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Erik Sterck eyes further growth with FIELDS partnership

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Fields Group

FIELDS Group is pleased to announce the acquisition of a majority interest in Erik Sterck GmbH (“Erik Sterck”). Erik Sterck is a leading expert in data center environments, cloud-native services and cybersecurity. The aim of the partnership is to build on the successful heritage of Erik Sterck and to expand the business operations in the DACH area. At the same time FIELDS Group will facilitate a strategic alliance with its existing portfolio company TTNL (a specialist in data management in hybrid multi-cloud environments and mission-critical IT Infrastructures), allowing Erik Sterck to resell TTNLs proprietary Hyperplatform and complementary Managed Services in the German-speaking market. For TTNL this marks a further step in its European expansion.

“After a decade of consistent growth, this next step represents an exciting new chap-ter for us. For us, there is no question that together with FIELDS Group and their network we can further expand our business, both geographically but also with regard to our service offering”, says Erik Sterck, Co-Founder & CEO of Erik Sterck.

Oliver Batz, Co-Founder and Managing Director of Erik Sterck, adds: “We are looking forward to this next step. We are convinced that we have found the right partner for the next phase of growth. Especially the alliance with TTNL will allow us to deliver comprehensive cloud solutions, that drive innovation and business transformations across industries.”

André Reitz, Investment Director at FIELDS Group, adds: “We are excited to announce our partnership with Erik Sterck. We are particularly looking forward to support Erik, Oliver and the rest of the Erik Sterck-Team on their journey of expanding the Cloud and Managed Services capabilities, aiming to further manifesting Erik Stercks positioning as trusted advisor for its clients. Also, we are looking forward to bringing the successful Erik Sterck model into new markets within German-speaking Europe.”

 

About Erik Sterck

The owner-managed Erik Sterck GmbH, headquartered in Leonberg, Baden-Württemberg, advises companies in the entire data center environment as well as on cloud-native services and cybersecurity. Another focus is on the automation of operations services. From consulting workshops to implementation, Erik Sterck GmbH is available as a contact partner and implements projects in both virtual server environments and container-virtualized environments.

In total, the company supports almost 200 customers from all sectors, primarily in the German SME sector. Erik Sterck GmbH has received numerous awards for its work, most recently Nutanix “Best Technical Partner” (2020), Rubrik Global Award “Cyber Recovery Partner of the Year” (2023) and Arctic Wolf Networks “DACH Partner of the Year” (2024). In addition to its headquarters in Leonberg, the system house is represented throughout Germany with branches in Cologne, Munich and Hamburg.

www.eriksterck.de

 

About FIELDS Group

FIELDS Group is an entrepreneurial hands-on investor focused on developing companies with potential. FIELDS Group invests in companies with headquarters in Benelux and the DACH region and realizes true transformations with its team.

www.fields.nl

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Ardian partners with Vecos to further support international growth strategy

Ardian

Ardian, a world-leading private investment house, today announced it has signed an agreement to acquire a majority stake in Vecos, a leading global provider of tech-enabled smart locker solutions with a focus on corporate offices, Education and Healthcare facilities. Ardian has acquired the stake from Bencis, which supported the Company’s growth since its investment in 2019. The management team around CEO Bram Kuipers will continue to lead the company and will invest alongside Ardian as part of the transaction.

Vecos started as an electrical engineering development company and has transformed into an end-to-end smart locker solution provider, which was initiated and led by current CEO Bram Kuipers. Vecos’ proprietary self-service, smart locker system is purposefully designed to support people to work more flexibly, in dynamic and hybrid working environments. The solution combines locker hardware (physical locks and terminals) with a proprietary SaaS platform and is accessible through multiple access methods, including access badges and a cloud-based App for employees. Facility managers benefit from remote, automated locker management and are provided with real-time data on locker usage via the online portal, which drive cost efficiencies versus more traditional locker solutions such as mechanical or electronical locks. Vecos’ solution can be seamlessly integrated into its customers’ IT workplace ecosystem allowing a harmonized setup across locations. The company has developed strong blue-chip customer relationships globally with a strong presence in Europe as well as APAC and the US.

