Trackunit Announces Investment from Goldman Sachs Alternatives

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HG Capital

Aalborg, 10th February 2025 – Today, Trackunit (the “Company”), a leading SaaS and operating data platform provider for the construction ecosystem globally, announced that Private Equity at Goldman Sachs Alternatives will acquire a majority stake in the Company from funds advised by Hg and GRO Capital. Goldman Sachs Alternatives’ investment marks the next chapter in Trackunit’s ambitious growth journey, supporting the Company’s mission to eliminate downtime in construction and to support customer success and innovation. As part of the transaction Hg, a leading investor in European and transatlantic software and services businesses, will reinvest in the business, reaffirming their confidence in Trackunit’s continued growth and leadership, in construction digitalization.

Founded in 2003 and headquartered in Denmark, Trackunit is at the forefront of the digital transformation of the construction sector, offering a verticalized operating data platform, which generates valuable data-driven insights via an industry leading data lake. The Company’s solutions connect construction equipment to the cloud, delivering data-driven insights that enhance operational efficiency and reduce downtime. Trackunit’s software and IoT connectivity solutions uniquely support the entire construction ecosystem, serving equipment manufacturers, rental companies, contractors and ecosystem tech partners, and integrating the off-highway vehicle, connected site, and mobile workforce. Trackunit serves a global diversified customer base of more than 5,000 customers spanning the full construction value chain and has approximately 400 employees.

Goldman Sachs Alternatives previously owned a majority stake in Trackunit between 2015 and 2021, bringing unique insights and a proven partnership. During the previous ownership period, Goldman Sachs leveraged its global network and differentiated value creation capabilities to support meaningful expansion of the Company’s product capabilities and operations. With Goldman Sachs Alternatives and Hg (invested since 2021), Trackunit has an ideal shareholder base to continue investing in cutting-edge product development, technology, people and further expansion.

     

Soeren Brogaard, CEO of Trackunit, commented: “We have built a strong foundation together with Hg, advancing our offerings and working together with customers to eliminate downtime in construction. The reinvestment from Hg, alongside the new and proven partnership with Goldman Sachs Alternatives, positions us to scale even faster. We remain fully committed to our purpose, and with Goldman Sachs Alternatives’ expertise and global reach, we are excited to accelerate innovation and growth for our customers and partners worldwide.”

Michael Bruun, Partner and Global Co-Head of Private Equity at Goldman Sachs Alternatives, said: “We are thrilled to partner once again with Trackunit’s leadership team, along with Hg, to build on their success and drive even greater impact for customers globally. We see significant potential in continuing to scale the business and further embedding digital solutions across the construction ecosystem.”

Scott Myers and James Robinson, Managing Directors and Co-Heads of European Technology Private Equity at Goldman Sachs Alternatives, said: “Through its unique software & data capabilities and customer-focused approach, Trackunit has become a mission critical provider to the construction ecosystem. We look forward to collaborating with management and leveraging the Goldman Sachs Value Accelerator and global network to support the Company in its next stage of growth.”

Nick Jordan, Partner and Soren Holt, Director at Hg, stated: “Trackunit is a prime example of how data-rich software businesses can capitalise on their structural data advantage through AI and continue to expand their customer proposition. Our investment in this business has been about fostering this innovation and scaling a category-leading SaaS business. We are pleased to continue supporting Trackunit alongside Goldman Sachs Alternatives, ensuring the Company has the resources and expertise to realize its long-term purpose and industry-changing ambitions.”

Advisors and Closing Conditions

The selling shareholders were advised by Evercore, Skadden, Gorrissen Federspiel, CMS and Deloitte.

Goldman Sachs Alternatives was advised by Goldman Sachs Investment Banking, Morgan Stanley, Deloitte, White & Case, A&O Shearman, and Sullivan & Cromwell.

The transaction remains subject to customary regulatory approvals and is expected to close in early summer.


About Trackunit

Trackunit is a global technology company that connects construction through one platform to create a living, evolving ecosystem that delivers data and insights to the off-highway sector. With circa 3.5 million visible assets connected, it uses technology to eliminate downtime, improve safety, and help customers improve the bottom line in a sustainable, cost-effective way. Follow us on LinkedIn.

