Category Archives: News

ICG establishes Milan Office

15 September 2020

Intermediate Capital Group (ICG) is pleased to announce that it has opened an office in Milan, headed by Luigi Bartone, Head of ICG Italy; he will be joined by Giulio Piccinini, Managing Director, previously based in London.

Luigi Bartone joined ICG in 2004 from AT Kearney and holds an MBA from INSEAD. ICG has invested regularly in the region ever since.

Giulio Piccinini joined ICG in 2017 from Vision Capital. Prior to his private equity investment career, Giulio worked in the investment banking division of Bank of America Merrill Lynch and as a management consultant at Bain & Co. Giulio holds an MBA from New York University.

Commenting on ICG’s move to establish an office in Milan, Luigi Bartone, Managing Director, Head of Italy, said, “Italy is a significant market for ICG and the opening of a permanent office strengthens our presence and commitment to the country. There is plenty of activity in Italy and with an office in Milan we will capture even more opportunities across asset classes; we will be closer to our portfolio companies, and to entrepreneurs and management teams willing to partner with ICG to accelerate their companies’ growth”.

For further information please contact:

ICG
Alicia Wyllie
Co-Head of Corporate Communications
Tel: +44 (0)203 201 7994
Mobile: +44 (0)7808 610080
Email: alicia.wyllie@icgam.com

Helen Gustard
Co-Head of Corporate Communications
Tel: +44 (0)203 201 7760
Mobile: +44 (0)7932 486928
Email: helen.gustard@icgam.com

Maitland/amo
Sam Turvey
Partner
Tel: +44 (0)207 379 5151
Mobile: +44 (0)78 2783 6246
Email: sturvey@maitland.co.uk

About ICG
ICG is a global alternative asset manager with over 30 years’ history.

We manage €45.6bn* of assets in private debt, credit and equity, principally in closed-end funds. We provide capital to help companies grow through private and public markets, developing long-term relationships with our business partners to deliver value for shareholders, clients and employees. We operate across four asset classes – corporate, capital market, real asset and secondary investments. In addition to growing existing strategies, we are committed to innovation and pioneering new strategies across these asset classes where the market opportunity exists.

ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at: www.icgam.com . You can follow ICG on LinkedIn.

*as at 30 June 2020

Read the press release

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CapMan Procurement Services CaPS expands to the Baltic region – establishes joint venture with BaltCap

CapMan/CaPS press release
16 September 2020 at 9:00 am EEST

CapMan Procurement Services CaPS expands to the Baltic region – establishes joint venture with BaltCap

CapMan Procurement Services CaPS accelerates the international expansion of its operations and introduces its procurement service concept in the Baltic region through CaPS Baltics, a newly established joint venture together with the leading Baltic private equity fund manager BaltCap.

The geographic expansion follows the introduction of CaPS in Sweden and provides over 40 BaltCap portfolio companies as well as existing CaPS member companies with operations in the Baltic region with access to centralised procurement for non-strategic products and services across many categories ranging from logistics to IT.

“Expansion of our business to include the Baltic countries is a natural progression as many of our members already operate in the region and we see significant growth opportunities there. The joint venture with BaltCap demonstrates the scalability of the CaPS concept by utilising the same processes and tools across a wide array of companies and markets to help even more companies improve their procurement practices. We are constantly considering new categories and services that bring added value to our members and develop our service accordingly. We are also selectively assessing new potential markets, in which to introduce the CaPS concept,” says Maximilian Marschan, Managing Partner at CaPS.

“We are very excited to introduce the CaPS concept to our portfolio. Making procurement more efficient and systematic across BaltCap portfolio companies is without doubt a great value and benefit for our growing portfolio. The accomplishments of CaPS team in the past ten years in driving savings and improving customer satisfaction for its member companies in Finland and Sweden are remarkable. We trust the service provides also our companies a clear competitive edge enabling us to better achieve our goal of building business champions,” says Martin Kõdar, Managing Partner at BaltCap

Hannes Laaser has been appointed Procurement Director for the joint venture. Hannes has more than 15 years of sourcing and management experience, and he joins CaPS Baltics from Glamox Group where he was responsible for direct and indirect materials procurement. Laaser’s responsibilities will include member acquisition and tenders for new categories and service partners in the Baltic region. He is based in Tallinn.