The ongoing shift towards hybrid work models across organizations is driving the demand for flexible office solutions with Vecos ideally positioned to capitalize on this trend. The acquisition by Ardian is substantiated by several underlying market dynamics. First, the growing emphasis on flexibility and adaptability in the workplace has made Vecos’ offerings more relevant than ever. Companies are seeking solutions that allow them to adjust their office spaces to meet the evolving needs of their employees. Additionally, Vecos addresses the focus and commitment of organizations towards sustainability in order to meet their environmental goals (e.g. in term of carbon footprint reduction), which perfectly aligns with Ardian’s investment philosophy. Ardian is looking forward to support Vecos’ management team on its envisaged growth trajectory in the coming years.

“This acquisition represents a significant opportunity for both Ardian and Vecos. Our partnership with the management team of Vecos will focus on accelerating international growth within Europe, particularly in France and Germany, as well as in the US. Besides, we see a lot of potential by leveraging AI and digital capabilities to further enhance operational efficiencies.” Florian Haas, Director Expansion, Ardian

“The partnership with Vecos marks the second investment of Ardian Expansion in the Netherlands demonstrating our high commitment to the region. We are delighted having the opportunity to support Vecos’ management team in their next phase of growth.” Dirk Wittneben, Managing Director Expansion, Ardian

“Choosing Ardian as our partner was a strategic decision rooted in shared values and vision. Their expertise in scaling businesses and commitment to sustainable growth will enable us to enhance our offerings and expand our reach in key markets. We are excited about the opportunities that lie ahead as we work together to redefine the future of workspaces.” Bram Kuipers, CEO, Vecos

“We have enjoyed working alongside Bram and his team to make Vecos a global player in smart locker solutions. We are convinced that the management team together with their new partner Ardian will continue on this growth path and will track their journey with continued interest.” Katrien Bosquet, Managing Director, Bencis

List of participants

  • Participants

    • Ardian: Dirk Wittneben, Florian Haas, Max Dolata, Steffen Prochazka, Janine Paustian, Mathieu Lebrun
    • Bencis: Katrien Bosquet, Bo Kroezen
    • M&A: Jefferies (Serge Fielmich, Lars van Leeuwenstijn, Ritika Langer)
    • Legal: Clifford Chance (Jeroen Thijssen, Simon Reitz)
    • Commercial: EY Parthenon (Georg Hochleitner, Dr. Burak Yahsi)
    • Financial: Deloitte (Egon Sachsalber, Nils Nobereit)
    • Tax / Structuring: EY (Anne Mieke Holland)
    • Tech: Artefact (Arnold Struik, Jur Gaarlandt)

 

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,680 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ardian.com

 

ABOUT VECOS

Vecos’ roots trace back to 1996 while the introduction of the first smart locker solution was initiated by the current CEO Bram Kuipers in 2010. The Company is headquartered in Eindhoven, the Netherlands. Vecos’ proprietary self-service, smart locker system is purposefully designed to support people to work more flexibly, in dynamic and hybrid working environments. Vecos offers an end-to-end smart locker solution that includes locker hardware (physical locks and terminals) and proprietary software. The SaaS-based Vecos Smart Locker system is fully customizable to tailor to each client’s needs and provides powerful management insight, enabling cost efficiencies versus more traditional locker solutions such as mechanical or electronical locks. Due to its strong market reputation, clear customer value proposition and a structured go-to-market focused on the office vertical, Vecos has developed strong blue-chip customer relationships over the past years. Today, the Company operates in over 45 countries and is seen as the leading provider in this space.

vecos.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

 

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Apiary portfolio company MediaSense expands global footprint with acquisition of R3

Apiary Capital

Independent global media advisor MediaSense, has acquired R3, the creative and media advisory specialist, significantly expanding its global footprint.

MediaSense acquires R3

This is MediaSense’s second growth deal in six months, following its acquisition of PwC’s Marketing & Media advisory team, announced in May 2024, and expands its service to clients into marketing operations, including content and creative.
The deal further delivers on MediaSense’s growth strategy, developed and implemented since Apiary Capital acquired a sizable stake in MediaSense in 2021.

MediaSense will now advise clients across an expanded suite of marketing operations-related services, supporting them to improve performance in an increasingly connected ecosystem where optimal marketing effectiveness necessitates more integrated management and governance of creative, content, media, data and technology.

While the PwC acquisition added scale and financial compliance services to MediaSense, the R3 acquisition adds marketing operations advisory capabilities and expansion into North America and Asia. MediaSense’s employee numbers will increase by 30% to over 230, with R3’s co-founders, Greg Paull and Shufen Goh joining the executive leadership team.

