens, Max Dewez and Richard Earnshaw will join the Board after closing. The company expects to announce additional board appointments in the near future.

Media Contacts:

StreetCred PR (Riskalyze)

Allie Zendrian
allie@streetcredpr.com
516-581-7202

Jason Lahita
jason@streetcredpr.com
973-460-7837

Hg

Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401

Alex Yankus and Harry Mayfield (Brunswick, USA)
+1 917 818 5204

About Riskalyze

Riskalyze is the company that invented the Risk Number®, which powers the world’s first Risk Alignment Platform and was built on top of a Nobel Prize-winning academic framework. Advisors, broker-dealers, RIAs and asset managers use the Riskalyze platform to create alignment between clients and portfolios, leverage sophisticated analytics to increase the quality of their advice, automate trading and client account management, and access world-class models and research in the Riskalyze Partner Store — all with the mission of empowering the world to invest fearlessly. To learn more, visit www.riskalyze.com.

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialization and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 50,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

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Waterland portfolio company Enreach acquires cloud software provider DSD Europe

Waterland

With support from Waterland Private Equity (“Waterland”), Enreach, a fast-growing provider of Unified Communications Solutions (UCaaS) active throughout Europe, acquires the Dutch cloud software provider and Microsoft partner DSD Europe and its sister company CloudLand (“DSD”), thereby continuing its long-term buy-&-build strategy. Through the partnership, Enreach acquires additional expertise and reach for equipping digital workplaces with Microsoft software solutions.

DSD, founded in 2009, is a fast-growing provider of IT, security and other cloud products and services. Through its market-leading cloud marketplace, DSD’s services enable more than 5,000 active re-sellers in Europe to easily and quickly acquire, activate and manage various cloud services and software solutions with a focus on Microsoft cloud productivity solutions.

Enreach was formed in 2018 with Waterland’s support from the merger of the companies Swyx (Germany), Voiceworks (Netherlands) and Centile Telecom Applications, rebranded to Enreach for Service Providers (France), each of them leading in their respective markets. Waterland has since supported Enreach’s growth, which included targeted acquisitions of best-in-class technologies and their subsequent roll-out across the Enreach platform as well as now fifteen international add-on acquisitions, five of which in the current year alone.

The partnership with DSD is the next step in Enreach’s long-term buy-&-build strategy to become a pan-European market leader in unified communications and cloud products & services.

“As an established and well-known own-IP cloud marketplace, re-sellers across Europe rely on our expertise and product portfolio. For some time, we have been looking for a strong player in the market to jointly drive our vision of digital transformation. We are convinced that with Enreach, we are ideally positioned for further growth”, says Thijs van de Moosdijk, CEO of DSD.

“With support from Waterland, we have been able to accelerate our growth even further in recent months, and for our upcoming steps, we aim to expand our service portfolio with a modern one-stop shop offering for all digital transformation requirements. With DSD, the chemistry was there right from the start and by partnering with its team of professionals, we are a big step closer to our goal of becoming the leading provider of integrated unified communications and cloud productivity solutions for the European market”, says Stijn Nijhuis, CEO of Enreach.

“Enreach has achieved a very positive development over the past few years. DSD is very well positioned in the market and is one of the first choices for re-sellers throughout Europe when it comes to software and cloud solutions. Consequently, this acquisition opens up new, attractive synergies for both companies, particularly in the field of cross-selling Enreach’s own-IP unified communications solutions as well as Microsoft’s cloud productivity solutions – another important building block in our long-term buy-&-build strategy”, says Dr. Carsten Rahlfs, Managing Partner at Waterland.

Waterland has extensive experience in the fields of digitalization and integration of ICT service providers through its investments in several European countries. In the German-speaking region, Waterland has already invested in companies such as netgo (IT system house), Serrala Group (payment software), Tineo (enterprise IT) and Skaylink (managed enterprise service platform).

