Category Archives: News

Finch Capital, through Nomu Pay, acquires Wirecard Turkey

Finch Capital

Amsterdam, London and Dublin, 30 March 2021 — Finch Capital, through Nomu Pay, a vehicle that invests in payment assets, has today reached an agreement to acquire Wirecard Ödeme Ve Elektronik Para Hizmetleri (Wirecard Turkey). The deal is expected to be completed by Summer 2021 and is subject to certain conditions, including regulatory approvals. This investment is part of Nomu Pay’s larger plan to invest in payments infrastructure in Turkey and the Middle East region. More details will be provided at closing on the strategy and rebranding. Radboud Vlaar, Managing Partner Finch Capital, said: “We see tremendous growth opportunities to further enhance payments for Turkey’s 80 million inhabitants. We are excited to team up with Wirecard Turkey under the leadership of its CEO Serkan Yasin and we continue to actively look for further M&A opportunities in the region to accelerate its growth and development.”

About Finch Capital Founded in 2013, Finch Capital is a series A/B investor in high-growth financial technologies companies run by exceptional entrepreneurs. Our mission is to fund and support the best entrepreneurs creating products that will shape the future of finance. We leverage our international network and industry expertise to enable our portfolio companies to grow into leaders in their field. We have a track-record of backing future industry champions including AccountsIQ, Aylien, BUX, Brickblock, Brytlyt, Fixico, Fouthline, Goodlord, Grab, Hiber, Twisto and ZOPA. Finch Capital consists of a team of 12 investment professionals with wide entrepreneurial experience (e.g. Adyen, Deliveroo, Deepmind), prior investment experience (e.g. Accel, Atomico, Egeria) and industry backgrounds (e.g. Facebook, Google and McKinsey), located across offices in Amsterdam, London and Jakarta. Finch Capital is an active producer of original research on the State of European Fintech and the Fintech sector post Covid-19. For more information see www.finchcapital.com.

About Nomu Pay

Nomu Pay is a newly established company that through its subsidiaries will provide state of the art payment solutions to help its clients accelerate growth in Turkey and the Middle East region. NOMU Pay is funded in full by Finch Capital, a leading European and South East Asian Financial Technology investor.

About WireCard Turkey Wirecard Ödeme ve Elektronik Para Hizmetleri A.Ş. (“the Company”) was established in Turkey in July 2008 as Mikro Ödeme Sistemleri İletişim ve Ticaret A.Ş. and started its operations in April 2009 as Turkey’s first direct carrier billing service provider. The company, which has been in the investment and sales process twice since its establishment, received its first private investment in 2011. In 2014, all the shares of my company were acquired by Wirecard Issuing & Acquiring Gmbh which is a subsidiary of Wirecard AG and has been operating as “Wirecard Ödeme ve Elektronik Para Hizmetleri AŞ” since 2015. Within the scope of the legal regulations issued in the Turkish payment services ecosystem, the company was granted the “e-money” license from the regulator in October 2016 as one of the first in the country.

The Company provides payment services in three main domains which are; Direct Carrier Billing, Credit Card Acquiring and E-money. The company’s main operational activities are acquisition of merchants through contracts, integrating merchants to the carrier billing & credit card payment platform, management of merchant settlements and providing customers to the merchant. Wirecard Turkey has currently contracts with all three GSM operators, majority of the banks in Turkey and more than 1200 merchants.

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Zoomin raises $52M to meet rapidly rising demand for its knowledge orchestration solutions

Series C funding led by General Atlantic will enable Zoomin to provide an increasingly vital self-service product content experience to enterprises amid accelerated market growth

March 30, 2021

Zoomin Software, a leading provider of knowledge orchestration solutions, today announced that it has raised a $52M Series C round led by General Atlantic, a leading global growth equity firm, with participation from returning investors Bessemer Venture Partners, Salesforce Ventures and Viola Growth. The new investment follows the company’s last funding announcement only four months ago and comes as Zoomin is experiencing a surge in demand, with a growing number of enterprises recognizing the strategic value of product content.

Every enterprise creates massive amounts of product content – such as user guides, knowledge articles and community discussions – that help customers use products to their greatest potential. Zoomin is setting a new standard for product experiences by transforming this trove of content into intuitive self-service experiences for customers. Its platform continuously ingests evolving product information from all sources and delivers the most relevant, personalized product answers to each user, wherever they need it. This includes documentation sites, customer service portals, support communities, product applications and more.