Graham Brown, CEO at MediaSense, stated: “Our growth ambitions are informed by listening to our clients’ current and future needs, and increasingly they require joined-up advice across disciplines and territories. With the acquisition of R3, we are expanding beyond media operations into marketing operations, adding content and creative capabilities and significantly growing our presence in North America and Asia.”

“This acquisition represents an exciting milestone for the MediaSense team”, said Dan Adler, Partner at Apiary Capital. “By acquiring R3, MediaSense is not just creating a larger media advisory business, but one which is positioned to provide invaluable insights across media, creative and tech domains, based on a foundation of cross-discipline intelligence.”

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Our Investment in CHAOS Industries: Bringing Groundbreaking New Technologies to National Defense

Accel

Our Investment in CHAOS Industries: Bringing Groundbreaking New Technologies to National Defense

We’re thrilled to announce Accel’s $145 million investment in CHAOS Industries, a company developing next-generation defense technologies that will shape national security and critical industries in the 21st century.

Over the past two decades, the same technological advancements reshaping our economy have begun to fundamentally change the nature of geopolitical conflict. Today’s battlefield is increasingly augmented, and tech is powering even more sophisticated threats for the U.S. and its allies.

This means that our future success in security, defense, and military operations will be more closely linked to technological sophistication than ever before—and it’s imperative that our capabilities rise to meet the moment. The traditional defense industry urgently needs to adapt to this new paradigm, but it has been slow to adopt truly transformative innovation. It will take a new generation of defense technology companies to help the industry get to where it needs to be.

Enter CHAOS Industries, founded in 2022 by John Tenet, Dr. Bo Marr, Gavin Hood, and Brett Cummings. The company builds groundbreaking new technologies that solve real-world problems by combining an engineering-led approach to product development with deep partnerships with the defense industry.

We’ve been impressed by the first product category CHAOS Industries brought to market, Coherent Distributed Networks, a paradigm-shifting technology category that enables unprecedented performance for sensors and effectors. Success in this wave of defense tech will come from teams like CHAOS Industries that pair expertise in artificial intelligence, and quantum computing with a deep understanding of defense programs and the unique go-to-market needs of this category.

The defense industry is still in the early stages of digitization, which makes it an exciting time to work with CHAOS Industries, which is developing innovations with real potential for scale. We’re delighted to partner with John, Bo, Gavin, Brett, and the entire CHAOS Industries team to bring those new AI, robotics, and machine learning technologies to the defense industry.

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Stepful Secures $31.5 Million Series B Led by Oak HC/FT to Address U.S. Healthcare Worker Shortage

Oak HC FT

Investment will expand scalable programs and partnerships with healthcare providers, aiming to close critical workforce gaps by 2025

Stepful, the company dedicated to re-imagining healthcare training for allied health professional jobs, today announced it has raised $31.5 million in Series B funding. The round was led by Oak HC/FT with participation from Y Combinator, Reach Capital, AlleyCorp, SemperVirens, Company Ventures, Green Sands, ECMC Education Impact Fund, Intermountain Ventures, and Cedar Pine.

Today, Stepful offers educational training programs for both entry-level positions, including medical assistants, medical admins, and pharmacy technicians, and advanced programs for licensed practical nurses and surgical technicians. Unlike other trade schools, Stepful is an AI-powered learning platform with an accelerated format, lower costs and placement for students who successfully complete the program. To date, the company has seen strong growth in its business, expanding from 50 students in 2021 to more than 30,000 enrollees projected in 2024. With this new funding, Stepful will expand its B2B offering and continue growing its health system partnerships.

Stepful’s platform is designed for working adults, particularly from historically underserved communities, providing virtual instructor-led courses that include live, cohort-based learning sessions and one-on-one coaching for those looking for entry-level positions in hospitals and healthcare settings. Additionally, the program’s bite-sized, asynchronous, interactive learning modules allow students to manage their studies alongside other commitments, while AI-powered feedback offers personalized support and outreach to ensure students don’t fall behind.

“This funding supports our mission to make healthcare training more accessible while addressing the U.S. shortage of healthcare workers,” said Carl Madi, CEO of Stepful. “It enables us to reach more students, ensuring that our graduates can transition into high-demand roles more quickly, grow our practical nursing offerings, and open new schools in key regions. We’re also enhancing our capabilities to better serve healthcare employers by adding tools for screening and vetting, analytics, on-site learning support, and to pursue strategic acquisitions.”