For further information, please visit: trackunit.com

About Private Equity at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. Goldman Sachs has over $3 trillion in assets under supervision globally as of December 31, 2024. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. Follow us on LinkedIn.

Media Contacts

For Trackunit
Lærke Ullerup
lul@trackunit.com
T +45 53703033

For Goldman Sachs Alternatives
Joseph Stein
Joseph.Stein@gs.com
T +44 207 774 4080

XOi Amplifies Field Service Innovation with New Strategic Investment and Acquisition

KKR
The intelligent jobsite technology innovator secures record funding from KKR to expand data gathering and enrichment solutions.

NASHVILLE, Tenn.–(BUSINESS WIRE)–XOi, a leading provider of jobsite-focused technology solutions for the field service ecosystem, today announced the acquisition of Specifx, an on-demand data enrichment and metadata retrieval platform for field service equipment. The acquisition was enabled by an investment from funds managed by leading global investment firm KKR. The funding from KKR marks the most significant milestone yet in XOi’s journey to build out its system of work for the field service ecosystem.

This strategic investment from KKR, along with the acquisition of Specifx, enable XOi to amplify its use and capabilities across the field service industries, furthering its mission of serving stakeholders throughout the ecosystem, including technicians, field service providers, distributors, and OEMs.

“As the challenges of maintaining and manufacturing field service equipment grew more complex, we pushed ourselves to evolve our product alongside the demands of the industry,” said Aaron Salow, founder and CEO of XOi. “KKR’s strategic partnership will help us meet and exceed every stakeholder’s expectations of sustainability, profitability, and transparency.”

“We believe XOi’s comprehensive software stands apart in the field service space not only because it allows technicians to view and adjust multiple workflows in one efficient platform, but also for its ability to normalize and enrich field service asset-specific data,” said Jake Heller, Partner and Head of KKR’s Technology Growth team in the Americas. “The addition of Specifx further enhances XOi’s database offering. We look forward to working with the entire XOi team as they continue to innovate for their customers across the field service ecosystem.”

Prior to this acquisition Specifx helped expand XOi’s groundbreaking Insights product, which provides unique asset origination, performance, and diagnostics information. Now, the combined resources and capabilities of the two companies empower XOi to deliver a unified framework of proprietary and operational data to fuel faster and more meaningful innovation to the mechanical, electrical, and plumbing industries.

“Today marks a defining moment in our growth and we are thrilled to join forces with XOi,” said Ryan Martineau, founder and CEO of Specifx. “XOi’s extremely impressive platform, coupled with a shared mission and common customer base, allows us to accelerate our vision of next generation, asset-centric solutions that simplify the day-to-day operations for our customers.”

“We are humbled by the role we have been able to play in changing this industry and the skilled trades for the better, and we are excited to drive the mission forward for years to come,” said Aaron Salow, founder and CEO of XOi. “Our vision has never been clearer, and our passion for the trades has never been stronger.”

KKR is funding this investment primarily from its Next Generation Technology III Fund.

Bass, Berry & Sims PLC served as legal advisor and Raymond James Financial, Inc. served as financial advisor to XOi. Latham & Watkins LLP served as legal advisor to KKR.

About XOi
XOi, the leading provider of jobsite-focused technology for the field service ecosystem, arms the industry with a digital tool that connects people to mission-critical equipment. XOi technology is the hub in which every part of the job—from the field to the manufacturer—connects. XOi provides AI-powered workflows, asset and team management functions, a comprehensive knowledge base, and immediate revenue-producing insights leveraging data from current and historical projects. Beyond this tool that manages consistency, profitability, and transparency, XOi’s goal is to create future-focused technology that modernizes the field service industry as a whole, and delivers 1 of 1 asset origination, performance, and diagnostics information of mission critical assets. To learn more about XOi, visit xoi.io.

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.

About Specifx
Specifx, an industry leader in data management for HVAC companies, specializes in on-demand data enrichment and metadata retrieval for HVAC companies. The company’s flagship product, Decoder, gives technicians, HVAC providers and manufacturers access to complete HVAC metadata via a simple nameplate scan, and the tool gives users the flexibility to scan each unit individually, in batches, or via the Decoder API. Specifx’s database covers the most common HVAC equipment made by around 100 major manufacturers over the past 30+ years. Specifx’s mission is to transform the HVAC data acquisition and solutioning experience for owners, occupiers, investors and service providers, reducing the effort to acquire essential information for day-to-day operations while supporting strategic, enterprise-scale investment and decarbonization initiatives. For more information about Specifx, visit specifx.com.