Zoomin has been on a strong growth trajectory as a result of highly accelerated demand for its product content solutions. In 2020, the company more than doubled the number of new customers compared to 2019 and saw a surge in usage and adoption, with an over 300% increase in the volume of product content served through its platform. This reflects heightened demand for intuitive product content solutions as broader customer experience trends shift.

Customers increasingly desire to self-serve answers rather than rely on enterprise support teams, with customer adoption of digital support channels nearly doubling in 2020 and 60% of businesses expected to implement self-service portals within the next 12-18 months to cater to this demand. By empowering end-users to independently find information, Zoomin served over 55 million product answers worldwide last year alone. For many Zoomin enterprise customers, this improved user experience led to product content accounting for up to 70% of their overall web traffic. Data-driven insights yielded from these content interactions are able to drive important enterprise KPIs such as decreased support costs, increased customer retention and improved customer satisfaction.

“This investment attests to the increased demand among companies across industries – spanning hardware and software, financial services, healthcare and even fast-food – to provide a seamless, intuitive product content experience to their customers,” said Gal Oron, co-founder and CEO of Zoomin. “We look forward to further powering our go-to-market machine and to radically enhancing what is essentially the front-line of every company.”

Zoomin will use the new funds to further fuel its go-to-market strategy and to expand its product offering and analytics to a wider range of enterprise organizations, in order to meet the growing demand. Additionally, the new funding will enable Zoomin to increase market share in EMEA and expand into the APAC region.

“We are excited to be supporting Zoomin in this important step of their growth story through an investment that marks our third-ever partnership in the burgeoning Israeli tech market. At General Atlantic, we pride ourselves on identifying category builders and growth-oriented disruptors, and view Zoomin as a natural fit given those priorities,” said Alex Crisses, Managing Director, Global Head of New Investment Sourcing and Co-Head of Emerging Growth at General Atlantic.

“Having helped build the increasingly important field of knowledge orchestration from the ground up, Zoomin is providing much-needed value to large enterprises,” continued Gary Reiner, a current General Atlantic Operating Partner and previous GE Chief Information Officer. “We look forward to partnering with and supporting Zoomin as they continue to innovate the way that customers experience crucial enterprise product content.”

About Zoomin

Zoomin Software is a leading knowledge orchestration platform, empowering enterprise customers to independently use products to their greatest potential. Zoomin continuously ingests evolving product information from all siloed sources and delivers the most relevant, personalized product answers to each user, wherever they need it, within an intuitive, self-service experience. This radically improved product content experience deepens product usage, prevents frustration-driven churn and reduces burden on support. Using machine learning-powered analytics, Zoomin provides actionable insights that guide decision-making across the enterprise. Zoomin is backed by Bessemer Venture Partners, General Atlantic, Salesforce Ventures and Viola Growth, was named a 2020 Gartner Cool Vendor and is an official partner of Salesforce and ServiceNow. Founded by Gal Oron, Joe Gelb and Hannan Saltzman, Zoomin is headquartered in NYC, with offices in Tel Aviv and London. For more information visit www.zoominsoftware.com.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Allison Grey
Headline Media +1-323-283-8176 allison@headline.media

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EURAZEO BRANDS SIGNS EXCLUSIVITY AGREEMENT TO ACQUIRE MAJORITY OF FRENCH PET FOOD BRAND ULTRA PREMIUM DIRECT

Eurazeo

Eurazeo Brands, the division of Eurazeo focused on high growth, differentiated consumer brands, has signed an exclusivity agreement under which it would invest 68 million euros in Ultra Premium Direct as a majority shareholder. Eurazeo is investing alongside co-founders Sophie and Matthieu Wincker and Eutopia, existing minority shareholder via Otium Consumer, which would reinvest in the transaction via its new fund.

Founded in 2013, Ultra Premium Direct (“UPD”) has quickly become a leading player in the French premium pet food market. As a digitally-native brand, it has a strong and engaged community, and was selected as one of the French Tech 120 in 2021. Thanks to its unique positioning and direct approach, Ultra Premium Direct aims at democratizing premium pet food, offering natural products which cater to pet needs at an attractive price point, directly through its own website and subscription service.

