Category Archives: News

Fortino Capital Partners invests in Sigma Conso to accelerate growth of this Corporate Performance Management software player

Fortino Capital

BRUSSELS, 17 June 2020 – Fortino Capital Partners, a Benelux-based growth equity investor in software, today announces its investment in Sigma Conso, a fast growing Corporate Performance Management software provider. Sigma Conso, headquartered in Brussels, employs over 40 FTEs and has local offices in Western-Europe and Asia serving over 600 customers.

Initially focused on consolidation software, today Sigma Conso addresses all needs of CFO in terms of Corporate Performance Management (i.e., consolidation, intercompany reconciliations, budgeting, planning, and management reporting). Along with its software offering, Sigma Conso differentiates itself through its deep financial expertise, offering training and advisory services to its customers. Sigma Conso helps out customers to generate transparency on the performance of its business, more than ever a must in these Covid-19 times.

Sigma Conso is active in 20 countries, serving over 600 customers, varying from mid-sized businesses to large companies (e.g., D’Ieteren, Sofina, Proximus, Besix,, Umicore, Eiffage and CMB).

Dominique Galloy came on board as CEO and owner in 2006. Over the last 14 years Dominique has grown Sigma Conso together with his team into an international and highly recognised software company.

Fortino Capital recognizes Sigma Conso’s leading role in the Corporate Performance Management market and the credentials the team has built up. Financial software is a core segment for Fortino Capital as B2B software investor, after its investment into MobileXpense, a leading European expense management provider.

Fortino Capital acquires Sigma Conso alongside management to further grow and expand the company internationally. This is the 20th B2B software investment by Fortino Capital, and the 6th platform investment of its Growth Private Equity Fund I.

Dominique Galloy, CEO of Sigma Conso: “Over the past two decades, we have become a sizeable European player by serving our customers with great software and deep expertise. Together with Fortino Capital, a real expert in B2B software, we are now ready for an accelerated growth phase together. I am personally very excited about the prospects of the business. With the support of Fortino Capital, I am committed to further serve our customers in a great way.”

Filip Van Innis, Investment Director at Fortino Capital: “We are impressed by Sigma Conso’s strong track record. Being a company at the core of our Growth Fund strategy, i.e., mission critical software in an expanding market, we are delighted to support Dominique and his team going forward. As much as we are pleased to welcome Patrick Van Deven, as Chairman of the Board. Patrick is a seasoned software executive who made his career at both SAS and SAP.”

About Sigma Conso

Sigma Conso, founded in 2002, provides Corporate Performance Management software together with training and advisory services. The Company has a global presence, evidenced by its diversified customer base in 20 countries and local offices in Europe and Asia. For more information, please visit www.sigmaconso.com.

About Fortino Capital Partners

Fortino Capital Partners is a European enterprise software investor, managing a €240m growth private equity fund and two venture capital funds for earlier stage software opportunities.  The firm has offices in Antwerp and Amsterdam. Fortino Capital’s investment portfolio includes MobileXpense, Efficy CRM, Odin Groep, Tenzinger, Maxxton, LetsBuild, Teamleader, among others. For more information, please visit
www.fortinocapital.com.

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Capricorn Digital Growth Fund announces first investment in Dutch AI company Gradyent while also adding new investors bringing the total fund size over € 50 million

Capricorn

Leuven, Belgium: 16 June 2020 – Capricorn Partners announced today the intermediary closing of its Capricorn Digital Growth Fund bringing commitments to over € 50 million. At the same time the fund closed its first investment together with Helen Ventures and ENERGIIQ, jointly committing € 1.9 million to Gradyent, a Dutch energy analytics solution company. Gradyent has developed an artificial intelligence (AI) cloud-based platform that supports the management and optimisation of district heating networks, making them more sustainable and cost-effective. The investment allows Gradyent to further develop its innovative software and to commercialise its services.

Katrin Geyskens, Partner at Capricorn said: “Serendipity allows us to welcome Noaber Ventures, the impact investment arm of the Dutch Noaber Foundation and a number of private investors to join our Capricorn Digital Growth Fund, at the same time as we are announcing the first investment of this fund. Gradyent is a perfect illustration of our investment strategy focusing on data driven companies. The drive towards accelerated digitalization and the smart use of data has been clearly underpinned during the current pandemic. Hence we are convinced that our Capricorn Digital Growth Fund will see AI based interesting and rewarding investment opportunities both in digital health and industrial applications.”