The U.S. healthcare system will face a shortage of 3.2 million allied healthcare workers, nurses, and mental health professionals by 2026, according to the American Hospital Association, which could result in $86 billion in increased expenses and employee burnout. Traditional educational models, such as community colleges and trade schools, often require in-person attendance, have enrollment caps, and are costly—limiting their scalability in addressing these shortages.

Stepful’s approach has yielded industry-leading outcomes, including an 87% NHA CCMA exam pass rate—ten points higher than the national average—and a 75% completion rate. Stepful currently serves 13,000 monthly active students and boasts a network of over 8,000 healthcare partners  where students complete hands-on clinical training.

“Stepful is addressing a significant unmet need to mitigate the health professional labor shortage, and they’re doing it while creating a win-win situation for both students and employers,” said Vig Chandramouli, Partner at Oak HC/FT. “The quality and outcomes of Stepful’s program have proven to be superior to current options with higher graduation rates, certification pass rates, and job placement rates, all at a lower cost. We’re proud to partner with Stepful as they scale their impact.”

As the $28 billion healthcare training market continues to grow amidst labor shortages, Stepful is positioning itself as an end-to-end workforce solution for healthcare employers, adding tools like online training, on-site learning support, and analytics. By collaborating with major healthcare providers like Providence, Ohio State University Physicians, and Johns Hopkins All Children’s Hospital, Stepful’s growing B2B segment is positioned to help systems directly feed their labor pool with well-trained, skilled workers.

About Stepful

Stepful offers accelerated, affordable training programs for healthcare roles. Through partnerships with healthcare providers, Stepful connects students to job opportunities after certification. Stepful was co-founded by Carl Madi, Tressia Hobeika and Edoardo Serra. For more information, visit Stepful.com.

About Oak HC/FT 

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.

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Sumeru Equity Partners Invests $330 Million in JobNimbus

Mainsail partners

New investor Sumeru, JobNimbus co-founders, and existing investor Mainsail Partners back JobNimbus as an industry game changer making contractors heroes to their customers

Lehi, Utah – November 13, 2024 – JobNimbus, a game-changing SaaS provider for the roofing industry, today announced a $330 million growth investment from Sumeru Equity Partners (“Sumeru”). Existing investors including founder and CEO Ben Hodson, other co-founders Nick and Jason Wood, and Mainsail Partners will continue as investors in the business. This funding will help enable JobNimbus to scale its operations, expand product offerings, and continue its mission to transform the contractor technology space.

“This investment marks a significant milestone for JobNimbus and is a testament to the hard work of our incredible team,” said Ben Hodson, CEO of JobNimbus. “We chose Sumeru as our partner because of their expertise in scaling high-growth companies, and with this funding, we’ll continue to double down on our commitment to making contractors heroes, helping them drive their businesses forward with advanced technology.”

“JobNimbus is a unique company, transforming the day-to-day lives of contractors through aggressive product innovation and a mission-driven culture,” said Jason Babcoke, Sumeru Co-Founder and Managing Director, who will join the JobNimbus board of directors as part of the investment. “We are excited to partner with the JobNimbus and Mainsail teams to continue to scale the company, expand the platform, and create a clear category leader. JobNimbus is an ideal fit with our skill set helping founders and management teams scale SaaS businesses.”

Also joining the JobNimbus board of directors from Sumeru are Chris Litster, Paul Mercadante, Jack McCabe, and Blake Shott. Vinay Kashyap and KC Kanoff from Mainsail Partners will remain on the board.

“There’s a lot to be proud of from the last four years of our partnership with JobNimbus, from working together to expand the product suite and customer base, to completing three strategic acquisitions,” said Vinay Kashyap, Partner at Mainsail Partners. “Most importantly, JobNimbus has delivered on its mission to help roofing and residential contractors become heroes to their customers. We welcome the opportunity to partner with the Sumeru and JobNimbus teams to help drive the company’s continued growth and impact on the roofing industry.”

Read the Case Study: Building a Construction & Home Services Software Leader Through Strategic Growth

JobNimbus provides contractors with an all-in-one software that helps streamline their business operations. Contractors can quickly create quotes, order materials, and manage projects—all from a single, user-friendly platform. By simplifying these essential tasks, JobNimbus helps contractors save time and reduce overhead, empowering them to focus on growing their businesses.

The funding will be used to help accelerate product development, invest in AI-driven features, and scale the team to support growing demand from customers across the roofing industry. The company plans to expand significantly, with a focus on key roles in engineering, product development, and customer support.