Ultra Premium Direct is focused on improving pet health and well-being. The company develops high protein products with no artificial colourings or preservatives in collaboration with veterinarian nutritionists to ensure balanced and appropriate recipes. Its R&D capabilities and owned industrial plant in Agen, south of France, has enabled strong control over its value chain and contributed to the local roots of the brand.
Eurazeo Brands would leverage its proven brand building, operating and consumer expertise to partner with UPD and support the company’s growth. Specifically, Eurazeo will invest in UPD’s digital and e-commerce capabilities to strengthen the brand and its community, and work alongside management to enhance UPD’s product and service offering. In addition, Eurazeo would utilize its global network to help UPD in its international expansion, notably in Europe, and provide its internal CSR expertise to support the brand’s purpose-driven mission.
This majority investment in Ultra Premium Direct demonstrates Eurazeo Brands’ willingness to pursue its European development, after the acquisition of Swedish brand Axel Arigato in November 2020. It would represent Eurazeo Brands ninth investment since May 2017.

Laurent Droin, Managing Director of Eurazeo Brands, said:
The pet food category benefits from very attractive underlying trends towards pet humanization, premiumization and search for quality and transparency. We are convinced that Ultra Premium Direct is a modern and differentiated brand as a result of its direct approach to consumers, without intermediaries, and high quality product offering distributed at a fair price point. We are eager to work alongside Sophie and Matthieu Wincker – co-founders of Ultra Premium Direct – and their team to support the future growth of the company by accelerating momentum in France and expanding internationally, penetrating new geographies.

Sophie and Matthieu Wincker, Co-founders of Ultra Premium Direct, said:
We are thrilled by Eurazeo’s investment into the company. Ultra Premium Direct was a pioneer in the pet food category and has become a leading player in France. We are delighted to benefit from Eurazeo’s support for our next journey, notably for our European expansion, and are convinced Eurazeo will be the right partner given their successful track record and capabilities. Together, we will further fulfill our mission to make quality pet food accessible to as many dogs and cats as possible.

About Ultra Premium Direct
Ultra Premium Direct is a French premium petfood brand. Founded in 2013 by Sophie and Matthieu Wincker, two animal-lovers, the brand differentiates itself, offering high quality products catering to dogs and cats’ natural needs, distributed exclusively through its own website, with an attractive price point. Ultra Premium Direct relies on a short and vertically integrated value chain thanks to owned production and logistic facility in Agen, allowing to offer a differentiated experience to consumers. The brand is highly authentic, mindful, and animates a strong community of loyal and engaged fans, sharing Ultra Premium Direct values and acting as brand ambassadors.

About Eurazeo
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in Assets Under Management, including €15.0 billion from third parties, invested in over 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, Sao Paulo, Seoul, Shanghai, London, Luxembourg, Frankfurt, Berlin and Madrid. Eurazeo is listed on Euronext Paris. ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

About Eutopia
Eutopia is a Paris & NYC based investment fund dedicated to consumer startups with a purpose. Eutopia’s investment thesis is driven by current shifts in consumer behavior. We back founders who are rethinking the way we eat, shop, sleep and feel through a “good for me, good for the communities, good for the planet” approach. The team manages 170 million euros and has invested in 26 companies including Oh My Cream !, Hari&co, Tediber, Tiptoe or Nous Epiceries Anti-Gaspi. For more information please visit: www.eutopia.vc.

EURAZEO CONTACTS

PIERRE BERNARDIN
HEAD OF INVESTOR RELATIONS
mail : pbernardin@eurazeo.com
Tél : +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF
COMMUNICATIONS
mail: vchristnacht@eurazeo.com
Tel: +33 1 44 15 76 44

PRESS CONTACT

MAITLAND/amo
DAVID STURKEN
mail: dsturken@maitland.co.uk
Tel: +
44 ( 7990 595 913

 

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Astorg enters into exclusive negotiations to acquire Corialis from CVC Capital Partners Fund VI

CVC Capital Partners

Corialis’ management will reinvest a significant part of their proceeds alongside Astorg

Astorg is pleased to announce that it has entered in exclusive negotiations to become the new majority shareholder of Corialis, a leading European designer and manufacturer of aluminium systems for windows and doors, from CVC Capital Partners Fund VI. Corialis’ management will reinvest a significant part of their proceeds alongside Astorg.

Founded in 1984 and headquartered in Belgium, Corialis employs c. 2,700 people across eight sites in the UK, Belgium, France, Poland, Portugal, La Reunion, Serbia and South Africa. The company benefits from long-term, secular growth fuelled by the increasing use of aluminium as the eco-friendly material of choice for architectural purposes: unlike competing PVC products, aluminium systems have a longer lifetime and are endlessly recyclable, and thereby help to reduce the environmental footprint of the construction industry. Corialis enjoys leading positions in the countries it operates in as well as best-in-class profitability, underpinned by superior customer service and industrial organisation.