Categories: News

MMIT and Evaluate Join Forces to Offer an End-to-End View of the Pharmaceutical Market Landscape

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HG Capital

By combining their technology, data and expertise, MMIT and Evaluate will become a $1.6 billion global pharma commercial intelligence provider

Yardley, Pa.-based Managed Markets Insight & Technology (MMIT), LLC, the trusted go-to-market partner solely focused on solving the “what and why” of market access, has joined forces with London-based Evaluate, a leading provider of commercial intelligence and predictive analytics to the pharmaceutical industry. This newly merged organization will offer customers a unique and comprehensive data solution offering both analytical and predictive data insights across the entire drug life cycle.

“MMIT and Evaluate share a mission of helping patients get access to lifesaving therapies. As customers’ decision-making processes become increasingly more centralized, we couldn’t be more thrilled to come together and offer a comprehensive solution for bringing new drugs to market and to patients.”

Mike Gallup, CEO of MMIT

The two organizations will become a leading pharma commercial intelligence provider—one that aims to inform and support customers from pipeline to prescription. Combining Evaluate’s data-driven understanding of commercial opportunities with MMIT’s insight into patient coverage will offer customers an end-to-end view of the pharmaceutical market landscape, allowing them to enhance high-value strategic portfolio decisions, assess unmet needs, evaluate barriers to access, and develop pricing strategies and value propositions to ensure that treatments get in the hands of patients.

“It’s an exciting time for our new combined organization. Evaluate and MMIT have a shared vision to enhance patient outcomes by helping them access innovative treatments faster. Together, we are better placed to help our customers identify and evaluate strategic, valuable R&D investments and smooth access to therapies for those who need it the most—the patients.”

Deborah Kobewka, Evaluate CEO

Deborah Kobewka will continue in her role as Evaluate’s CEO, while MMIT’s CEO, Mike Gallup, will be CEO of the combined entity. Upon completion of the merger, MMIT’s equity partner, Welsh, Carson, Anderson & Stowe (WCAS), and Evaluate’s equity partner, Hg, will share joint control of the combined business.

“There are enormous growth opportunities ahead for this combined business with over 1,300 global customers, highly complementary solutions and differentiated offerings in the market. We are delighted to continue partnering with the management team at MMIT while welcoming the team from Evaluate and our new partner, Hg.”

Ed Sobol, General Partner at WCAS

“This combination brings together two high-quality businesses and teams to form a new global player in commercial pharma intelligence, delivering better outcomes to the entire healthcare ecosystem and helping patients access treatments more efficiently. We’re proud of what we’ve achieved alongside the Evaluate team to date and are excited to partner with WCAS and MMIT in supporting the accelerated growth of this new combined business.”

David Issott, Partner at Hg

The terms of the transaction have not been disclosed and completion is subject to customary closing conditions.


About MMIT
For nearly two decades, MMIT has been solely focused on solving the “what and why” of market access, and has been a trusted, go-to-market partner. We believe that patients who need lifesaving treatments shouldn’t face delays because accessing drugs can be confusing. As the leading provider of market access data, analytics and insights, our expert teams of clinicians, data specialists and market researchers provide clarity and confidence so that our clients can make better decisions.

Divisions of MMIT include AIS Health, creator of the Directory of Health Plans and leading healthcare publications; Zitter Health Insights, provider of market access insights and solutions for specialty drugs; RJ Health, the market leader in pricing and coding solutions for infusion drugs covered under the medical benefit, and The Dedham Group, the preeminent U.S. market access oncology and specialty therapeutics consultancy. For more information about MMIT, visit mmitnetwork.com and follow us on LinkedIn.

About Evaluate
Since 1996, Evaluate has provided the life sciences industry with the data, insight and intelligence to facilitate confident decision making on high-value investments in treatments and markets. We enable our clients to embed our proprietary & industry data into their workflows, tools and processes so they can work more effectively and efficiently. For more information about Evaluate, visit www.evaluate.com and follow us on LinkedIn.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the Firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has raised and managed funds totalling over $27 billion of committed capital. For more information, please visit www.wcas.com

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 50,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

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Inovalon to be acquired by equity consortium led by Nordic Capital including Insight Partners for $7.3 billion

Nordic Capital
  • Stockholders to Receive $41.00 Per Share in Cash 

Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced that it has entered into a definitive agreement to be acquired by an equity consortium led by Nordic Capital, and joined by Insight Partners, as lead co-investor, 22C Capital, and Inovalon founder and Chief Executive Officer Keith Dunleavy, M.D. and certain Class B stockholders of Inovalon in an all-cash transaction with an enterprise value of approximately $7.3 billion.