“I am pleased to welcome Hannes to our team. His experience and networks are spot on for building our presence and serving this new market,” Marschan says.

For more information, please contact:
Maximilian Marschan, Managing Partner, CaPS, tel. +358 50 591 1282

About CaPS

CaPS centralises the procurement of its member companies’ non-strategic products and services in Finland and Sweden and now in the Baltic states through the joint venture. CaPS has over 200 member companies, which together employ over 80,000 persons in Finland, Sweden, Estonia, Latvia and Lithuania, and have an aggregate revenue of EUR 15 billion. The network has over 250 supplier partners, which benefit from larger volumes and the concentration of sales through one channel. The service creates added value to its network through savings, more efficient procurement processes and new customer relationships. CaPS was established in 2010 and is part of private assets group CapMan. See more: www.caps.fi

About BaltCap

BaltCap is the largest private equity investor in the Baltic region covering buyout, growth, venture capital and infrastructure investments. Since 1995, BaltCap has invested in over 100 companies across different industries and raised aggregate capital of over €600 million. As an active owner, BaltCap strives to build international business champions by partnering with top management teams and entrepreneurs with a strong vision to grow. BaltCap’s portfolio currently includes over 40 portfolio companies across investment strategies. The latest initiatives by BaltCap include establishing Nordic Ninja venture capital fund as a joint venture with Japanese JBIC IG Partners and launching successor Private Equity Fund III, focusing on the New Nordics, Baltics and Nordic companies with a Baltic nexus. See more: www.baltcap.com

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The Efficy group acquires INES CRM to create a customer relationship front player in France and become the European Champion

Fortino Capital

Brussels, September 10, 2020 – INES CRM, one of the French cloud-based CRM pioneers, is joining the Efficy group. The stated ambition is to complete the consolidation of the French market in order to conquer Europe!

Obvious product complementarity

Founded in 2005 in Brussels, Efficy publishes a highly flexible CRM intended for medium and large accounts, and positions itself as a partner close to its customers. Already present in 7 European countries and leader in the Benelux, the Efficy group offers CRM solutions at the right price. Daily used by 170,000 users, the group’s solutions support more than 3,500 companies in their growth.

Founded in 1999 in Lyon, INES CRM publishes and integrates an open collaborative SaaS platform, serving business development and the entire customer journey. This solution is particularly suitable for companies with 10 to 50 employees, wishing to quickly set up a personalized CRM solution.

“INES CRM is an ingenious addition to the Efficy group’s range of CRM solutions. Our teams are now able to offer a solution adapted to all contexts. Whether it is a start-up buying a CRM license on the web, a company with 40 employees that wants a customizable solution, or even a group that has several thousand users, ” emphasizes Damien Duchateau, co- founder of INES CRM.

“Joining the Efficy group will allow the INES CRM solution to be enriched with new functionalities. Mobile application, artificial intelligence, gamification, document management and customer extranet functions will quickly complete the INES CRM solution,” adds Max Patissier, co-founder of INES CRM.

A desire to consolidate the European market

The Efficy group aims to represent 5% of the CRM market share on the European scene in four years. This operation is part of this ambition.

The acquisition of INES CRM by Efficy creates a group of 220 employees in Europe with cumulative annual turnover of € 26.5 million for 2019. The customer portfolio stands at 4,500 references.

“In recent years, we have organized and structured ourselves to accelerate the pace of our growth. INES CRM allows us to establish ourselves durably in France. We are planning such operations in other countries in the coming months. Our desire: to become a very serious alternative to the American mastodons on European soil,” concludes Cédric Pierrard, CEO of the Efficy group.