Johan Verstrepen, CEO of Corialis, said: “The entire management team is happy to welcome on board Astorg as our new majority shareholder. From the start, the Astorg team has demonstrated an outstanding understanding of our business and full compatibility with our culture, which are the right fundamentals for a successful partnership. We would also like to express our gratitude to CVC for their support and guidance over the past years.”

François de Mitry, Managing Partner at Astorg, said: “We are teaming up with an exceptional management team, who has built a remarkable company, and has demonstrated its ability to outpace market growth over the past 20 years and through economic cycles. We were also impressed by their passion for sustainable construction products and by their efforts to bring ESG to the fore in the industry.”

Nicolas Marien, Partner at Astorg, added: “We are excited to be part of the next chapter of the company’s adventure, and are fully supportive of the investment program that has been devised by management in order to further develop Corialis’ vertically integrated industrial set up and to broaden its product offering. We are convinced it will further boost growth and increase the gap vis-à-vis its competitors.”

Steven Buyse, a Managing Partner at CVC Capital Partners, commented: “It has been a pleasure working with Corialis’ world-class management team. By investing to develop new high-quality and innovative products, and international expansion into new markets through the creation of a new Iberian hub from the accretive acquisition of Lingote in Portugal, Corialis is now undisputedly the leading designer and manufacturer of aluminium systems for windows and doors in Europe.”

The terms of this transaction, which require workers’ council consultation and are subject to the approval of regulatory authorities, are not disclosed.

Astorg was assisted by Rothschild & Co and Latham & Watkins. CVC was assisted by Goldman Sachs International and Allen & Overy. Management was assisted by Clifford Chance.

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Sogelink and Geodesial Group join forces to create a European Construction Tech leader with the support of Keensight Capital

Keensight

Sogelink and Geodesial Group, two leading providers of software solutions for infrastructure, construction and property management professionals, announce their merger to establish a new European Construction Tech leader, supported by their common shareholder Keensight Capital, one of the leading private equity managers dedicated to pan-European Growth Buyout1 investments.

With around 300 employees across nine offices (in France, Hungary, and Canada), 34,000 clients and 130,000 users, the resulting Group will become a leading company for Construction Tech in Europe and is well positioned to join the top 10 French software companies.

The new Group will offer a unique combination of best-of-breed and mission-critical software solutions used to simplify and optimize complex business processes in the building, infrastructure and property management industry. It will become an undisputed leader in this market and will be uniquely positioned to leverage on long-term growth drivers such as the digitalization of construction, the BIM (Building Information Modeling) adoption, and increased regulations.

The new Group plans to accelerate its growth, with the ambition of becoming the Construction Tech leader in the European markets by:
– Developing R&D, innovation and commercial synergies to enrich offering for clients from all infrastructure, construction and property management ecosystems, including public agencies and local authorities;
– Boosting its international development, though organic expansion and build-up opportunities.
After having worked with the two management teams to make this merger possible, Keensight Capital will be putting its 20 years of cutting-edge expertise in Technology and its international network to help the Group strengthen its leadership position at a European level.
The new Group will be led by Fatima Berral as President of the new Group, CEO of Sogelink, and David Le Roux as Director General of the new Group, CEO of Geodesial Group.

Fatima Berral, President of the new Group and CEO of Sogelink, says: “For several years now, Sogelink and Geodesial had identified their complementarities. Today, thanks to the support of our common investor Keensight, we are all convinced that this is the perfect time for our two companies to combine forces to join the top 10 software companies in France and accelerate our international growth. With the merger, the Group enhances its know-how in terms of software and services development for its clients. We are thrilled to begin this new ambitious chapter, together with David and his talented team.” 1 Growth Buyout: investment in profitable, private companies experiencing strong growth, in minority or majority positions, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs, in order to finance organic growth projects, acquisition strategies or provide historic shareholders with liquidity.