Under the terms of the agreement, Inovalon stockholders will receive $41.00 per share in cash for each share of Class A Common Stock or Class B Common Stock, representing a 25.3% premium over the closing price of Inovalon Class A Common Stock on July 26, 2021, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 24.4% premium over the volume-weighted average price of the Company’s shares over the 30 trading days leading up to the unaffected trading day.

The independent members of the Inovalon Board of Directors, acting on the unanimous recommendation of a special committee of independent directors that led the consideration of alternatives and the negotiation of the terms of the transaction, unanimously approved the agreement, which is subject to a number of customary conditions, including a vote of each of the Class A and Class B stockholders voting separately. In addition, the transaction is subject to approval by a majority of the voting power of the Class A and Class B stockholders voting together as a single class, excluding Dr. Dunleavy, certain other Class B stockholders who are providing equity capital for the transaction and their affiliates. Dr. Dunleavy was not a member of the Special Committee and recused himself from all relevant Board discussions and from the Board vote regarding the transaction.

Upon completion of the transaction, Inovalon will become a private company with greater flexibility to focus on strategies that drive innovation and global market development. Keith Dunleavy, M.D., will continue to be a substantial shareholder in the Company, serve on the Board of Directors, lead Inovalon as CEO, and the Company will maintain its headquarters in Bowie, Maryland.

 “The Inovalon Board regularly evaluates opportunities to enhance stockholder value. Today’s announcement is the culmination of a thorough process of evaluating strategic alternatives and represents a compelling opportunity to deliver immediate and more certain cash value to stockholders at a significant premium,” said William J. Teuber, Jr., Lead Independent Director of the Board and chair of the Special Committee. “During our evaluation it became clear that not only is the consortium led by Nordic Capital offering our shareholders compelling value, they also have a deep appreciation for Inovalon’s cloud-based platforms and data capabilities, as well as an appreciation for the people, mission, and the value impact of the Company.”

“For more than two decades, Inovalon has developed technologies that enable the connectivity, aggregation, and analysis of healthcare data to empower better clinical outcomes and economics across the healthcare ecosystem,” said Keith Dunleavy, M.D., Inovalon’s founder, chief executive officer, and chairman of the board. “We are excited to enter the next chapter in Inovalon’s journey together with such great partners as Nordic Capital, Insight Partners, and 22C Capital. Their significant experience in the areas of software, data, and healthcare is key. This, together with their longer-term focus, operational experience, and international perspective, is an exciting combination for what we see in front of us. We look forward to continuing our mission, together with our greatly appreciated customers, to empower data-driven healthcare.”

 “As a leading healthcare and technology investor, Nordic Capital has long admired Inovalon’s leadership across the healthcare ecosystem and its cloud-based tools leveraging advanced data analytics to meaningfully empower its customers and the patients they serve,” said Fredrik Näslund, Partner, Nordic Capital Advisors. “As data-driven insights become even more important in improving healthcare, Nordic Capital and its co-investors are committed to supporting Inovalon in continuing to deliver high-value solutions to customers and look forward to partnering with Keith and the Inovalon team in this next phase of the Company’s growth journey.”

 “At Insight Partners, we work with healthcare IT leaders who define and grow their markets through world-class software, data and innovation,” said Deven Parekh, Managing Director at Insight Partners. “We are excited to support Inovalon, a market leader with a long history of serving customers with powerful data technology as they continue to transform the healthcare ecosystem.”

Approvals and Timing

The Inovalon Board of Directors formed a Special Committee composed entirely of independent and disinterested directors to conduct a thorough review of strategic alternatives. The Special Committee led negotiations with the assistance of independent financial and legal advisors. Following the Special Committee’s unanimous recommendation, the independent members of the Inovalon Board unanimously approved the merger agreement with an entity established by the equity consortium led by Nordic Capital and co-led by Insight Partners, and recommend that Inovalon stockholders adopt and approve the merger agreement and the transaction.