The Efficy CRM group at a glance

Key figures (2019)

  • € 26,5m turnover
  • 220 employees in 9 countries
  • 4 500 clients
  • 185 000 users in 33 countries
  • 46% average growth over the past 5 years

Latest highlights

  • 2017: Acquisition of DESICO, publisher of the Vente Partner solution, in France
  • 2018: Acquisition of E-Deal in France
  • 2019: Acquisition of SumaCRM in Spain
  • 2019: Arrival of Fortino Capital as shareholders

About EFFICY

Efficy is a software provider offering medium & large businesses a complete, flexible and extended CRM (Customer Relationship Management) solution which helps companies manage their Customer Relationship. Efficy has over 170,000 daily users in 33 countries. Founded in 2005, the Efficy Group, ISO 9001 certified, works with companies from a wide variety of sectors: Banking (Belfius, BNP Paribas, Fortuneo), Insurance & Mutual insurance (Amma, Thélem), Social housing, Industry (CEA, Gradus, Poujoulat), Services, Tourism & Transport (Kinepolis, Geneva Tourism), Retail (La Redoute, Groupe Gautier), Local authorities & Chambers of commerce. Headquartered in Brussels, Efficy has approximately 165 employees in its 7 local offices in Belgium, France, the Netherlands, Spain, Luxembourg, Switzerland and Germany.

About INES CRM

French publisher and integrator for 20 years, INES CRM offers a collaborative, open and mobile SaaS platform, serving business development and the entire customer journey.

INES CRM teams support BtoB companies and ensure the sustainability of their digital transition. The INES solution is a tool designed to respond to the problems of different departments (sales, marketing, customer service, etc.) by giving companies a 360 ° view of their customer relationship.
www.inescrm.fr

Contact

For more information, please visit www.efficy.com or contact:
Laëtitia Baret
lba@efficy.com
+33 6 13 03 63 67

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Hg announces the sale of A-Plan Group

HG Capital

Hg announces the sale of A-Plan Group (“APG”), one of the UK’s largest specialist insurance intermediaries, to Howden, the international insurance broking group. The terms of the transaction are not disclosed and the acquisition remains subject to regulatory approval.

Hg partnered with APG in 2015, recognising the business’ best-in-class customer success model – a personal, service-oriented approach, leading to very high levels of customer satisfaction alongside strong organic growth.  Since then Hg has worked with management to transform APG from a predominantly branch-based, personal lines insurance broker, to a business with a national footprint across multiple lines of business, supported by industry-leading data and analytics capabilities.

APG has more than doubled its revenues under Hg’s ownership and now has 1.3 million policies compared with 600,000 at acquisition. Renewal rates are strong and NPS scores remain exceptionally high and are supported by excellent customer service. APG has also implemented a new cloud IT broking platform, achieving efficiencies and providing data insights to drive new business growth and improve customer retention. APG has also undertaken a significant M&A programme which has led to a more diverse and scaled position in the UK insurance market. Investment in talent across APG’s key functions and broad equity ownership across APG’s employee base has also been a key driver for growth.

“We would like to thank Carl and the team for the great partnership and exceptional performance over the last 5 years.  The company has delivered excellent organic growth, whilst also executing 56 accretive M&A transactions and building an MGA capability.

Using our technology expertise, Hg has also worked with management to put software and data at the heart of the business which has greatly improved efficiency and performance.  The team’s biggest achievement, however, has been to maintain A-Plan’s strong culture, which has been responsible for its industry-leading customer satisfaction and loyalty, as well as its trusted insurer relationships throughout this period of rapid change.”

Thorsten Toepfer, Partner at Hg

“We have had a great journey with Hg, together building on a long-term track record of sustainable growth that we are very proud of. Today we employ over 2,000 staff, a number which has almost doubled during Hg’s investment.

We are delighted by the prospect of working with Howden; it’s a business that is so evidently aligned with us on the central importance of looking after its people, clients and insurers but will also support us in M&A as we deliver on Howden’s ambition for UK regional insurance distribution.”