David Le Roux, Director General of the new Group and CEO of Geodesial Group, adds: “We are very enthusiastic about this merger with Sogelink, which stands as a pioneer and as the undisputed market leader. With this major step, Geodesial will be able to co-develop new solutions, especially in the mobile cloud, a fast-growing market. Our companies both being Construction Tech gems, the combination of our respective expertise and strengths will reinforce our leading position and our ability to seize market opportunities, with an objective of significantly increasing revenues abroad by 2025. I am very happy to gather our teams on the same digital platform as we all share the same vision to offer the best innovative solution and services to our clients.”
Jean-Michel Beghin, Managing Partner of Keensight Capital, concludes: “Over the past year, we have been working hand in hand with Fatima Berral and David Le Roux, two remarkable CEOs, on this combination to create the Construction Tech leader. We invested in Geodesial in September 2019 and in Sogelink in December of the same year. Each company has experienced a steady double-digit annual growth over the past years and has a high growth potential on its own. Today, the combination of these two success stories will accelerate the value creation for all stakeholders and paves the way for its international expansion.”
* * *

About Sogelink
Founded in 2000, Sogelink provides software, cloud and mobile solutions for all players in the infrastructure, construction and property management ecosystem. All solutions are supported by a technological services platform, notably when it comes to exchanging very large flows of data.
With some 30 000 clients and more than 100,000 users, Sogelink aims to become the unrivalled expert in the collaborative, digital and smart management of data in 2D/3D/4D across its ecosystem.
www sogelink fr

About Geodesial
GEODESIAL group, with its subsidiaries Geomedia, Geomensura and Bloc in Bloc, develops and markets software in the trades of geomatics, studies of urban development and transport infrastructure. Thanks to a sustained strategy of R&D investments, GEODESIAL group offers business solutions in the office as well as on site (field software) with an innovative approach for BIM (Building Information Modeling) and CIM (City Information Modeling). Since 1993, the group has also been one of the first distributors of Autodesk’s AEC collection in France.
www geodesial com

About Keensight Capital
Keensight Capital, one of the leading European Growth Buyout firms, is committed to supporting entrepreneurs as they implement their growth strategies. For 20 years, Keensight Capital’s team of seasoned professionals has leveraged their knowledge of investment and growth industries to invest for the long term in profitable companies with high growth potential and revenues in the range of €10 million to €300 million. Drawing on its expertise in the Technology and Healthcare sectors, Keensight identifies the best investment opportunities in Europe and works closely with management teams to develop and achieve their strategic vision.
www keensightcapital com

Media Contacts
Keensight Capital
Anne de Bonnefon – abonnefon@keensightcapital.com- +33 1 83 79 87 37
Citigate Dewe Rogerson
Estelle Bleuze – estelle.bleuze@citigatedewerogerson.com – +33 6 82 65 44 36
Sogelink
La Nouvelle Agence
Maurine Cassin – sogelink@lanouvelle-agence.com- +33 (0)1 83 81 71 40

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Nordic Capital to sell Itiviti, a leading trading technology and service provider, to Broadridge, a global Fintech leader

Nordic Capital

Nordic Capital to sell Itiviti, a leading trading technology and service provider, to Broadridge, a global Fintech leader Image

  • Itiviti has grown significantly during Nordic Capital’s ownership, creating a global force in capital markets technology and infrastructure
  • By joining forces with global Fintech leader Broadridge (NYSE: BR), Itiviti is taking the next step in enhancing its capital markets capabilities and extending its global reach

Nordic Capital has agreed to sell Itiviti, a leading provider of trading technology and services to financial institutions worldwide, to Broadridge Financial Solutions a global Fintech leader, in a transaction valued at EUR 2.143 billion. Since Nordic Capital took Itiviti private in 2012, it has made substantial technology investments and fully transformed the Company to create one of the world’s leading providers of trading technology for the global capital markets industry.

Since assuming majority ownership of the Company, Nordic Capital has supported Itiviti by drawing on its experience and twenty-year track record of building and investing in cutting-edge technology businesses across Europe. During Nordic Capital’s ownership, Itiviti has developed from being a specialist financial software provider to becoming a global leader offering a modern cross-asset capital markets platform. This transformation was achieved through many years of significant technology investments, a carefully crafted technology acquisitions strategy and dedicated focus on setting up R&D capabilities and an organisational framework to meet future capital market needs. Today, Itiviti is fast-growing and has a leading global position with more than 2,000 customers world-wide, over EUR 200 mn in revenues and c. 1,000 employees.

“Itiviti’s cutting-edge trading technology enables customers world-wide to improve workflow in the capital markets. The Company has experienced a journey of growth and transformation during Nordic Capital’s ownership. With the combination of Itiviti and Ullink, Nordic Capital created a world leading technology and infrastructure provider that is ideally positioned to take advantage of increased complexity and regulations in the financial services industry. We are immensely proud of the Itiviti team and would like to thank them for their dedication and exceptional work. It’s now time for the Company to take the next step forward together with Broadridge, capitalising on next-generation technology platform and achieving even further growth and expansion”, said Fredrik Näslund, Partner, Nordic Capital Advisors.