The transaction is expected to close in late 2021 or early 2022, subject to the satisfaction of customary closing conditions, including the stockholder approvals described above and the receipt of U.S. antitrust approval. The transaction is not subject to a financing condition.

Advisors

J.P. Morgan Securities LLC is serving as financial advisor to Inovalon, and Latham & Watkins LLP is serving as legal advisor to Inovalon and the Special Committee of the Board of Directors of Inovalon. Evercore is serving as financial advisor to the Special Committee. Goldman Sachs is acting as lead financial advisor to Nordic Capital and Insight Partners. Citigroup is also advising Nordic Capital and Insight Partners, and Kirkland & Ellis LLP is serving as legal advisor. Willkie Farr and Gallagher LLP served as legal advisor to Insight Partners.

About Inovalon

Inovalon is a leading provider of cloud-based platforms empowering data-driven healthcare. Through the Inovalon ONE® Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem, aggregate and analyze data in real time, and empower the application of resulting insights to drive meaningful impact at the point of care. Leveraging its Platform, unparalleled proprietary datasets, and industry-leading subject matter expertise, Inovalon enables better care, efficiency, and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon’s unique achievement of value is delivered through the effective progression of “Turning Data into Insight, and Insight into Action®.” Supporting thousands of customers, including all 25 of the top 25 U.S. health plans, all 25 of the top 25 global pharma companies, 24 of the top 25 U.S. healthcare provider systems, and many of the leading pharmacy organizations, device manufacturers, and other healthcare industry constituents, Inovalon’s technology platforms and analytics are informed by data pertaining to more than one million physicians, 584,000 clinical facilities, 338 million Americans, and 63 billion medical events. For more information, visit www.inovalon.com.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 17 billion in close to 120 investments. The most recent funds are Nordic Capital Fund X with EUR 6.1 billion in committed capital and Nordic Capital Evolution Fund with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland and Norway. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners and/or delegated portfolio manager of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

About Insight Partners

Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter@insightpartners.

About 22C Capital

22C Capital is a private investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption. The firm has a dedicated focus on the business services, healthcare and financial services sectors. 22C partners with world-class management teams to build companies that are leaders in their respective markets. The firm’s operational and technology resources, including its affiliated data science organization, deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed transaction involving Inovalon Holdings, Inc. (“Inovalon”) and affiliates of Nordic Capital. In connection with the proposed transaction, Inovalon intends to file with the Securities and Exchange Commission (the “SEC”) and furnish to stockholders a proxy statement. This communication is not a substitute for the proxy statement or any other document that Inovalon may file with the SEC or send to its stockholders in connection with the proposed transaction. INVESTORS AND STOCKHOLDERS OF INOVALON ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT INOVALON AND THE PROPOSED TRANSACTION. The materials to be filed by Inovalon will be made available to Inovalon’s investors and stockholders at no expense to them and copies may be obtained free of charge on Inovalon’s website at www.inovalon.com. In addition, all of those materials will be available at no charge on the SEC’s website at www.sec.gov.

Inovalon and its directors, executive officers, other members of its management and employees may be deemed to be participants in the solicitation of proxies of Inovalon stockholders in connection with the proposed transaction under SEC rules. Investors and stockholders may obtain more detailed information regarding the names, affiliations and interests of Inovalon’s executive officers and directors in the solicitation by reading Inovalon’s proxy statement for its 2021 annual meeting of stockholders, the Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and the proxy statement and other relevant materials that will be filed with the SEC in connection with the proposed transaction when they become available. Information concerning the interests of Inovalon’s participants in the solicitation, which may, in some cases, be different than those of the Inovalon’s stockholders generally, will be set forth in the proxy statement relating to the proposed transaction when it becomes available.