Strong investment consortium for Gradyent

The investment in Gradyent of almost € 2 million comes from a European consortium of investors including the Capricorn Digital Growth Fund, Helen Ventures (Finland) and ENERGIIQ (Netherlands). Together with existing investor henQ, the syndicate will support Gradyent with expertise and access to their international networks throughout Europe.

Gradyent was founded early 2019 by a team of seasoned entrepreneurs with years of national and international experience in energy, tech and artificial intelligence (AI). This combined with the expected positive environmental impact and significant market potential of their AI-powered solution for heating networks, makes Gradyent a very attractive investment target.

Maarten Lambert, investment associate at Capricorn Partners, says: “Gradyent is a perfect example of how AI technology can transform raw data into actionable insights. We are proud to be part of a company that has the ambition to support businesses on their journey to become more energy efficient and make our planet a better place to live.”

Optimising the management and efficiency of district heating networks

Many district heating networks run on legacy control systems with often outdated software solutions that provide limited insight into the network’s efficiency – or lack of it. This gets in the way of innovation and constrains optimisation.

Gradyent’s solution helps district heating companies participate in the sustainability transition by improving the management and efficiency of district heating networks without compromising stability and reliability. Gradyent uses digital twin technology (a replica of real-world objects) built by a unique combination of hydro- and thermodynamic modelling combined with AI. Its AI cloud platform not only provides insight into heating networks but also determines how to optimise them and improve overall efficiency. The solution leads to a significant reduction in CO2 emissions and users immediately see a positive financial impact as the solution provides a rapid return on investment. Gradyent is showing promising results with its first customers.

As Mikko Huumo, director of Helen Ventures, explains, “In the coming years, energy companies, including Helen, will transform district heating networks into sustainable CO2-neutral heating systems. In practice, large fossil fuel-fired power plants will be replaced with smaller decentralised heat sources and this will increase complexity in the network. Digital tools, like Gradyent’s AI platform, will be needed to provide heat efficiently and reliably to customers every single day.”

Continuing the journey

Gradyent will use the funding to commercialise its services and expand its efforts particularly in AI and software development.

Hervé Huisman of Gradyent: “More than half of the world’s energy demand is in the form of heating, and our team believes there is a huge potential for improving sustainability by smart optimisation and AI. Our first projects with district heating customers in the Netherlands confirm the potential of our solution, and we are excited about extending the offering to our growing Dutch and international customer base in the coming period. We are extremely proud that we can now continue our journey with Capricorn, Helen Ventures and ENERGIIQ on board. These parties can all add relevant insights and provide access to energy, digital growth and district heating networks. Together with our current investor henQ, we have the perfect foundation for our next chapter!”

Rafael Koene, fund manager at ENERGIIQ: “The ENERGIIQ investment team is impressed with Gradyent and the investment consortium that was formed. We are convinced – also because of the strong management team – that Gradyent will experience strong growth in the coming years and that many heating networks will start using Gradyent’s AI platform. The growth will lead to significant CO2 reduction.”

More infor on Gradyent‘s website.

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EQT Infrastructure to sell Hector Rail Group

eqt

  • EQT Infrastructure to sell Hector Rail Group, the largest private rail freight operator in Scandinavia with significant operations in Germany, to Ancala
  • During EQT’s tenure, Hector Rail has grown revenue organically into new segments, geographies and customers, with an 80 percent growth of both revenues and the fleet
  • Hector Rail has increased its capacity offering reliable and environmentally friendly transportation solutions

The EQT Infrastructure II fund (“EQT Infrastructure” or “EQT”) today announced that it has entered into a definitive agreement to sell Hector Rail Group (“Hector Rail” or “the Company”) to Ancala’s European Infrastructure Fund II. Founded in 2004 and headquartered in Stockholm, Sweden, Hector Rail is the largest private rail freight operator in Scandinavia with significant operations in Germany.

With a fleet of over 100 locomotives and 400 employees, including approximately 250 train drivers, Hector Rail transports essential goods for a wide range of customers. Hector Rail also operates a growing domestic platform in Germany, the largest rail freight market in Europe, from which it focuses on attractive niche segments, such as energy and intermodal flows.