“Under Nordic Capital’s ownership, Itiviti has grown to become a global force in the capital markets industry. As owners, they have been instrumental in supporting us during this development in the spirit of a true partnership and fully focused on seizing the opportunities available to Itiviti. With Broadridge as the new owner, we will be able to take the next natural step in our development and together provide even better technologies to meet our clients’ future demands”, said Rob Mackay, CEO Itiviti. 

“The acquisition of Itiviti enhances Broadridge’s position as a global Fintech leader, expands our Capital Markets franchise and drives additional global scale by increasing our footprint in APAC and EMEA and our ability to serve global clients,” said Tim Gokey, Broadridge’s Chief Executive Officer. “Itiviti is highly complementary to Broadridge’s industry-leading post-trade product suite and other capital markets capabilities and this combination is expected to drive significant value to clients and shareholders”.

Technology and Payments is one of Nordic Capital’s focus sectors where it has extensive experience, a strong and active sector network, and a dedicated team within Nordic Capital Advisors across Northern Europe. As one of Europe’s leading tech investors, Nordic Capital has invested EUR 3.8 billion in 19 tech and payment companies since 2004. It has achieved repeatable success in this sector and developed thriving companies as evidenced by the performance of investments such as Bambora, Trustly, Cint, Siteimprove and Signicat. The sale of Itiviti comes just a few months after Nordic Capital announced the successful listings of portfolio companies Nordnet AB (publ), a pan-Nordic savings platform and Cint Group AB (publ), a global software leader in digital insights gathering, on Nasdaq Stockholm.

The transaction is subject to customary closing conditions and regulatory approval and is expected to close in the second quarter of 2021.

Credit Suisse and Morgan Stanley acted as financial advisors, Dechert as legal advisor, PwC as finance advisor and Oliver Wyman as commercial advisor to Nordic Capital.

Media contact:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.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 fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit nordiccapital.com

About Itiviti

Itiviti is a leading global capital markets technology service provider offering highly scalable, SaaS-based solutions that deliver unprecedented cost savings for financial institutions by enabling them to consolidate their trading infrastructure. The company’s modular OEMS (order execution management systems) support multi-asset class, global trading across both principal and agency trading operations. Itiviti’s Connect and Trade solution portfolios offer comprehensive tools to support both connectivity, reflective of the growing importance of FIX as the financial markets’ universal language, and adaptivity to changing market dynamics and regulatory demands. Headquartered in Stockholm, Sweden, with offices in 16 countries, the company serves over 2,000 customers across 50 countries, including several top-tier banks, brokers, trading firms and asset managers. For more information please visit itiviti.com

About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $4.5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. They deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies. Broadridge’s infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. In addition, Broadridge’s technology and operations platforms underpin the daily trading of on average more than U.S. $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is a part of the S&P 500® Index, employing over 12,000 associates in 17 countries. For more information about Broadridge, please visit broadridge.com.

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Kinnevik invests USD 30 million in Cityblock to support nationwide expansion

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced its participation with USD 30m in Cityblock’s recent USD 192m funding round. Cityblock will use the newly raised capital to accelerate deployment of its community and value-based care model nationwide, bringing desperately needed transformation to the most vulnerable and underserved communities across the US.

In just four years since its launch, Cityblock has achieved positive results with its comprehensive care model. Data from Cityblock’s first member cohort show a 15 percent reduction in emergency room visits and a 20 percent reduction in in-patient hospital stays. Cityblock sees around 70 percent member engagement compared to the health plan average of 5-7 percent and receives average NPS scores of over 85, compared to the provider average of 15. While delivering these outcomes, Cityblock is experiencing 3x year-over-year revenue growth.

Georgi Ganev, CEO of Kinnevik commented: “Cityblock addresses a massive need in the US supporting the most vulnerable population groups with a community-based, scalable care model. This is a great example how value-based care can transform the healthcare experience and achieve sustainable change, even for populations which are fundamentally disadvantaged in today’s healthcare system. We are proud to continue to support the founders Toyin Ajayi and Iyah Romm by investing well above pro-rata as they expand the model across the US.”