 

Forward-Looking Statements

All statements and assumptions in this communication that do not directly and exclusively relate to historical facts could be deemed “forward-looking statements.” Forward-looking statements are often identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “may,” “could,” “should,” “forecast,” “goal,” “intends,” “objective,” “plans,” “projects,” “strategy,” “target” and “will” and similar words and terms or variations of such. These statements represent current intentions, expectations, beliefs or projections, and no assurance can be given that the results described in such statements will be achieved. Forward-looking statements include, among other things, statements about the potential benefits of the proposed transaction; the prospective performance and outlook of Inovalon’s business, performance and opportunities; the ability of the parties to complete the proposed transaction and the expected timing of completion of the proposed transaction; as well as any assumptions underlying any of the foregoing. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of Inovalon’s control. Important factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to, (i) the ability to obtain the requisite approval from stockholders of Inovalon; (ii) uncertainties as to the timing of the proposed transaction; (iii) the risk that the proposed transaction may not be completed in a timely manner or at all; (iv) the possibility that competing offers or acquisition proposals for Inovalon will be made; (v) the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances that would require Inovalon to pay a termination fee or other expenses; (vii) the effect of the pendency of the proposed transaction on Inovalon’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, its business generally or its stock price; (viii) risks related to diverting management’s attention from Inovalon’s ongoing business operations or the loss of one or more members of the management team; (ix) the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; (x) various risks related to health epidemics, pandemics and similar outbreaks, such as the COVID-19 pandemic, which may have material adverse effects on Inovalon’s business, financial position, results of operations and/or cash flows; (xi) failure to comply with numerous laws, regulations and rules, including regarding employment, anti-bribery, foreign investment, tax, privacy, and data protection laws and regulations; (xii) problems or delays in the development, delivery and transition of new products and services or the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; (xiii) failure of third parties to deliver on commitments under contracts with Inovalon; (xiv) misconduct or other improper activities from Inovalon’s employees or subcontractors; (xv) failure of Inovalon’s internal control over financial reporting to detect fraud or other issues; (xvi) failure or disruptions to Inovalon’s systems, due to cyber-attack, service interruptions or other security threats; (xvii) uncertainty from the expected discontinuance of the London Interbank Offered Rate and transition to any other interest rate benchmark; and (xviii) other factors as set forth from time to time in Inovalon’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as may be updated or supplemented by any subsequent Quarterly Reports on Form 10-Q or other filings with the SEC. Readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. Inovalon does not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events except as required by law.

 

Contacts:

Inovalon
Kim E. Collins, Senior Vice President, Corporate Communications
kcollins@inovalon.com
Phone: +1-301-809-4000 x1473

Nordic Capital
Katarina Janerud, Communications Manager, Nordic Capital Advisors
katarina.janerud@nordiccapital.com
Phone: +46 8 440 50 50

US media contact – Brunswick Group
NordicCapital@brunswickgroup.com

Insight Partners
Nikki Parker, Senior Vice President Marketing & Communications
Phone: +1 571 353 4273
nparker@insightpartners.com

True exits data-driven marketing tool Spirable

True

Global sports tech and data company Genius Sports has acquired data-driven marketing tool Spirable.

Spirable is a platform that enables businesses to create, automate, distribute and optimise data-driven video marketing, at scale, and was a trailblazer in facilitating the automated personalisation of video marketing when it was founded in 2015 by brothers Dave and Ger O’Meara.

As the company’s first investor, True has supported Spirable from its early days, providing office space at True’s Innovation Hub in London, as well as support and notably, introductions to leading global retailers, consumer brands and executives from across the True Live Network.

Matt Truman CEO and Co-founder of True said: “We invest in people! Dave and Ger represented everything we look for in people at such an early stage. I am delighted that as their first investors True has been able to play a small part in their huge success over the last five years, through the relevant introductions we’ve made from our unique network and more. We look forward to seeing the business grow from here. For True, this is another significant exit for our growth fund and a strong demonstration of True’s ability to be more helpful to entrepreneurs and management teams.”

Co-founder and CEO of Spirable Ger O’Meara says: “The team at True were early believers in our vision and became our very first investors. They have supported us with funding, sound advice and introductions to major retail brands right along the journey, including DIAGEO and Boots, as well as to growing businesses such as Ribble from their Portfolio. Dave and myself are very grateful for the big role that True has played in Spirable’s journey to date.”