Since acquired by EQT Infrastructure in November 2014, Hector Rail’s focus has been on driving sustainable growth, expanding into new segments and geographies, and diversifying the customer base while providing environmentally friendly transport solutions. Hector Rail has also executed on an ambitious sustainability agenda by providing essential transportation services to industries in an environmentally sustainable way.

Masoud Homayoun, Partner and Investment Advisor to EQT Infrastructure, adds: “Hector Rail has continued to grow and gain market share while fostering a strong, safety-oriented culture, sustainable operations and high-quality services to all customers. Management and the entire Hector Rail team have done a fantastic job. With the ever-increasing demand for environmentally friendly transport solutions, Hector Rail is well-positioned for continuous growth under Ancala’s ownership”

Claes Scheibe, Managing Director of Hector Rail AB, added: “With the support from EQT, Hector Rail has grown by adding a range of new freight services across the Scandinavian and German rail network, and supported the growth of the European economy through the transportation of essential goods and materials. We continue to see strong demand for our services and look forward to entering the next phase of growth together with our new owners.”

Stig Kyster-Hansen, Managing Director of Hector Rail GmbH, further commented: “Under EQT’s ownership, we have in a short period of time been able to build a strong and scalable platform in Germany. We see great potential for further growth in this market and look forward to continuing our journey together with Ancala”

Deutsche Bank AG acted as financial advisor and Advokatfirman Vinge KB as legal advisors to EQT Infrastructure.

Contact
Masoud Homayoun, Partner and Investment Advisor to EQT Infrastructure, +46 73 402 1081
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on Twitter and LinkedIn

About Hector Rail
Hector Rail Group is an independent rail freight operator, providing traction and related services across Scandinavia and Germany. We offer environmentally friendly transportation solutions on rail, to industrial companies, forwarders, and other rail operators. The Group consists of Hector Rail AB, Sweden’s largest private rail freight company, and Hector Rail GmbH, a German operator servicing both international traffic to Scandinavia and the domestic German market

More info: www.hectorrail.com

About Ancala Partners
Ancala Partners LLP is an independent infrastructure investment manager focused on delivering enhanced returns from mid-market infrastructure investments across Europe. Ancala adopts a proactive approach to the origination and asset management of investments to create value for its investors.

More info: www.ancala.com

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EQT introduces largest ever ESG-linked Subscription Credit Facility

eqt

  • EQT launches ESG-linked fund level bridge facility – first of this size in the global fund financing markets
  • Backed by a strong syndicate of leading global financial institutions
  • Reinforces EQT’s commitment to an integrated approach to sustainability and responsible ownership – enables execution on EQT’s elevated societal ambitions

EQT today announced the entry into an ESG-linked Subscription Credit Facility related to the Private Equity business line (the “SCF” or “bridge facility”). This is an important milestone on EQT’s sustainability and transparency journey, as the firm seeks to encourage the systemic change needed to reward positive contributions to society. The ESG-linked SCF is yet another example of how EQT will inspire and incentivize portfolio companies in improving their ESG (environmental, social and governance) performance. Adding an ESG perspective into the financing structure manifests EQT’s commitment to an integrated sustainability approach and alignment with the global sustainability goals.

The SCF, which is currently at EUR 2.3 billion and has an upper limit of around EUR 5 billion, is backed by a syndicate of leading global financial institutions, including BNP Paribas and SEB acting as Sustainability Coordinators and BNP Paribas as Agent and Sustainability Agent. It is the very first ESG-linked fund bridge facility of this size in the global fund financing markets. The bridge financing facility will be coupled with a pricing mechanism designed to accelerate the portfolio companies’ ESG performance. The pricing mechanisms are directly linked to EQT’s firm wide elevated societal targets around diversity and climate as well as EQT’s proven governance model and strong commitment to transparency. The pricing mechanism for the SCF is designed to incentivize the performance of portfolio companies in the areas of i) gender equality on the board of directors and ii) renewable energy transition, supported by iii) a fundamental sustainability governance platform.

EQT and the future portfolio companies will work closely with dedicated and experienced advisors to develop customized roadmaps to deliver on the elevated societal ambitions, with measurable KPIs on which they will report quarterly and be audited annually. The aggregated results from the portfolio companies’ ESG efforts will later be compared with the pre-set KPI targets. The portfolio’s averaged fulfilment rate will impact the ESG-bridge facility’s interest rate. Or explained in a simplified manner – the better ESG progress the portfolio companies show, the better the financing terms. A win-win situation, as portfolio companies become more resilient through these actions.