The USD 192m funding round was an extension of Cityblock’s Series C round. Tiger Global led this latest round, with participation from other existing investors alongside Kinnevik, including Maverick Ventures, General Catalyst, and Wellington Management. The Series C extension brings Cityblock’s total fundraising since its founding in 2017 to about USD 500m.

In Kinnevik’s Year-End Release 2020, Kinnevik’s investment in Cityblock was valued at SEK 841m. Cityblock has continued its strong operational performance during the first months of 2021, and the recent funding round provides strong reference points for the valuation of Cityblock relative to listed comparable businesses. In combination, these factors underpin a value of Kinnevik’s investment that corresponds to a value uplift of SEK 1.0bn or SEK 3.6 per Kinnevik share, excluding the USD 30m in new capital invested in the funding round at hand.

The reassessed fair value of Kinnevik’s investment in Cityblock will be finalized and reported in Kinnevik’s Interim Report for the first quarter, to be published on 22 April 2021.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Herkules completes listing of Linas Matkasse (LMK Group AB) on Nasdaq First North Premier Growth

Herkules
On 29 March 2021, LMK Group AB (“LMK”) or (“the Company”) was listed on the Nasdaq First North Premier Growth Market. LMK Group provides fresh, healthy, flexible and adaptable meal kit solutions to around 115,000 active and 405,000 registered customers in Sweden, Norway and Denmark. The listing completes a partial exit of Herkules IV’s investment in Linas Matkasse.
The share offering was based on a market capitalisation of SEK 760 million and the share offering deal size was SEK 575 million. The transaction structure comprised of SEK 250 million in primary capital and a secondary sell down of SEK 325 million (incl. SEK 75 million in Green shoe). Herkules IV will remain the largest shareholder, holding 11% of the shares after listing.

The listing together with an ownership spread of the Company’s shares will promote continued growth and development. An ownership spread of the Company’s shares entails increased credibility and knowledge as well as a quality stamp that the Company considers could be beneficial in customer relationships, to attract and retain staff and in relation to suppliers. The proceeds of SEK 250 million, is intended to be used to (1) acquire the remaining shares of RetNemt.dk ApS in Denmark, (2) redeem the group’s outstanding bond and (3) finance transaction related costs and working capital.

The current investment team, comprised of Gert Munthe and Fredrik Kongsli, will represent Herkules on the board and continue to work closely with the company.

LMK Group provides fresh, healthy, flexible and adaptable meal kit solutions to around 115,000 active and 405,000 registered customers in Sweden, Norway and Denmark. For more information about the company, please visit https://lmkgroup.se/

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General Atlantic Leads $145 Million Financing Round in Staffbase

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Partnership to help accelerate Staffbase’s global growth and further strengthen its leading position in digital solutions for internal communications
• Digital employee communications are becoming a key factor in business success, particularly in the wake of the COVID-19 pandemic
• Existing investors Insight Partners and e.ventures will also contribute to this financing round

March 29, 2021

Staffbase, a leading provider of digital solutions for internal communications, and General Atlantic, a global growth equity firm, today announced a strategic partnership. General Atlantic is leading a $145 million (€122 million) financing round in the Chemnitz, Germany-based start-up to help the company grow internationally and strengthen its global leadership in the employee engagement space. Existing investors Insight Partners and e.ventures will also contribute to this round of financing, KIZOO and Capnamic Ventures remain invested. As part of the partnership, Achim Berg, Operating Partner at General Atlantic and President of Bitkom, Germany’s digital association, will join the advisory board of Staffbase.

Established in Chemnitz in 2014, Staffbase has become a high-growth, multi-award-winning provider of an internal communications suite, including an employee app, an internal email newsletter tool, and a state-of-the-art intranet platform – all of which are designed to enhance employee communications. Its products are used by over eight million people across more than 1,000 organizations. Staffbase’s customers include global enterprises and organizations such as Adidas, Audi, BHP, Deutsche Post DHL, Groupon, Hitachi, Ikea, Johns Hopkins University, McKesson, Paulaner, Suncor, Viessmann, and Volvo, among others.

The Staffbase platform enables companies to communicate quickly and effectively with all of their employees – whether through corporate-branded communications, the publication of news items in a fast and reliable manner, or effectively measuring communications activities. The company’s solutions allow for more effective onboarding and enhanced employee engagement, and help employees identify more closely with their employers. The COVID-19 pandemic and proliferation of hybrid working environments have underscored the importance of targeted and agile internal communications, with senior management at major companies increasingly viewing internal communications as an essential strategic tool for connecting with employees and guiding them through this period of digital transformation.