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Stonepeak to Acquire Boundary Street Capital

Stonepeak

World’s largest independent infrastructure alternative investment manager expands credit, digital infrastructure, and technology investment capabilities

NEW YORK & ALEXANDRIA, Va. – November 12, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has agreed to acquire Boundary Street Capital, LP (“Boundary Street”), a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. Boundary Street currently has more than $700 million of capital commitments.

Stonepeak’s credit business (“Stonepeak Credit”) has been actively investing in private and secondary infrastructure credit since 2018. Its experienced team of credit professionals takes a disciplined approach to investing across the capital structure as they seek to create a diverse portfolio in the infrastructure and real assets sectors, including digital infrastructure, energy and energy transition, and transport and logistics.

Stonepeak has long been at the forefront of investing in the infrastructure assets underpinning the global megatrend of digitalization currently being driven by data proliferation and the increased adoption of AI. This transaction further strengthens Stonepeak Credit’s digital infrastructure investing capabilities and supports its expansion into complementary sub-sectors, including enterprise and infrastructure software, cloud and managed services, technology-enabled services, advanced mobility, and earlier stage digital infrastructure platforms. With the addition of Boundary Street’s platform and team of experienced professionals who have deep credit and technology sector expertise, Stonepeak will seek to offer a more comprehensive set of credit and credit-linked capital solutions to businesses taking advantage of the strong tailwinds in the digital infrastructure and technology services sectors across multiple stages of the growth lifecycle.

Jack Howell, Co-President of Stonepeak, said, “We continue to see compelling investment opportunities within the credit space, especially as it relates to digital infrastructure, which has long been one of Stonepeak’s most active sectors. Over the last several years, we’ve made thoughtful investments to further build out our credit platform, including the addition of Michael Leitner as a Senior Managing Director in 2023. As we have built out the broader credit organization and successfully deployed capital across the capital stack into world-class infrastructure portfolio companies, the team has continued to excel. The acquisition of Boundary Street is a natural next step in the growth of the firm and the evolution of Stonepeak Credit. We are excited for what this transaction means for our limited partners and look forward to having the Boundary Street team onboard.”

Michael Leitner, Senior Managing Director at Stonepeak, added, “Boundary Street has assembled an exceptional team who have been investing in digital infrastructure and related technology services businesses since the mid-2000s. By combining Stonepeak’s expertise and resources with the Boundary Street team’s complementary experience and skillsets, we will have the ability to broaden our investment aperture and execute more efficiently on the opportunities we’re seeing in AI-driven businesses, including cloud services, enterprise and infrastructure software, and digital services, while bringing a more comprehensive breadth of offerings to our constituent borrowers and limited partners.”

Rashad Kawmy, Partner and Co-Founder at Boundary Street, said, “We are thrilled to be partnering with Stonepeak to achieve the full scale of our vision for Boundary Street, and to continue being a strong partner to all of our stakeholders. As an early mover investor in digital infrastructure, Stonepeak knows the space extremely well and their expertise will be additive to our strategy. With the benefits of Stonepeak’s scale, resources, and shared passion for digital infrastructure, we will be even better positioned to continue making sound and thoughtful credit investments and helping grow tomorrow’s greatest technology businesses and digital infrastructure platforms. Our focus on both real asset intensive business models as well as those with exceptionally strong and defensible intellectual property foundations will continue in partnership with Stonepeak.”

The transaction is expected to close in the fourth quarter of 2024 subject to customary and regulatory approvals.

Terms of the transaction were not disclosed. Paul, Weiss, Rifkind, Wharton & Garrison and Simpson Thacher & Bartlett LLP served as legal counsel to Stonepeak. Hogan Lovells served as legal counsel to Boundary Street.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

About Boundary Street Capital

Boundary Street is a private credit investment manager focused on providing flexible capital solutions specifically to lower middle market technology and telecommunications businesses and backed by a team of investment professionals with decades of experience investing in these sectors. Boundary Street seeks to invest credit in durable, recurring revenue businesses providing the mission critical services that will drive economic growth, bridge the digital divide, and keep families and businesses connected. To learn more, visit www.boundarystreetcapital.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

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Accountor Software combines with 24SevenOffice’s ERP software division to expand Nordic footprint

KKR

Accountor Software and KKR, a leading global investment firm, today announce the next phase of Accountor Software’s growth journey; the acquisition of 24SevenOffice’s ERP software division, comprising among others 24SevenOffice Norway AS, 24SevenOffice Scandinavia Systems AS, and 24SevenOffice Sweden AB. The acquisition of 24SevenOffice’s ERP division is an important step in the plan to create one of the leading financial management and HR software businesses for the Nordics. By joining forces with Accountor Software, 24SevenOffice’s ERP software division becomes part of a growing B2B SaaS business backed by a large global investor with expertise in scaling high-growth software companies.  