Carl Shuker, CEO of A-Plan Group

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MineralTree Raises $50M Series D Funding and Acquires Inspyrus and Regal Software

Great Hill Partners

New investment and acquisitions fuel growth in fast-growing AP automation and B2B payments market

| Source: MineralTree, Inc.

CAMBRIDGE, Mass., Sept. 24, 2020 (GLOBE NEWSWIRE) — MineralTree, an Accounts Payable (AP) and payments automation solution provider, today announced that it has closed a $50 million Series D investment round with participation from existing investors Great Hill Partners, .406 Ventures, and Eight Roads Ventures. In addition, MineralTree has acquired two companies in the AP automation and B2B payables space, Inspyrus and Regal Software, to further expand its market position in providing AP and payment automation to middle market companies.

The investment round and acquisitions come at a time when MineralTree is seeing increasing demand for its solutions as businesses of all sizes are becoming focused on addressing both pandemic-related work-from-home mandates and rising costs associated with manually processing invoices and B2B payments. $27 Trillion in B2B payments are made in North America every year and businesses spend an estimated $510B on direct and indirect manual AP costs making those payments. By automating AP, businesses can save as much as 80% of these costs and allow their AP process to function seamlessly while working fully remote.

Today’s additional funding and strategic company acquisitions equip MineralTree with expanded product capabilities, partnerships, and scale to serve the needs of a much larger portion of the middle market and up into the enterprise market. Additionally, the funding and acquisitions will bolster capabilities available to existing MineralTree customers and Bank partners.

“Mid-market companies of all sizes continue to show strong interest in automating their AP and payments processes, but as a market segment have been overlooked and underserved,” said MineralTree Chief Executive Officer, Micah Remley. “Our vision to revolutionize B2B commerce starts with making the invoice to payment processes simple, speedy, and secure for mid-market customers and our Bank partners. This new funding, combined with expanded product capabilities and scale that come as a result of acquiring Inspyrus and Regal Software, uniquely positions MineralTree to do just that.”

Silicon Valley-based Inspyrus is an AP automation software solution for large mid-market and enterprise customers. Since its founding in 2008, Inspyrus has built significant scale in AP automation and currently processes over 15 million invoices, representing more than $100B in AP spend, annually in its software platform. It provides out-of-the-box integrations with leading ERP systems such as SAP and Oracle’s E-Business, JD Edwards, PeopleSoft, and ERP Cloud systems. With Inspyrus, MineralTree adds robust product features such as advanced PO matching, Artificial Intelligence-enabled predictive coding, and real-time invoice capture.

“Mid-market companies continue to lag behind their enterprise contemporaries in automating,” stated Inspyrus Founder and Chief Executive Officer Nilay Banker. “Automating these processes can deliver not only significant cost savings, but also increased financial visibility, and fraud reduction. The combination of capabilities from Inspyrus and MineralTree will help accelerate the digitization of Accounts Payable and B2B payments processing across more companies globally.”

Regal Software, founded in 2008 and headquartered in Atlanta, Georgia, provides easy-to-use ERP connectors to more than 160 different ERP systems. Its RegalPay solution is used by more than 350 corporate customers and partners including leading banks, card issuers, and financial services institutions to serve their business customers’ needs. Regal Software expands MineralTree’s ability to integrate with both bank and business financial systems, removing one of the biggest barriers to adoption of e-payments.

“We are thrilled to become part of the MineralTree family today,” commented Regal Software Founder and Chief Executive Officer, Kofi Conduah. “The combined strengths of MineralTree and Regal Software position us as the only choice to help mid-market companies easily transition to electronic payments and empower Banks to help their commercial customers do the same.”

Resources:
Industry Report: The State of AP 2020: A Research Report
Product Overview: End-to-End AP Automation – How it Works
Blog Post: Blog: Top 3 AP Automation Misconceptions
Webinar: Building the Modern Finance Function through Digital Transformation

About MineralTree
MineralTree provides modern, secure, easy-to-use, end-to-end Accounts Payable (AP) Automation solutions that reduce costs by more than 75%, increase visibility and control, and mitigate fraud and risk, while improving cash flow. More than 2,000 mid-market and mid-enterprise companies, as well as more than 25 financial institutions rely on MineralTree to digitize and optimize the entire AP Automation and Payments process, preserving control over the complete invoice-to-payment workflow, improving vendor relationships, maximizing ROI, and transforming the finance function from a cost center to a profit center. For more information, visit https://www.mineraltree.com.