Per Franzén, Partner and Co-Head of the EQT Private Equity Advisory Team, commented: “This is a game changing moment for EQT but also the private equity industry, further evidencing how our industry also can benefit from sustainable financing. For us, ESG plays a crucial role in how EQT future-proofs companies and with an ESG-linked bridge facility, we bring a new dimension to EQT’s value creation process. By linking sustainability objectives to hard incentives, we are really challenging ourselves and the portfolio companies to fully embrace the potential of sustainability – it’s really quite simple, sustainable business is good business and creates better value for all stakeholders.”

Therése Lennehag, Head of Sustainability at EQT, added: “The entire financial community faces a challenge in accessing reliable and comparable ESG data – with this ESG-linked financing facility, we actively contribute to increasing the availability of high-quality ESG data, critical for the financial markets to be able to build a resilient and regenerative economy. We need innovation to accelerate system-wide transformation and it is particularly rewarding that we could launch the SCF despite the challenging marketplace we are currently seeing. It is a strong signal that leading global financial institutions are ready to partner with responsible investors and owners to ensure we all optimize for risk, returns and positive real-world outcomes.”

Guillaume Hartog, Head of Subscription Finance at BNP Paribas: “BNP Paribas is a strong promoter of sustainable finance, notably in the bond and loan markets. Private equity is still very much a new frontier and it has been a privilege to support such a sustainability pioneer as EQT. By closely aligning their sustainability and financing strategies through the ESG structure featured by this subscription facility, EQT established a new benchmark transaction for subscription finance.“

Christopher Flensborg, Head of Climate and Sustainable Finance at SEB: ”Having worked with sustainable finance for more than a decade, being involved as a pioneer across the world and in most sectors, I can tell that the work and commitment we have seen throughout our engagement with EQT on this facility are both impressive and encouraging; and despite that we all have a long way to go, it brings both hope and trust.”

EQT has long considered sustainability an integral part of its business and core to identifying and capturing value creating opportunities, and embarked on its dedicated sustainability and transparency journey over a decade ago. EQT was an early signatory of the UN PRI, has developed an industry leading sustainability framework to inspire and monitor development within its portfolio of companies while  constantly raising the bar in how the firm  integrates sustainability throughout its entire investment and ownership processes.

Contact
Nina Nornholm, Head of Communications, +46 70 855 03 56
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with a 25-year track-record of consistent investment performance across multiple geographies, sectors and strategies. With strong values and a distinct corporate culture, EQT manages and advises funds and vehicles that invest across the world with the mission to generate attractive returns to the fund investors.

EQT’s talent base and network allow it to pursue a thematic investment strategy and distinctive value creation approach, with the aim of future-proofing the companies which EQT invests in, creating superior returns to EQT’s investors and making a positive impact with everything EQT does. EQT has more than EUR 62 billion in raised capital since inception, currently around EUR 40 billion in assets under management across 19 active funds within three business segments – Private Capital, Real Assets and Credit.

EQT is a thought leader within the private markets industry with deep expertise in responsible and long-term ownership, corporate governance, operational excellence, digitalization and sustainability. EQT has offices in 17 countries across Europe, Asia Pacific and North America with more than 700 employees. The EQT AB group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds.

More info: www.eqtgroup.com
Follow EQT on Twitter and LinkedIn

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Kinnevik agrees to divest shares in Qliro Group

Kinnevik

Kinnevik AB(publ)(“Kinnevik”) today announced that it has agreed to divest 36,021,945 shares in Qliro Group AB (“QliroGroup”) to Rite Ventures, corresponding to 23.2percent of the shares in Qliro Group. As partial payment for thesold Qliro Group shares, Kinnevik will receive up to 47,439 shares in MatHem i Sverige AB (“MatHem”), corresponding to 0.5percentof the total number of shares in MatHem. The balance will be paid through a promissory note from Rite Ventures, which under some circumstances provides for a purchase price adjustment. The total consideration that Kinnevik expects to record in its financial statements immediately after closing of the transaction corresponds toSEK 195m.After the transaction, Rite Ventures will hold 29.9 percent of the shares in Qliro Group.