Contacts

Media Contacts:

XOi
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com

KKR
Emily Cummings
media@kkr.com

 

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e2e-assure receives new investment from BGF

BGF

The Managed Threat Detection & Response provider has raised significant follow-on funding from our team, as demand for advanced threat protection gathers pace.

3 February 2025

BGF has completed a significant follow-on investment into leading Managed Threat Detection & Response provider e2e-assure.

BGF’s backing will enable e2e-assure to intensify research and development, to advance capabilities in areas such as AI, and anomaly detection for responding to cyber threats. It is also focusing on optimising integrations with major technologies like Microsoft Azure and Google Cloud, to deliver scalable, seamless solutions, designed to align perfectly with customers’ existing infrastructures.

By investing in these areas, the SOC-as-a-service (security operations centre) provider will not only keep pace with the rapidly evolving threat landscape, but also ensure that its clients benefit from the most advanced, scalable and cost-effective cybersecurity solutions available on the market.

“We’ve seen an exciting period of growth for e2e-assure. From expanding our team and our capabilities to targeting a range of new sectors, each with their own unique and complex challenges, we remain committed to continual technological innovation. We’re excited to take this next step in our growth journey alongside BGF.”
Rob Demain
CEO & Founder of e2e-assure

e2e-assure has seen significant demand continue from its customers (predominantly companies within the mid-market) for an outsourced solution that gives access to specialised capability and service evolution, keeping them ahead of industry trends. Over the last 12 months alone, e2e-assure has increased sales wins by 40% on the previous financial year.

As part of the new investment, e2e-assure will also be expanding it sales and support teams, to deliver a more personalised and responsive service experience for customers.

Tim Anderson, Chief Commercial Officer at e2e-assure, commented: “This investment strengthens our ability to innovate and scale, ensuring we remain a dependable and forward-thinking partner for our customers’ cybersecurity needs.

“With our commitment to continuous improvement, we aim to enhance not only our services, but also the value we deliver. Our goal is to build long-term partnerships that help businesses achieve their objectives, while maintaining and further improving our already exceptional NPS score of 88, up from 70 last year.”

The investment from BGF’s Reading office follows a number of recent deals within the Thames Valley region, including multi-million-pound investments into Bournemouth-based advice tech provider Twenty7tec and digital transformation specialist Proventeq.

Guy Pope, Investor at BGF, said: “e2e-assure’s leading technologies and expertise have positioned them perfectly as the demand for Managed Threat Detection & Response continues to increase exponentially in a variety of sectors.

“This investment reflects e2e-assure’s commitment to its clients and future clients. It will allow Rob and the team to optimise operations, and to continue delivering solutions that protect businesses and position clients to thrive in an increasingly complex security landscape. We look forward to continuing our partnership and supporting the business on its trajectory.”

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EQT co-leads TravelPerk’s USD 200 million Series E

eqt

  • TravelPerk is an all-in-one SaaS business travel platform that aims to give travelers the freedom they want whilst providing companies with the control they need

  • EQT Growth co-leads the round, which values TravelPerk at USD 2.7 billion, alongside Atomico; round also joined by new investors Noteus Partners and Sequoia Capital, as well existing investors like General Catalyst, Kinnevik, Softbank Vision Fund, and Blackstone

  • Alongside the financing, TravelPerk announces that it has acquired Yokoy, a leading spend management platform, to create an integrated Travel and Expense Management platform

EQT is pleased to announce that EQT Growth, which aims to support fast-growing technology companies as they continue to scale, has co-led a USD 200 million Series E in TravelPerk. The investment is also led by Atomico, with participation from Noteus Partners and Sequoia Capital, as well as existing investors, including Kinnevik, General Catalyst, Softbank Vision Fund, and Blackstone. The oversubscribed round brings TravelPerk’s valuation to USD 2.7 billion.

As companies face greater economic pressures and more complicated regulatory environments, they are increasingly looking for fully integrated solutions that bring travel and expenses together into one automated platform. TravelPerk’s end-to-end experience simplifies business travel management, streamlining processes and helping companies better control costs. With the acquisition of Yokoy, a leading spend management platform, and through integrations with expense management partners, TravelPerk is well positioned to provide small & medium businesses in Europe and the US highly localized solutions that suit individual needs, while preserving freedom of choice and flexibility.