 

Media Inquiries
Tim Walsh
617.512.1641

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NUVIA Raises $240M Series B Funding as it Accelerates Plans to Deliver Industry Leading CPU Performance to the Data Center

Atlantic Bridge

NUVIA Raises $240M Series B Funding as it Accelerates Plans to Deliver Industry Leading CPU Performance to the Data Center

Santa Clara, Calif., September 24, 2020 – NUVIA, a leading-edge silicon design company, today announced the close of its Series B funding round, raising $240M.  The funding round was led by Mithril Capital in partnership with Sehat Sutardja and Weili Dai (founders of Marvell Technology Group), funds and accounts managed by BlackRock, Fidelity Management & Research Company LLC., and Temasek, with additional participation from Atlantic Bridge, Redline Capital, Capricorn Investment Group, Dell Technologies Capital, Mayfield, Nepenthe LLC and WRVI Capital. The closure of NUVIA’s Series B round builds on a $53M Series A round, raised in November 2019. NUVIA was founded in February 2019 by John Bruno, Manu Gulati and Gerard Williams, with the vision to create the world’s leading server processor.

“The opportunity in front of NUVIA has never been brighter, with an industry that’s looking for a new way to get the performance needed to power the next generation of cloud and enterprise computing,” said Gerard Williams III, CEO, NUVIA. “We’re very fortunate to have an incredible group of investors behind us as we close Series B and take the next steps in our vision to redefine performance, energy efficiency, scalability, compute density and total cost of ownership within the data center.”

NUVIA is building a leading-edge SoC and CPU core, codenamed “Orion” and “Phoenix,” that are designed to deliver industry leading performance on real cloud workloads. More details on performance for the Phoenix CPU can be found at https://nuviainc.com/blog/performancedeliveredanewway.

About NUVIA

Headquartered in Santa Clara, NUVIA was founded on the promise of reimagining silicon design for high-performance computing environments. The company is focused on building products that blend the best attributes of compute performance, power efficiency and scalability. For more information, please visit www.nuviainc.com.

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NUVIA Raises $240M Series B Funding as it Accelerates Plans to Deliver Industry Leading CPU Performance to the Data Center

Atlantic Bridge

Santa Clara, Calif., September 24, 2020 – NUVIA, a leading-edge silicon design company, today announced the close of its Series B funding round, raising $240M.  The funding round was led by Mithril Capital in partnership with Sehat Sutardja and Weili Dai (founders of Marvell Technology Group), funds and accounts managed by BlackRock, Fidelity Management & Research Company LLC., and Temasek, with additional participation from Atlantic Bridge, Redline Capital, Capricorn Investment Group, Dell Technologies Capital, Mayfield, Nepenthe LLC and WRVI Capital. The closure of NUVIA’s Series B round builds on a $53M Series A round, raised in November 2019. NUVIA was founded in February 2019 by John Bruno, Manu Gulati and Gerard Williams, with the vision to create the world’s leading server processor.

NUVIA Raises $240M Series B Funding as it Accelerates Plans to Deliver Industry Leading CPU Performance to the Data Center

“The opportunity in front of NUVIA has never been brighter, with an industry that’s looking for a new way to get the performance needed to power the next generation of cloud and enterprise computing,” said Gerard Williams III, CEO, NUVIA. “We’re very fortunate to have an incredible group of investors behind us as we close Series B and take the next steps in our vision to redefine performance, energy efficiency, scalability, compute density and total cost of ownership within the data center.”

NUVIA is building a leading-edge SoC and CPU core, codenamed “Orion” and “Phoenix,” that are designed to deliver industry leading performance on real cloud workloads. More details on performance for the Phoenix CPU can be found at https://nuviainc.com/blog/performancedeliveredanewway.