The transaction follows KKR’s acquisition of a majority stake in Accountor Software earlier this year and supports the company’s ambition to become one of the leading pure-play business software companies, serving SMEs as well as larger organisations and corporations in the Nordics. By combining Accountor Software with 24SevenOffice’s ERP cloud software division, Accountor Software expands its footprint across the Nordics, adding around 30,000 customers in Norway.

“This is an exciting milestone and a natural evolution of our strategy to grow as one of the leading pure-play business software players across the Nordics. Joining forces with 24SevenOffice’s ERP software division will benefit all our stakeholders, from our world-class employees to our customers and partners. We are now firmly executing our plans to expand into new core markets, empowering a broader range of customers with cloud-based mission-critical software,” said Mikko Soirola, CEO Accountor Software.

“The combination of Accountor Software and 24SevenOffice’s ERP division is a perfect fit and will create a very competitive player across the Nordics, with capacity to meet the needs of a large pool of both SME and larger customers. We are impressed by both teams and look forward to supporting them on this growth journey,” commented Hans Arstad, Managing Director and Head of Private Equity in the Nordics, KKR.

24SevenOffice has in recent years accelerated the organic growth of its AI-accounting and ERP software division and has successfully penetrated the B2B SaaS market in Norway and Sweden, providing automated business administration solutions with built-in scalability and modularity.

Strong revenue development of 24SevenOffice’s AI-accounting and ERP software division has significantly contributed to the company’s solid financial performance this year, with ample opportunities for continued sustainable growth.

The acquisition will create additional value and synergies, further boosting Accountor Software’s best-in-class offering and technology platform, with added potential to serve and grow in the SME space as well as with larger organisations.

The transaction will have no impact on current relations with Accountor Software’s customers and business partners.

24SevenOffice Group AB is listed on Nasdaq First North Stockholm and the transaction is conditioned upon shareholder approval at an extraordinary general meeting, as announced by 24SevenOffice Group AB today. The transaction is also subject to regulatory approval.

Contact information

Kirsi Nystén, Senior Communication Manager, Accountor Software
kirsi.nysten@finago.com

About Accountor Software

Accountor Software specialises in software for financial and HR management. It is driven by empowering Nordic businesses to thrive with innovative solutions that make work more efficient and effortless. ​Accountor Software is a participant of the UN’s Global Compact and adheres to its principles-based approach to responsible business. The group employs about 700 experts and its headquarters is in Espoo, Finland. ​

​About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

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Bridgepoint to join forces with Schuberg Philis, European leader in mission-critical IT

Bridgepoint
  • Bridgepoint to become new majority investor in Schuberg Philis, a fast-growing specialised managed IT service provider for mission-critical applications across large organisations.
  • Schuberg Philis has delivered CAGR of 17% over past 20 years, operating in an addressable market for specialist services valued at around €5 billion* and growing high double digit annually.
  • Partnership will fuel Schuberg Philis’ ambitious growth and innovation strategy across Europe, leveraging Bridgepoint’s expertise in tech-led businesses, global office network and deep industry contacts.

 

Bridgepoint, one of the world’s leading quoted private asset growth investors, has announced it will partner with Schuberg Philis, a Dutch-rooted IT company specialising in mission-critical IT services, cloud-native solutions, and digital transformation.

The transaction will see Bridgepoint Europe VII, a fund focused on investing in mid-market growth businesses, become Schuberg Philis’ new majority investor. Through the partnership with Bridgepoint, Schuberg Philis’ existing shareholders from both founder and management teams will retain significant stakes in the business.

Schuberg Philis will continue to operate based on its foundational principles, emphasising the unique Plan-Build-Run model, which ensures continuous alignment and accountability throughout every stage of customer projects. This approach underpins the company’s distinctive working philosophy, fostering collaboration and a shared mission among teams to address complex, mission-critical IT challenges.