In connection with the transaction, other MatHem shareholders may also sell a portion of their MatHem shares to Kinnevikin exchange for Qliro Groupshares. If a sufficient number of MatHem shareholders exchange their shares, Kinnevik may come to divest its remaining stake of approximately 4 percent in Qliro Group through such exchange. Final completion of the transaction is subject to approval from the Swedish Financial Supervisory Authority, and closing is expected to take place in the third quarter of 2020.

For further information, visitwww.kinnevik.comor contact:Torun Litzén, Director Investor Relations

Phone +46 (0)70 762 00 50Email 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 valueby 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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Duck Creek Technologies receives $230 million investment from new investors Kayne Anderson Rudnick, Whale Rock, and prior investors

Apax

New funding will drive further expansion of the market-leading SaaS solution for P&C insurance, Duck Creek OnDemand

Boston – June 10, 2020: Duck Creek Technologies, a provider of SaaS-delivered enterprise software to the property & casualty insurance industry, announced today that leading investment firms Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management, along with prior investors, have invested $230 million in the company.

The Duck Creek Suite of SaaS solutions provides insurance carriers open and highly-configurable applications across core areas of their businesses, such as policy administration, billing, claims, analytics, industry content, distribution management, and reinsurance management – all key to their digital transformations. Duck Creek OnDemand is the leading SaaS core system solution for the P&C Industry.

Duck Creek will use the proceeds for continued investment into its business growth, with a focus on extending the capabilities of the company’s SaaS solutions, and to repurchase equity from certain existing investors. The new commitment of capital comes as the company continues to invest heavily in product development and international expansion.

Funds advised by Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management join existing investors in Duck Creek including Dragoneer Investment Group, Insight Partners, funds and other accounts advised by Neuberger Berman Investment Advisers LLC, and Temasek. Funds advised by Apax Partners acquired a majority stake in Duck Creek in 2016 from Accenture. Accenture remains a key investor in Duck Creek.

“The partnership of these new investors with Duck Creek speaks to the momentum we have achieved as the SaaS leader in P&C core systems and the opportunities we see ahead,” said Michael Jackowski, Duck Creek’s Chief Executive Officer. “Our Platform’s performance, particularly during these recent months, has shown the industry that SaaS can deliver new levels of value. We see growing opportunity for Duck Creek as more insurers accelerate their adoption of SaaS solutions for their core systems.”

“Duck Creek’s growth has continued throughout 2020 and we remain excited about the long-term prospects for the company and its plan to continue to invest in products and people,” said Jason Wright, Partner at Apax Partners. “We are proud of our partnership with Mike Jackowski and the Duck Creek team and are pleased to welcome Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management as additional investors to support the company’s growth strategy.”

J.P. Morgan served as sole placement agent to Duck Creek in connection with this transaction.

This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

Contact:

Sam A. Shay
Duck Creek Technologies
sam.shay@duckcreek.com
+1.857.201.5784

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Nordic Capital-backed Trustly announces strategic minority investment by a consortium of investors to support further expansion

Nordic Capital

JUNE 10 2020
Nordic Capital-backed Trustly announces strategic minority investment by a consortium of investors to support further expansion Image

BlackRock Private Equity Partners, through its private equity funds and accounts under management, together with a consortium of institutional investors, including among others, Aberdeen Standard Investments, funds managed by Neuberger Berman, Investment Corporation of Dubai and RSIC, are becoming minority shareholders in Trustly, the world’s leading online account-to-account (A2A) payments provider. Nordic Capital remains the majority shareholder in Trustly.

The transaction diversifies Trustly’s shareholder base and brings in additional long-term capital commitment to further support Trustly as it continues to invest in its products and infrastructure and expand globally.

Nordic Capital announced the acquisition of Trustly in March 2018 with the aim of supporting the expansion of the business internationally.

Oscar Berglund, CEO of Trustly, says: “At Trustly, we’re leveraging local bank-to-bank payment rails to build a global online banking payments network that enables people to pay directly from their bank accounts in a safe and convenient manner. We welcome BlackRock and the other investors as minority shareholders in Trustly. With their support, we will double-down on developing the online banking payments solution that our merchants and billers and their customers love.”

Fredrik Näslund, Partner at Nordic Capital Advisors, says: “It is a testament to Trustly’s amazing success that Nordic Capital is able to attract such a consortium of world-class investors. Nordic Capital welcomes our new partners as co-investors and looks forward to continuing a successful journey with Trustly.”