About NUVIA

Headquartered in Santa Clara, NUVIA was founded on the promise of reimagining silicon design for high-performance computing environments. The company is focused on building products that blend the best attributes of compute performance, power efficiency and scalability. For more information, please visit www.nuviainc.com.

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Vector Capital Acquires Patron Technology

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Vector Capital

SAN FRANCISCO–(BUSINESS WIRE)–Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, today announced its investment in Patron Technology (“Patron”), a premier event technology platform.

Patron offers a full-suite of event technology solutions for live, virtual, and hybrid events designed to transform the attendee experience. The company empowers event organizers at conventions, sports arenas, music venues, performing arts festivals, and other attractions to tailor their ticketing, mobile, experiential marketing, and cashless products to fit each of their vertical-specific needs. Patron’s seasoned management team, led by Chief Executive Officer Marc Jenkins, is remaining with the business.

“We are excited to back Patron as they successfully navigate unprecedented, COVID-induced, market disruption in the live events industry,” said Rob Amen, Managing Director at Vector Capital. “Vector excels at investing during periods of significant dislocation and we believe Patron’s best-in-class product suite and proven executive team position it well to transcend this crisis. We are confident that our growth investment will enable Patron to not only outlast this global pandemic but to emerge stronger than ever on the other side of it.”

Mr. Jenkins stated: “This is an exciting and important day in our company’s history. It kicks off a fresh new partnership alongside the thoughtful investment team at Vector. We are eager to work with them to propel our business through the age of social distancing and beyond. I’m extremely proud to be part of such an amazing team, past and present, that works tirelessly to serve our world-class clients.”

In response to COVID-19, Patron’s expert team was able to pivot and develop a fully-integrated virtual events solution, complete with a suite of ticketing and experiential tools. With these features, in addition to the company’s already extensive technology toolkit, Patron became the first of its peers to offer a complete solution for any combination of online and in-person events.

“With a great set of products, a strong balance sheet, and a management team unparalleled in its industry, Patron is well positioned to grow over the coming years,” added Tom Smith, Vice President at Vector Capital. “We look forward to partnering with Marc and his team as they continue to grow from this new position of strength and renewed investment.”

About Patron Technology
Patron Technology’s limitless event technology solution is redefining what it means to be an event creator. With its ever-evolving suite of tools, organizers can take control of their entire event, transform the attendee experience, and be a leader in their industry. Whether an organizer wants to create an in-person event, a fully virtual experience, or anything in between, Patron Technology’s team and technology are fully equipped with everything an organizer needs. For more information visit patrontechnology.com.

About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With approximately $4 billion of capital under management, Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and all stakeholders. For more information, visit vectorcapital.com.

Contacts

For Vector Capital:
Nathaniel Garnick / Grace Cartwright
Gasthalter & Co.
(212) 257-4170

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Within3 Raises over $100 Million in Growth Funding to Fuel Rapid Global Expansion

Life science companies worldwide are using Within3 as their primary platform for enterprise-wide virtual communication

Within3, the leading enterprise-wide solution for life science collaboration and communication, closed over $100 million in growth funding in a financing round led by Insight Partners, with participation from Silversmith Capital Partners. The funding will be used to accelerate product innovation, build infrastructure to outpace growing demand, and fuel international expansion.

20 out of the top 20 pharmaceutical companies already use Within3 for global collaboration to bring drugs to market more quickly, publish clinical studies, host advisory boards and engage virtually on any business initiative with multi-stakeholder involvement. With users in over 150 countries and thousands of implementations worldwide, Within3 is the pioneer in enabling complex virtual communication in a secure environment. Each implementation is carefully designed to drive business outcomes and allows asynchronous participation supplemented with real-time touchpoints. Always-available reporting and analytics ensure real-time alignment of program goals. Within3’s unique combination of real-time and over-time communication drive the highest level of engagement and strong, measurable business results across the enterprise.