Founded in 2015 and today headquartered in Barcelona, TravelPerk has recorded 50 percent annual growth over the last two years and reached EBITDA break-even at the end of 2024. The new funding will be used to further accelerate growth, with continued expansion into the US market alongside significant investments into product, technology and AI.

Carolina Brochado, Partner at EQT Growth, who will join the TravelPerk Board, said: “TravelPerk is a clear digital-native leader in the multi-hundred-billion corporate travel market. Most small and mid-market businesses remain unmanaged and underserved in this space. Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry. Their proprietary use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI.”

“Until now, customers had to make hard trade-offs: an integrated platform or separate, best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance,” commented TravelPerk President and Chief Operating Officer, JC Taunay-Bucalo. “Customers don’t have to compromise anymore. Now, they can have a leading travel management product built on the world’s largest inventory, combined with an expense management product that works for their business.”

Avi Meir, TravelPerk CEO and Co-Founder, added: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform. Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming Phil, Devis, and the rest of the team to TravelPerk. We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedInYouTube and Instagram

About TravelPerk
TravelPerk is a hyper-growth SaaS business travel platform and a pioneer in the future of travel for work. Its all-in-one platform gives travelers the freedom they want whilst providing companies with the control they need. The result saves time, money, and hassle for everyone.

TravelPerk has industry-leading travel inventory alongside powerful management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design, which enable companies and organizations worldwide like Red Bull, GetYourGuide, and Aesop, to get the most out of their travel.

Backed by world-class investors like General Catalyst, Kinnevik, Softbank, and Blackstone, TravelPerk is reinventing travel for work with an end-to-end solution that works.

Visit www.travelperk.com for more information.

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Your.World Receives €800 Million Strategic Investment from Ares Management and Carlyle

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Carlyle

AMSTERDAM – 28 JANUARY 2025 – Your.World (the “Company”), a leading European online solutions provider, today announced that it has received €800 million in long-term partnership capital in the form of preferred equity from Ares Management Credit funds (“Ares”) and Carlyle.

Founded in 2016 by Strikwerda Investments, Your.World has emerged as a leading European provider of web hosting, online productivity, and managed IT services. Its growth has been driven by its serial acquirer model based on high quality, sustainable value creation and scalable M&A across verticals and geographies. Today, the Company employs over 2,000 people, operates 45 distinct brands, and serves more than one million customers through its Your.Online and Your.Cloud divisions.

By combining disciplined capital allocation, a decentralized operating model and a focus on mission-critical online solutions, Your.World has established itself as a key player in the European SME segment. Your.World’s serviceable addressable segment has expanded considerably in the last five years, accompanied by a corresponding increase in its M&A opportunities. The Company anticipates additional growth opportunities in the future.

“As Your.World pursues its long-term ambitions, we are pleased to welcome the additional partnership capital and expertise from two leading global investors, Ares and Carlyle,” said Robin van Poelje, CEO of Your.World. “Their financial and strategic support reinforces our ability to drive accelerated growth while continuing to deliver high-quality solutions and services to our customers. We look forward to seizing the opportunities that lie ahead.”

“We are excited to be investing in Your.World as it enters its next chapter of growth,” said James Kim, Partner and Head of European Opportunistic Credit at Ares. “The combination of Your.World’s demonstrated history of execution, sector leadership, strong management and robust M&A pipeline underscore our conviction in its ability to generate significant value over the long-term. We look forward to working with Robin, Strikwerda Investments, Carlyle, and the Your.World team as they continue to differentiate themselves in the online solutions sector.”

Taj Sidhu, Head of European and Asian Private Credit at Carlyle, said: “We are delighted to provide this strategic capital financing to Your.World. The business is a leader in a resilient and fragmented market, and we believe there is significant white space for the company to continue to pursue their successful M&A strategy as they further accelerate growth.”

J.P. Morgan acted as exclusive financial adviser and sole placement agent, and A&O Shearman acted as legal advisor, to Strikwerda Investments & Your.World with respect to the strategic investment from Ares and Carlyle.