Dr. Martin Böhringer, Co-Founder and CEO of Staffbase, said, “Our vision is to unite all of a company’s employees through strong internal communications and a shared mission. To bring this about, we provide managers and communications specialists at enterprise companies with the leading digital platform for successful employee communications – a platform that we are expanding very rapidly. The partnership with General Atlantic will further help us achieve this and accelerate our growth, especially in North America. The strong local team and the expertise it provides are decisive for us.”

Dr. Christian Figge, Managing Director at General Atlantic, continued, “Staffbase is a global pioneer and has developed software that specifically addresses the employee experience, supporting enterprises in transforming internal communications and engagement. We have been following this exciting company for quite some time and are looking forward to partnering with Martin and the Staffbase team to build on the business’ position as a global market leader. Staffbase is a prime example of the quality of entrepreneurship and range of innovative companies with global ambitions emerging out of Germany.”

Staffbase has a global workforce of 450 employees throughout 11 locations, including its headquarters in Chemnitz and offices in London, New York, Vancouver, Amsterdam, and Berlin. In early March, the company merged with Bananatag, Canada’s leading provider of internal communications solutions. The combined company is one of the world’s largest and fastest-growing providers of cutting-edge internal communications software. As a result of the merger, the Staffbase suite with an employee app and intranet was expanded to include a native solution for email communications and closer integration with collaboration tools like Slack and Microsoft 365, including Microsoft Teams and SharePoint.

About Staffbase

Staffbase is one of the fastest growing, most experienced internal communications platform providers for enterprise companies. The mobile compatibility of the company’s platform allows employers to securely reach their employees everywhere with reduced complexity — whether in the office, at home, on the factory floor, or on the road. Staffbase solutions give employees greater access to the corporate information that’s relevant to them and tools for the modern digital workplace, including existing intranets. With headquarters in Chemnitz, Germany, and offices in Amsterdam, Cologne, Dresden, Berlin, London, Munich, and New York City, Staffbase provides branded solutions for more than 1,000 leading companies worldwide who are transforming their employee experience including Adidas, Audi, Vestas, Spark Power, Paulaner, UC Health and US LBM. Please visit staffbase.com  for more information.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Leigh Nofi
Staffbase 516-446-2446 leigh@staffbase.com

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Audax Private Equity Completes Sale of Altasciences to Novo Holdings

Audax Group

Audax Private Equity (“Audax”) today announced that it has successfully completed the previously announced sale of Altasciences to Novo Holdings.

Altasciences is a leading, fully-integrated, early drug development services platform, providing the pharmaceutical and biotech industries with a trusted partner for drug development, from preclinical safety testing through clinical proof-of-concept studies. Headquartered in Laval, Quebec, Altasciences operates six facilities in the U.S. and Canada and employs over 1,300 people.

Audax invested in Altasciences in 2017, partnering with management to pursue strategic acquisitions and to accelerate organic growth. Altasciences completed three acquisitions under Audax’ ownership, growing its footprint and expanding its service offerings into preclinical safety testing and pharmaceutical contract development and manufacturing.

Joe Rogers, Managing Director at Audax, said, “We are pleased to complete the sale of Altasciences to Novo Holdings, and wish the team well as they continue their important work. We are proud of the tremendous growth Altasciences achieved under our ownership and are confident that the business is well-positioned to continue capitalizing on the growing market for drug development services.”

Chris Perkin, Chief Executive Officer of Altasciences, added: “On behalf of the Altasciences team, I would like to thank Audax for their support during the last four years. Audax was instrumental in helping us identify and execute strategic acquisitions while furthering our organic growth initiatives. We look forward to our next chapter as part of Novo Holdings and wish Audax continued success in their future endeavors.”

Abhijeet Lele, Senior Partner, Head of Principal Investments in the U.S. at Novo Holdings, added: “The Altasciences team has done an impressive job of building an innovative company that plays an essential role in bringing innovative drugs to patients and that we believe is well-positioned to capture share in the fast-growing market for drug development services. We are excited about this investment and look forward to leveraging our network to continue growing Altasciences in collaboration with the management team.”

Harris Williams & Co. served as lead financial advisor with Rothschild & Co. and Edgemont Partners serving as co-advisors to Altasciences. Kirkland & Ellis LLP and Blake, Cassels & Graydon, LLP served as legal advisors to Altasciences. Goodwin Procter LLP served as legal advisor to Novo Holdings.

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