Founded in 2003, Schuberg Philis has become a trusted partner for organisations needing reliable, secure IT solutions. With strong expertise in the fast-growing public cloud market, the company offers services across cloud, data & AI, software, and security. Schuberg Philis supports well-known companies such as Rabobank, ING, Heineken, Enexis, PostNL, NS, and Port of Rotterdam. Positioned for significant international growth, Schuberg Philis is ready to assist more enterprises with the next generation of digital transformation.

Led by its highly experienced co-founders, Schuberg Philis has historically delivered compound annual growth rates of 17% over the past two decades, 80% recurring revenues and an industry-leading Net Promoter Score (NPS) of 75, reflecting the strength of its reputation for excellence and long-term customer relationships with retention rates of over 95%. The firm operates in a fragmented Dutch addressable market, valued at around €5 billion* and marked by annual growth rates of high double digits.

With support from Bridgepoint, Schuberg Philis will expand its core business in The Netherlands, while expanding into the strategically important Nordic, DACH and UK regions, enabled via the depth of industry expertise and contacts across Bridgepoint’s office network. Further growth will be fuelled through selective M&A, reinforcing the company’s position as the market leader in its niche.

Bridgepoint’s strategic investment in Schuberg Philis builds on the firm’s strong track record investing in the growth of specialised technology-led businesses with a focus on mission-critical services for enterprise customers, with previous investments including Infinigate, Qualitest, Kyriba, DataExpert and ACT.

“Consistently ranked as one of the strongest IT services brands in the Netherlands, Schuberg Philis stands out as a high-quality, technology-driven business with an exceptional track record in its niche market. Five years ago, we first recognised the unique qualities that set Schuberg Philis apart and have followed their impressive journey closely since. With an outstanding NPS of 75 and a people-first culture, Schuberg Philis is well-positioned to lead as enterprise customers face increasingly complex digital transformations. We’re excited to partner with Schuberg Philis, leveraging Bridgepoint’s sector expertise and global network to expand its Northern European presence and support its next growth phase.” said Olivier van Riet Paap, Partner at Bridgepoint.

“Joining forces with Bridgepoint marks a significant milestone in our 20-plus-year journey,” said Gerwin Schuring, founder and CEO of Schuberg Philis. “This partnership will enable us to scale our European operations, invest in new technologies, and continue delivering exceptional service to our customers while staying true to our strong company values and people-first culture. Schuberg Philis’s management team will continue to guide the company.”

The transaction is subject to customary closing conditions including regulatory approval. Financial terms of the deal are not disclosed.

Bridgepoint was advised by Lazard and Axeco (M&A Advisors), A&O Shearman (Legal Advisor), Bain (Commercial), EY (Financial, Tax, ESG and Cyber Due Diligence) and Crosslake (Tech Due Diligence).

Schuberg Philis was advised by Arma Partners (M&A Advisor), De Brauw Blackstone Westbroek (Legal Advisor), PwC (VDD Financial and Tax), McKinsey (VDD Commercial) and Atlas (Tax advice).

 

*As estimated by Bridgepoint

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Vega Raises $20 Million Series A led by Apollo and Motive to Scale AltOS – The New “Core” for Private Markets Client Service

Apollo logo
  • Apollo and Motive led a $20 million Series A investment in Vega to scale its alternative asset manager client service technology platform – Vega AltOS – building on Vega’s $8 million seed investment from Motive, Picus Capital, Citi Ventures, and 60+ senior financial services executives.
  • Apollo has become an enterprise-scale anchor client, using Vega AltOS to power its client services across its institutional, family office, and global wealth channels.
  • Additionally, Apollo will contribute Edna, one of the largest alternative employee investment platforms in the market with more than $2 billion in employee AUM, into Vega.

NEW YORK and LONDON, Nov. 12, 2024 – Vega, an alternative investment technology company, founded by a team of former executives from leading hedge funds, private equity firms, and fintech scale-ups, today announced the successful closing of a $20 million Series A led by Apollo (NYSE: APO) and Motive. In addition, Vega has formed an enterprise-scale partnership with Apollo. These developments mark a significant milestone in Vega’s growth journey, as the company aims to become the industry’s leading operating system for alternative asset managers.

Building Technology for Alternative Asset Managers

Growing investor demand for private markets exposure is pushing alternative asset managers to transform how they service current clients and rapidly expand their service to new segments globally. Outdated client service technology and fragmented point solutions have created friction and hindered asset managers’ ability to scale, leading to substantial inefficiencies across their client service ecosystem.