-ENDS-

About Your.World
Your.World is the leading platform for building businesses online. Our c. 2,000 employees support over one million customers. We cherish our reputation in acquiring, developing, and empowering leading online solutions companies. We nurture local entrepreneurial pride and spirit by creating true partnerships and giving room for independent local entrepreneurship with strong local brands. For more information, please visit www.your.world.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2024, Ares Management Corporation’s global platform had approximately $464 billion of assets under management, with more than 3,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents.

Carlyle’s Global Credit platform manages $194 billion in assets under management, as of September 30, 2024. It regularly pursues investments in privately negotiated capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies.

Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Strikwerda Investments
Strong companies are built together. This takes time. At Strikwerda Investments, a leading Dutch Tech-focused family office, we build durable partnerships with entrepreneurs and have invested in over 200 companies in the last 40 years. We have the strong will to bring out the best in these companies, all of which contribute to our goal of building enduring businesses together for future generations.
For more information, please visit www.strikwerdainvestments.nl.

Media Contacts
Your.World / Strikwerda Investments
Jean-Pierre Buijtels, +31 6 5327 8967
jp.buijtels@strikwerdainvestments.nl

Ares
Giles Bethule, +44 7879615114
Jacob Silber, +1 212 301 0376
media.europe@aresmgmt.com

Carlyle
Andrew Kenny, +44 7816 176120
andrew.kenny@carlyle.com

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Alice & Bob Closes €100M Series B

AXA

Alice & Bob Closes €100M Series B Led by Future French Champions (FFC), AVP and Bpifrance to Advance Towards a Useful Quantum Computer.

Series B funding fuels groundbreaking cat qubit technology, cutting costs and complexity of useful quantum computing.

Alice & Bob, a global frontrunner in the race for fault-tolerant quantum computing, today announced a raise of €100 million in its Series B funding round, led by Future French Champions (FFC), AVP (AXA Venture Partners) and Bpifrance. FFC is a partnership between QIA and Bpifrance.

The funding will accelerate Alice & Bob’s path to build the world’s first useful quantum computer by 2030.

Having established performance records with our cat qubits, Alice & Bob now enters a new phase focused on building a quantum computer that can deliver valuable results,” said Théau Peronnin, CEO of Alice & Bob. “Cat qubits are unique, as they make scaling quantum computers practical: where conventional approaches would require millions of qubits, we would need only thousands.

At the center of cat qubits’ hardware-efficiency is the inherent suppression of bit-flip errors, one of the two types of errors that plague quantum computers. This property is key to enabling more efficient architectures for Fault-Tolerant Quantum Computers (FTQCs) that resist errors and can be used in real-world applications. Alice & Bob is the only player developing quantum computers exclusively with this type of qubit, which the company has pioneered since its inception in 2020. To learn more about Alice & Bob’s technology, see its recently published white paper and roadmap.

All Series A investors, Elaia Partners, Breega, Supernova Invest and Bpifrance, returned for the Series B round, joined by new institutional investors, FFC, AVP, and the EIC (European Innovation Council), reflecting broad market confidence in Alice & Bob’s approach and future impact.

Alice & Bob will use the funding to enhance the performance of its system, improve error correction, and create its first error-corrected logical qubit. Nearly half of the funds will be used to finance the ongoing construction of a state-of-the-art lab and production facility, and additional funds will be used to further expand the team, which has doubled in the past year.

Elie Girard, Executive Chairman of Alice & Bob, added, “Quantum computing is poised to transform industries, but the engineering complexity has remained a major hurdle. Alice & Bob’s cat qubit innovation offers a clear path forward, combining efficiency and reliability to unlock quantum’s full potential. This funding allows for Alice & Bob to continue to grow as a company and leading player in the industry.

Quotes From Alice & Bob’s Investors

Antoine Emmanuelli, President, FFC

In investing in Alice & Bob, Future French Champions recognizes the company as a French leader in quantum computing. We are eager to see Alice & Bob achieve fault-tolerant quantum computing in this highly competitive, evolving field using unique and innovative technology to make France a champion in quantum tech.

François Robinet, Managing Partner, AVP

We have been following the field of quantum computing for a long time at AVP and we are now convinced that quantum computing is leaving the pure R&D space and is entering into an ’industrial’ phase to soon address ’real-life’ use cases, thanks to the technology that Alice & Bob has been developing. AVP is therefore proud to support the company in their mission to reduce the hardware requirements for building a practical, large-scale quantum computer.