Citigroup Global Markets Limited acted as financial advisor in connection with this transaction.

Press contact:

Meredith Popolo
Head of PR & Communications at Trustly
meredith.popolo@trustly.com

 

About Trustly

Founded in 2008, Trustly is the global leader in Online Banking Payments. Our account-to-account network enables consumers to make fast, simple and secure payments to merchants directly from their online banking accounts, without going through the card networks. With support for more than 6,000 banks, over 600 million consumers across Europe and North America can pay with Trustly. We serve many of the world’s most prominent merchants within e-commerce, financial services, gaming, media, telecom and travel, which all benefit from increased consumer conversion and reduced operations, fraud and chargeback costs.

Trustly has 400 employees across Europe, the US and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.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 in addition, Industrials & Business Services. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14 billion in over 110 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com.

 

About BlackRock Private Equity Partners

BlackRock Private Equity Partners is the world’s largest asset management firm and had USD 5.98 trillion of assets under management at December 31, 2018. With approximately 14,900 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range of investment and technology services to institutional and retail clients worldwide. For further information about BlackRock, please visit www.blackrock.com.

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Duck Creek Technologies receives $230 million investment from new investors Kayne Anderson Rudnick, Whale Rock, and prior investors

Apax

New funding will drive further expansion of the market-leading SaaS solution for P&C insurance, Duck Creek OnDemand

Boston – June 10, 2020: Duck Creek Technologies, a provider of SaaS-delivered enterprise software to the property & casualty insurance industry, announced today that leading investment firms Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management, along with prior investors, have invested $230 million in the company.

The Duck Creek Suite of SaaS solutions provides insurance carriers open and highly-configurable applications across core areas of their businesses, such as policy administration, billing, claims, analytics, industry content, distribution management, and reinsurance management – all key to their digital transformations. Duck Creek OnDemand is the leading SaaS core system solution for the P&C Industry.

Duck Creek will use the proceeds for continued investment into its business growth, with a focus on extending the capabilities of the company’s SaaS solutions, and to repurchase equity from certain existing investors. The new commitment of capital comes as the company continues to invest heavily in product development and international expansion.

Funds advised by Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management join existing investors in Duck Creek including Dragoneer Investment Group, Insight Partners, funds and other accounts advised by Neuberger Berman Investment Advisers LLC, and Temasek. Funds advised by Apax Partners acquired a majority stake in Duck Creek in 2016 from Accenture. Accenture remains a key investor in Duck Creek.

“The partnership of these new investors with Duck Creek speaks to the momentum we have achieved as the SaaS leader in P&C core systems and the opportunities we see ahead,” said Michael Jackowski, Duck Creek’s Chief Executive Officer. “Our Platform’s performance, particularly during these recent months, has shown the industry that SaaS can deliver new levels of value. We see growing opportunity for Duck Creek as more insurers accelerate their adoption of SaaS solutions for their core systems.”

“Duck Creek’s growth has continued throughout 2020 and we remain excited about the long-term prospects for the company and its plan to continue to invest in products and people,” said Jason Wright, Partner at Apax Partners. “We are proud of our partnership with Mike Jackowski and the Duck Creek team and are pleased to welcome Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management as additional investors to support the company’s growth strategy.”

J.P. Morgan served as sole placement agent to Duck Creek in connection with this transaction.

This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

Contact:

Sam A. Shay
Duck Creek Technologies
sam.shay@duckcreek.com
+1.857.201.5784

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Confirmed start for HENT to begin construction of the New University Hospital in Narvik

Ratos

2020-06-10

HENT and the University Hospital Nord-Norge HF signed a contract one year ago for the construction of the University Hospital in Narvik. The contract was divided into two parts, a design contract and an option for construction of the project. The contract for the construction part is now formally signed and the project can thus commence. The project is a so-called Interaction Contract, which means that the project is carried out with a joint interaction organization, in which the developer (Sykehusbygg HF) and the contractor (HENT) together participates in the development of the project. The contract was already part of HENT’s order book.

The project includes construction to complete interior design. In total, the building will consist of 26,860 square meters, and will be completed in the spring of 2024. The total contract value amounts to NOK 1.2 billion. The contract was already part of HENT’s order book.

“We are pleased that HENT can now start construction of the New University Hospital by the confirmed agreements between the parties. HENT won the contract in strong competition with other contractors and their experience from similar projects were important factors that UNN (Universitetssjukhuset Nord-Norge) took into consideration. It is also a message of strength that HENT once again wins a project for a public customer,” says Peter Wallin, Chairman of HENT.