“Global demand for our solution is surging at an unprecedented rate,” said Lance Hill, CEO of Within3. “Life science companies are looking for virtual work solutions that exceed the level of engagement of traditional live interactions, meet all their compliance needs, and that will scale across the enterprise. They have found that solution with Within3.”

“The funding will allow us to accelerate our growth and product pipeline to continue to meet the growing demand from the market,” continued Hill. “We will be able to accelerate new innovations in our product roadmap and bring our customers smarter, more innovative solutions faster.”

“Investment opportunities in companies like Within3 don’t come around very often,” said Deven Parekh, Managing Director at Insight Partners. “The company has seen explosive growth over the last 12 quarters and continues to break new records each month. Their unparalleled ability to enable companies to achieve the results they desire faster and cheaper, and scale across the enterprise solving complex problems in all divisions of an organization sets them apart from other virtual engagement solutions. At a time when collaboration, communication and cooperation are more critical than ever across the global life sciences ecosystem, we are excited to bring our strategic operations expertise to help Within3 scale.” Parekh, along with Insight Partners’ Managing Directors Adam Berger and Ross Devor will join Within3’s board.

With over 80 compliance features, translation into more than 100 languages and a world-class client success team that is a part of every single implementation, life science companies are turning to Within3 as an enterprise-wide solution and their primary resource for stakeholder engagement.

Aeris Partners LLC served as the exclusive financial advisor to Within3. Willkie Farr & Gallagher served as legal advisors to Insight, and Kirkland and Ellis represented Silversmith Capital Partners.

ABOUT WITHIN3

Within3 invented a better way for life sciences companies to have conversations with the people who matter most—from doctors to patients to payers, and more. Our virtual engagement platform gives stakeholders the freedom to communicate anytime, anywhere, on any device. With practical tools to foster meaningful discussions and a dedicated client success team on every project, most Within3projects achieve 100% stakeholder participation. Learn more at www.within3.com or follow us on Twitter @Within3.

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 SILVERSMITH CAPITAL PARTNERS

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. The partners have over 75 years of collective investing experience and have served on the boards of numerous successful growth companies.

Contacts

Whitney Hausmann
whausmann@within3.com

Related Information

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SAP.iO Fund Invests in Neural-Based Search Company Jina AI

Sap.IO

BERLIN — SAP SE (NYSE: SAP) today announced that its investment arm, SAP.iO Fund, has backed Jina AI, a Berlin-based company providing an open source neural search solution.

Jina AI combines recent advances in machine learning for computer vision, speech recognition and natural language processing into a new search platform to provide greater accuracy, flexibility and adaptivity to search inputs.

The core project of Jina AI is called Jina on GitHub, allowing users to create a cloud-native search solution powered by deep learning in just minutes. Jina slashes from months to minutes the time it takes to build a production-ready neural search system well suited to business environments that require a fast and lightweight development cycle. Since its release on GitHub in May 2020, this project already has attracted more than 2,000 commits from 48 contributors worldwide. As of now, Jina supports searching text, image, video, audio and cross-modality data, with support for more data types coming in the future.

“As companies accelerate their digital transformations, a clear need has emerged for better, more accurate enterprise search,” said Ram Jambunathan, SAP senior vice president and managing director of SAP.iO.  “We are excited by Jina AI’s potential to provide a highly accurate search solution for SAP customers.”

Jina AI was founded by Dr. Han Xiao, who is well known for the development of the next-gen search infrastructure for Tencent’s messaging app, WeChat. He also is noted for his leadership with Tencent’s Open Source Program Office, where he fostered the company’s open source and dev-ops culture. Xiao served as a board member at Linux Foundation AI in 2019 and is founder and chairman of the German-Chinese Association of AI.

Visit the SAP News Center. Follow SAP on Twitter at @SAPNews.

Media Contacts:
Anke Otto-Jungkind, +1 (650) 796-6478, anke.otto-jungkind@sap.com, PT
Lesa Beber, +1 (650) 390-1629, lesa.beber@sap.com, PT
SAP Press Room; press@sap.com

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