François Charbonnier, Investment Director, Bpifrance

We are thrilled to once again contribute to the groundbreaking work that Alice & Bob is doing to scale quantum computers for real-world applications. Bpifrance’s continued investment in Alice & Bob reflects our goal to establish France as an international leader in quantum computing and bolster the growth of the French economy by investing in technology that will disrupt industries and solve problems globally.

Maximilien Bacot, co-founder & COO, Breega

For the past four years, we’ve had the privilege of collaborating with Alice & Bob’s founders, whose remarkable vision, determination, and expertise continue to inspire us. Together, we’re driving a big leap in technology, redefining the limits of what’s possible with scalable and sustainable quantum computing—an ambition perfectly aligned with Breega’s mission to support transformative innovation.

Anne-Sophie Carrese, Partner, Elaia

Since Alice & Bob’s inception, Elaia Partners has been proud to stand behind the company as it strives to achieve energy, and hardware-efficient fault-tolerant quantum computers using cat qubits. Alice & Bob’s work in reducing the energy required for quantum computations aligns closely with our ESG goals, and we look forward to seeing how their technology can solve even greater energy problems in other sectors.

Etienne Moreau, Partner, Supernova Invest

Supernova Invest strengthens its commitment to quantum and to Alice & Bob by participating in this Series B as the company has built a clear roadmap towards the delivery of the first fauttolerant quantum computer. This funding will propel the company into a new era of computing power, far exceeding existing capacity for generational change in critical applications in energy, healthtech or industry.

About Alice & Bob

Alice & Bob is a quantum computing company based in Paris and Boston whose goal is to create the first universal, fault-tolerant quantum computer. Founded in 2020, Alice & Bob has already raised €130 million in funding, hired over 110 employees and demonstrated experimental results surpassing those of technology giants such as Google or IBM. Alice & Bob specializes in cat qubits, a pioneering technology developed by the company’s founders and later adopted by Amazon. Demonstrating the power of its cat architecture, Alice & Bob recently showed that it could reduce the hardware requirements for building a useful large-scale quantum computer by up to 200 times compared with competing approaches. Alice & Bob cat qubit is available for anyone to test through cloud access. Follow Alice & Bob on LinkedInX or YouTube, visit their website www.alice-bob.com, or join The Cat Tree on Slack to learn more.

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Early Growth, Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Early Growth stages in the U.S. and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. For more information about AVP, please visit www.axavp.com.

About FFC

Future French Champions is the partnership between QIA and Bpifrance, initiated in 2014.

QIA is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state’s reserve funds. QIA is one of the largest and most active sovereign wealth funds in the world. QIA invests across a wide range of asset classes and diverse regions, as well as partnering with leading institutions across the globe to develop a global and diversified investment portfolio, with a long-term perspective that can generate sustainable returns and contribute to the prosperity of the State of Qatar.
More information on: www.qia.qa

Media contact: media@qia.qa

About Bpifrance

Bpifrance Investissement is the management company that handles Bpifrance’s equity investments. Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…).
For more information, please visit: www.bpifrance.com
Follow us on Twitter: @Bpifrance – @BpifrancePresse

Workwize Raises $13 Million in Series A Funding to Disrupt IT Asset Management for Globally Distributed Teams

Klass Capital

The new funding will allow Workwize to enhance its AI-driven automation and strengthen its
operations with the launch of a U.S. office in early 2025.

Amsterdam, Netherlands. 16 January 2025. Workwize, a leading platform for global IT hardware asset management, today announced that it closed $13 million in Series A funding led by Klass Capital, with continued support from early-stage investors Peak and Graduate Entrepreneur Fund. This investment will fast-track Workwize’s integration of AI-driven automation, making it the first platform to fully automate the IT equipment lifecycle—from procurement and deployment to retrieval and disposal.

“IT teams worldwide are overwhelmed by the inefficiencies of managing equipment for distributed teams. They waste valuable hours on manual, repetitive tasks and getting caught up in complex vendor management,” said Michiel Meyer, CEO and co-founder of Workwize. “This investment further solidifies our vision of a barrier-free future where managing a global workforce becomes effortless and enables IT workflows to shrink from hours to minutes through smarter automation.”