Genius Sports are the official data, technology and media partner to hundreds of organisations globally, and will enhance the Spirable offering through access to official sports data and HTML5 programmatic technology.

Spirable will continue to operate under the Spirable brand, with the same team, innovative product and brilliant service, but with the additional benefit of a world-class data and technology company.  Read more about the acquisition here.

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Audax Private Equity Celebrates 1,000th Add-on Acquisition

Audax Group

Audax Private Equity (“Audax”) today announced that it has completed its 1,000th add-on acquisition across more than 140 platform investments in six industries: business services, consumer, healthcare, industrial services & technology, software & technology, and financial services.

Audax was established over two decades ago with a goal of creating a purpose-built organization with trusted relationships. Audax Private Equity is a pioneer of the Buy & Build strategy, which it has successfully executed over the course of the firm’s six flagship private equity funds and across various market conditions and financial cycles. The firm averages seven add-on investments per each platform investment. Further, the firm contributes extensive capabilities and experience in organic revenue acceleration, operational improvements, and capital market efficiencies.

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Mr Marvis takes the next step with Capital A

Capital-A

The Amsterdam based menswear brand Mr Marvis set-up a partnership with Capital A Investment Partners

The Amsterdam based direct-to-consumer menswear brand, known for its range of colourful men’s shorts and trousers, set-up a partnership with Capital A Investment Partners to accelerate its growth.

Mr Marvis already has seen strong growth in recent years following several successful product introductions. Mr Marvis also saw an increasing appreciation of its slow fashion concept in its home market, The Netherlands, as well as abroad.

Both the MR MARVIS brand and our products are valued by our customers because of the focus on quality and consistency. Above that, our collection only expands, resulting in customers coming back for the same product as well as for newly launched products. You can expect a lot more from us in the coming years, in all seasons” – Steven Vrendenbarg (Founder)

Together with Capital A, Mr Marvis will further professionalise and further accelerate its growth in Europe following a strategy both Mr Marvis and Capital A fully believe in.

In order to realise our accelerated growth plan, a solid and reliable investment partner was looked for. We feel fortunate to have found Capital A as such a party. With this collaboration we aim to further accelerate our growth ambitions based on the MR MARVIS legacy.” – David Sipkens (Founder)

Working with the highly entrepreneurial MR MARVIS team and ensuring a solid financial basis for this fundamentally strong company is a match made in heaven. As an investor, we have a keen interest in fast growing companies led by strong management teams. MR MARVIS is a perfect example of such a setting, and we are delighted and very proud to be able to support them in realising even more ambitious goals in the near future to let this wonderful brand grow.” – Arne Hamers (Capital A)

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The deal-by-deal team enters a partnership with management of 99x

(Oslo, 16 August 2021) A company funded by a group of reputable tech investors and managed by Fredrik Bysveen and Fredrik Kongsli, has entered into an agreement to acquire a majority stake in 99x, a fast-growing software engineering company, to satisfy the growing demand for software developers in Scandinavia and Europe.
99x employs more than 350 software engineers in Sri Lanka and specializes in building high-quality, digital products on behalf of clients in Scandinavia and Europe. 99x has grown steadily since its inception and accelerated its growth with an average annual growth rate of 30 percent in the past three years. The company reported revenues of NOK 106m in 2020.

“99x is a rapidly growing business with extremely high customer satisfaction. Until now, the company’s growth has been organic, without substantial business development presence in Scandinavia. The company’s next step is to build up a stronger presence in Norway, including initiating an active M&A strategy. We are proud of the reputable tech investors we have brought onboard to help 99x accelerate its already strong development,” says Fredrik Bysveen, partner and board member of 99x.

Among the investors that are part of the consortium is Northzone founder Karl Christian Agerup; former CEO of Get, Gunnar Evensen; founder of StartupLab and Founders Fund, Alexander Woxen; and Norwegian investment firm Watrium.

Investor and chairman of 99x, Dag Honningsvåg, reduces his ownership from 20 to 10 percent in the transaction and continues as chairman of the company he has been instrumental in developing in recent years.