Arkitema Architects

Arkitema Architects

For further information, please contact:
Peter Wallin, Chairman HENT, +46 8 700 17 00
Christian Johansson Gebauer, Head of Business Area Construction & Services, +46 70 360 01 23
Helene Gustafsson, Head of IR and Press Ratos, +46 70 868 40 50, helene.gustafsson@ratos.se

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Onex Agrees to Convertible Preferred Stock Investment in Emerald

Onex

Toronto, June 10, 2020 – Onex Corporation (“Onex”) (TSX: ONEX) today announced an agreement with Emerald Holding, Inc. (“Emerald” or the “Company”), a leading operator of business-to-business trade shows in the U.S., on a $400 million convertible participating preferred equity (the “Preferred Stock”) investment led by Onex Partners V, Onex’ $7.2 billion fund. Onex Partners has been a significant shareholder of the Company since 2013. As part of the transaction, Onex Partners V will purchase $263.5 million of the Preferred Stock in an initial private placement and Emerald will pursue a rights offering for the remaining $136.5 million to the Company’s other common shareholders. Onex Partners V has agreed to backstop the rights offering, which could increase the Onex group’s total investment in Emerald up to $400 million.

The new capital will significantly strengthen Emerald’s balance sheet, increase liquidity and enable management to focus on executing strategic initiatives as the Company navigates the global COVID-19 pandemic.

“We are extremely pleased to expand our relationship with Onex as they continue to actively support the business and help us position the company for recovery once the impact of COVID-19 is behind us,” said Brian Field, Interim President and Chief Executive Officer of Emerald. “We have continued confidence in our strategic plan and the long-term prospects of our marketplaces. The capital we are raising will substantially aid in our effort to build on the strength of our brands and accelerate new growth opportunities we expect will arise during these uncertain times.”Emerald expects to use the net proceeds from the investment for a combination of debt repayment and general corporate purposes, including organic and acquisition growth initiatives. The investment will also substantially buttress Emerald’s existing liquidity position.

“We believe Emerald has the platform, strategy and management team to deliver strong performance through future periods of economic recovery and create meaningful long-term stockholder value,” said Kosty Gilis, Managing Director at Onex. “With this investment, Emerald’s enhanced liquidity and strong balance sheet will position the Company to pursue many attractive opportunities that will arise in the coming years. We look forward to continuing to work with the management team to create value for all stakeholders.

”The Preferred Stock will be convertible into common stock at an initial conversion price per share of $3.52, which represents a 13% premium to the closing price of $3.11 per share as of June 9, 2020, and a 42% premium to the 30-day volume weighted average price of $2.48 as of June 9, 2020. The liquidation preference of the Preferred Stock will accrete at a rate of 7.0% per annum, compounded quarterly, in-kind for the first 12 quarters following its issuance, and thereafter either in cash or in- kind at the Company’s option.

Together with its existing investment, the Onex group’s pro forma ownership of Emerald, after giving effect to both the initial private placement and the rights offering, will be between 65.9% and 86.8% on an as-converted basis depending on the extent to which other common shareholders participate in the rights offering.

The initial private placement is expected to close later this month. Additional information regarding the transaction and terms of the Preferred Stock will be included in a Form 8-K that Emerald will file with the Securities and Exchange Commission.

About Emerald

Emerald is a leader in building dynamic, market-driven business-to-business platforms that integrate live events with a broad array of industry insights, digital tools, and data-focused solutions to create uniquely rich experiences. As a true partner, Emerald strives to build its customers’ businesses by creating opportunities that inspire, amaze, and deliver breakthrough results. With over 140 events each year, Emerald’s teams are creators and connectors who are thoroughly immersed in the industries they serve and committed to supporting the communities in which they operate.

About Onex

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff’s actively managed public equity and public credit funds. In total, Onex has approximately$32.9 billion of assets under management, of which approximately $6.0 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.The Onex Partners and ONCAP businesses have assets of $45 billion, generate annual revenues of $27 billion and employ approximately 170,000 people worldwide.

Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX.

For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statement

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward- looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward- looking statements in this press release.

For Further Information

Claire Glossop Irani Director,

Client and Product Solutions 416.362.7711

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