A recent survey conducted by Workwize of over 150 global enterprises revealed that 48% of IT leaders prioritize ‘operational efficiency and automation.’ Workwize’s platform dramatically cuts IT management time from 27 hours to just 10 minutes per employee for tasks like procuring, deploying, managing, retrieving, and decommissioning IT equipment. What’s more, Workwize customers appreciate the platform’s ease of use, ensuring new hires receive the necessary IT equipment on their first day.

Fully automated hardware asset management: A breakthrough for IT leaders

Traditional IT hardware asset management platforms provide a centralized record of the locations and status of IT equipment, but moving equipment still relies heavily on manual interventions by IT teams. For example, if an overseas employee needs a laptop repair, an IT manager must coordinate with multiple international vendors: sending a shipping label and packaging to the employee, booking the repair, arranging and configuring a replacement laptop, seeking cost approvals, and more.

Once fully automated, Workwize’s AI-driven platform automates the entire lifecycle of IT equipment, eliminating the need for labor-intensive interventions. Workwize improves the efficiency and scalability of repetitive tasks so that IT teams can focus on strategic initiatives. AI and automation are also used to analyze IT assets needed and manage the lifecycle of an organization’s IT hardware inventory globally. The company provides its customers with flexible delivery options, including pre-configured laptops with Mobile Device Management (MDM) from local warehouses, ensures compliance with standards like ISO, repurposes phased-out equipment, prioritizes sustainability, and certifies services to wipe, recycle, or resell IT assets. This leads to significant time savings and delivers an experience that is ten times more efficient, allowing IT teams to be completely hands-off.

“Our investment in Workwize reflects our strong belief in its ability to revolutionize IT management for an increasingly global workforce that demands streamlined solutions,” said Will Anderson, Managing Partner at Klass Capital. “Workwize provides the efficiency and scalability modern enterprises need to thrive in today’s dynamic, borderless business environment.”

Strengthened global operations

In 2024, Workwize has grown more than 3x and its platform is already transforming IT operations for customers, including Adyen, Elastic, EQT, and HelloFresh. The new funding will enable Workwize to expand its global footprint and enhance operations with the launch of a U.S. office in early 2025. Workwize also plans to double its headcount in 2025.

For more information, visit www.goworkwize.com

ButterflyMX Secures Significant Growth Equity Investment from FTV Capital

FTV Capital

Investment will accelerate new product development while further solidifying ButterflyMX’s market-leading position in the multi-tenant property access and security market

NEW YORK — ButterflyMX, the leading cloud-based property access platform for multifamily and commercial properties, today announced a significant growth equity investment from FTV Capital, a sector-focused growth equity firm. With nearly 17,000 buildings and 1.5 million people using ButterflyMX daily, this investment will enable expansion into new markets, accelerate new product offerings, and solidify its position as the leading provider of property access control and security solutions.

The property access control and security market has seen massive growth driven by technological advancements, evolving resident expectations, and a growing need for safety. According to data from Market and Markets, the global market for cloud-based access control is expected to surpass $15.2 billion in annual revenue by 2029. This reflects a growing demand from property owners and managers for software-enabled solutions that boost revenue, reduce operating expenses, enhance security, and improve user experiences for everyone who lives, works, or visits a property.

ButterflyMX provides an access management and security platform that helps buildings deliver better experiences while driving significant revenue and cost savings. From video intercoms and connected access control systems to security cameras and front desk management, ButterflyMX’s property-wide suite of software-enabled products and services is purpose-built for property owners and managers of multifamily, commercial, student housing, HOAs, and gated communities. The company’s products and solutions enable customers to manage property access remotely and automate building operations while seamlessly integrating into existing property systems.

“Since our founding nearly 10 years ago, we’ve grown from just a video intercom to a fully integrated suite of access control and security products and solutions that transform the property access experience from the front entrance to every door, gate, and elevator through a building,” said Aaron Rudenstine, CEO of ButterflyMX. “The future of ButterflyMX will continue to focus on developing solutions that automate building operations, allowing for more affordable property ownership and management. As we continue on this journey, we’re pleased to have the backing of FTV Capital, a firm with a deep understanding of both vertical software and tech-enabled hardware, a vast network of partners and advisors, and a shared vision to provide products and services that revolutionize how multi-tenant properties are owned and operated.”