“After exploring multiple approaches, we determined the best way forward was to establish a European office and raise additional capital to grow through acquisitions, both in terms of access to markets as well as to add capacity. We already have a large software engineering team, but our objective is to grow this further to offer even greater software development capacity to our customers in Norway and Europe,” says Dag Honningsvåg, chairman of 99x.
99x’s founder and CEO, Mano Sekaram, continues as CEO, board member and shareholder of the company.

“This is a significant milestone for all our employees and for the Sri Lankan IT industry. We can take pride in a Sri Lankan company being able to win the confidence and trust of such reputed Scandinavian investors,” says Mano Sekaram.

Contact:
Fredrik Bysveen, Partner and board member of 99x
Telephone: +47 98 22 85 68

Dag Honningsvåg, Chairman 99x
Telephone: +47 90 74 48 10

The buyer was advised by DLA Piper and PwC.

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Managed cloud services group continues growth: Waterland portfolio company Skaylink partners with BTT Cloud

Waterland

With support from Waterland Private Equity (“Waterland”), the cloud service provider Skaylink continues its growth. BTT Cloud, a leading provider of modern cloud infrastructure services, has partnered with the fast-growing Skaylink. The sellers of the majority share in BTT Cloud is its founder and managing director, who will remain with the company in his current position and will reinvest in Skaylink as well. Further financial details of the transaction were not disclosed.

BTT Cloud, based in Vilnius, Lithuania, is one of the leading European providers of modern cloud infrastructure services. The company supports customers throughout Europe during the implementation, operation and maintenance of private and public cloud environments. Due to continuously developing its proprietary solutions, BTT offers a broadly diversified range of services in the field of semi-automated cloud operation. Particularly in the area of Managed AWS (Amazon Web Services), BTT is one of the fastest-growing specialists. In addition, the company has comprehensive expertise in the Microsoft Azure and Google Cloud platforms.

The partnership enables Skaylink to expand its service capacities in the area of management and migration of cloud infrastructures, opening up an additional, highly attractive market for attracting new talent and expertise. Due to BTT’s know-how in the area of Google Cloud, Skaylink will also be able to support its clients in all three leading public cloud environments, thereby completing its service offering. As a result of the partnership, Skaylink will be able to take the next step in its journey towards becoming the leading provider of managed cloud services for enterprise and SME client based in the German-speaking DACH region.

“There are only a few companies able to operate highly complex cloud infrastructures using a platform-agnostic approach, with Skaylink being one of them. That is why we are very happy to have them as a partner on the way towards becoming the leading managed cloud service provider in Europe”, says Donatas Zaveckas, Managing Director at BTT Cloud.

“In the European market for cloud services, BTT is strongly positioned with an experienced team, which both shares our entrepreneurial ideas and aims to embrace a clear ‘Service First’ culture. We are seeing a number of opportunities to leverage this new partnership to expand our joint customer base and greatly improve our service portfolio through expansions”, says Gerald Jenner, Member of the Executive Committee at Skaylink.

“The partnership with BTT Cloud ideally complements the Skaylink service portfolio in the field of Google Cloud, thereby accessing a new, highly attractive market for IT experts. The high-quality standards of BTT’s cloud engineers have convinced us from the very beginning that the company is the ideal strategic expansion for Skaylink”, says Dr. Gregor Hengst, Partner at Waterland.

In 2020, the private equity investment group acquired a majority share in Skaylink. Since, Waterland has supported Skaylink and its managed cloud services platform in their organic and inorganic growth ambitions. In July 2021, the acquisition of root360, a leading German provider of Managed AWS, formed another important aspect of the long-term buy-&-build strategy for Skaylink, which today employs a staff of more than 500 at locations in Germany, Romania, Brazil, with about 70 more now in Lithuania.

Waterland has extensive experience in the fields of digitalization and modern IT infrastructure through its investments in several European countries. In the German-speaking region, Waterland has already invested in companies such as netgo (IT provider), Serrala (payment software), Netrics (cloud and ICT services) and GOD (enterprise IT and software solutions) as well as in Enreach (unified communications solutions), amongst others.

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