In response, Vega’s mission has been to focus exclusively on the technology needs of alternative asset managers – building unifying solutions that enable scalable growth through Vega’s alternatives core system (AltOS), a comprehensive platform powering digitally-enabled client service across pre-trade, execution, and post-trade operations.

Alternatives Needs a Core

Vega AltOS will enable alternative asset managers to distribute products and serve clients through an “Alternatives-as-a-Service” framework, allowing any platform or client to connect to an alternative asset manager via API.  This technology facilitates direct connection between an asset manager and clients via the client’s service or platform of choice – whether intermediary advisor platforms, technology partners, or direct-to-institutional – enhancing the integration of alternatives in client portfolios.

Establishing a New Industry Standard for Alternative Managers

Vega believes the transformation of alternative asset management client service and operations infrastructure – through a modern AltOS client core – is the missing foundational layer for the industry to transition from its current bespoke distribution framework to a more scalable flow operating model, driving down cost for alternatives distribution, client service, and private markets transaction processing.

Vega intends to partner with other asset managers and platform providers to build standardized private markets client service infrastructure and drive growth across the industry.

“We have reached an inflection point where alternative asset managers now need their own operating system to power the industry’s next growth phase. We are thrilled to welcome Apollo as an enterprise-scale client and investor as we bring a new standard to the alternative asset management space,” said Alexis Augier, Founder & CEO at Vega.

“We purpose-built Vega AltOS to meet the complex client infrastructure needs of high growth, private markets asset managers. Similar to our experience in the core banking and payments revolution, demand and volumes across all client channels for private markets investments have outstripped the industry’s infrastructure of generic, sub-scale point solutions. We are excited to partner with Apollo and Motive to innovate and solve this industry challenge,” Augier continued.

“Apollo’s contribution of Edna – one of the largest alternative employee investment platforms in the market – accelerates Vega’s AltOS vision for GPs. Edna was incubated at Apollo, in partnership with Motive, and epitomizes the innovative approach to global wealth solutions at Apollo.  We are excited to continue expanding our range of GP solutions with the addition of Edna’s employee investment capabilities,” said Augier.

“Vega is building an innovative operating system purpose-designed for the alternatives industry to transform internal GP client operations.  As private market products continue to expand across asset classes and penetrate all parts of a client’s core portfolio, asset managers must transform client operations to better serve our clients’ evolving needs,” said Jake Walker, Partner and COO of Client and Product Solutions at Apollo.

“As an early-stage backer of Vega, and our extensive portfolio of WealthTech assets at Motive, we saw the need for a GP AltOS platform to help accelerate the alternatives distribution flywheel. Managers have been underserved to-date and Vega’s AltOS is critical to address this gap,” says Ramin Niroumand, Partner at Motive Ventures.

About Vega

Vega is building the distribution operating system (“AltOS”) for the alternatives industry, empowering asset managers to efficiently service and scale their client base in an era of hypergrowth for alternatives.

Through a single unified Core engine, Vega orchestrates previously siloed offline processes across pre-trade, execution and post-trade client operations, while enabling asset managers to distribute their products through a scalable “Alternatives-as-a-Service” framework. Vega’s modular, API-driven architecture ensures compatibility with a broad range of existing point solutions and third-party stakeholders, setting the foundations for the first purpose-built infrastructure layer for the alternatives industry.

Vega’s founding team consists of alternatives specialists from investment firms such as KKR, Blackstone, Elliott and Goldman Sachs, along with top product and engineering talent from successful fintech scale-ups like Revolut and Trade Republic. Vega has raised over $28m in funding from Apollo, Motive, Picus Capital, Citi Ventures, and 60 senior executives from the alternative investment industry. To learn more, please visit www.vega-alts.com

About Motive

Motive Partners is a specialist private equity firm with offices in New York City, London and Berlin, focusing on growth equity and buyout investments in software and information services companies based in North America and Europe and serving five primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Investment Management and Insurance. Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies. Motive Ventures is the early-stage investment arm of Motive Partners, focused on pre-seed through to Series A financial technology investments in North America and Europe. For more information, please visit www.motivepartners.com

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Vega
media@vega-alts.com

Apollo
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Motive Partners
Britt Zarling
+1-414-526-3107
Britt.Zarling@motivepartners.com

Motive Ventures
Caroline Wahl
+49 1520 6254 889
c@caroline-wahl.com

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