“Cloud-based property access solutions have become mission critical as residents increasingly demand more seamless and secure experiences and property managers look to simplify and improve operations,” said Richard Liu, partner at FTV Capital. “ButterflyMX has already asserted its market leadership with best-in-class solutions that address complexities around multi-family and commercial access for tenants, building owners, and property managers. The strong market momentum and incredibly positive customer feedback we heard was a resounding testament to the company’s unique value proposition and the compelling ROI it delivers. We are excited to partner closely with ButterflyMX to help the company meaningfully scale in its next chapter.”

“With consistent growth, excellent unit economics, and a highly scalable model, ButterflyMX is well positioned to remain the gold standard in this market,” continued Kapil Venkatachalam, partner at FTV Capital. “By being in the natural flow of key data, strategic use of AI, and leveraging an open platform that allows for seamless integration with other ecosystem players across the globe, ButterflyMX will continue to streamline operations for various types of property owners and enhance the resident experience. We look forward to partnering with Aaron and the team to drive the business forward.”

As part of this growth investment, Liu, Venkatachalam, and Chris McPherson, vice president at FTV Capital, will join ButterflyMX’s board of directors. Lead Edge Capital and Fifth Wall are participating as co-investors in this funding round, while existing investors JMI Equity and Volition Capital will continue to maintain their positions on the company’s board of directors.

Raymond James acted as financial adviser to ButterflyMX, and Houlihan Lokey acted as financial advisor to FTV Capital. Financial terms were not disclosed.

About ButterflyMX

ButterflyMX is your complete property access and security platform, providing a secure, convenient, and cost-effective way to manage and grant access on the go. Empower your tenants to open doors, gates, and elevators with a smartphone and ensure they never miss a visitor or delivery. Enjoy easy installation, cut costs by eliminating building wiring and in-unit hardware, and save time by integrating with popular access control and property management systems. Join the 16,000+ multifamily, commercial, gated community, and student housing properties that have made access simple with ButterflyMX. For more information, visit www.butterflymx.com or call (800) 398-4416.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised more than $10.2 billion to invest in innovative, high-growth companies across two sectors: enterprise technology and services and financial technology and services. Founded in 1998, FTV has developed a highly differentiated and disciplined growth equity model, which leverages the firm’s deep domain expertise and thematic investing approach to help portfolio companies accelerate growth. FTV also provides companies with access to its Global Partner Network®, a strategic group of more than 500 executives from many of the world’s leading financial services firms and FTV Propel®, an in-house team of seasoned operational leaders who deliver counsel and resources across a range of critical business functions. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

Qventus Announces $105 Million Investment, Series D Led by KKR

KKR
  • The Company is a leading AI solutions provider across inpatient and outpatient operations, continuing to drive millions of dollars in ROI for health systems partners for over a decade
  • The investment supports development and expansion of first-to-market AI Operational Assistants, extending the platform even further across clinical operations

NEW YORK–(BUSINESS WIRE)–Qventus, a leading provider of AI-based care automation software for health systems, today announced a $105 million investment led by global investment firm KKR, with additional participation from world-renowned investment firm Bessemer Venture Partners, and new strategic investors, including leading health systems Northwestern Medicine, HonorHealth, and Allina Health.

Qventus has built an AI-first care operations automation platform deployed across leading health systems in inpatient and outpatient settings. This funding accelerates the Company’s ability to provide AI-based automations and AI operational assistants in more care settings, building upon the success of its existing offerings like Qventus’ Surgical Growth and Inpatient Capacity solutions as well as new solutions built on its first-to-market AI Operational Assistants platform capability.

Hospital executives, providers, and frontline staff are overburdened by manual, fragmented, and antiquated processes, which create challenges to achieving their mission of providing excellent care to patients in their communities. Despite having top-of-the-line therapies, clinicians and equipment, healthcare systems are hindered by inefficiencies related to administrative tasks like scheduling, higher costs, and more, which collectively cost the healthcare system billions of dollars every year. In turn, reducing staff burnout from administrative tasks and enhancing productivity have become mission-critical for health systems. Qventus’ transformative solutions and AI teammates help health systems combat these challenges by intelligently automating operations and end-to-end workflows across care settings.

“Across the country, healthcare teams have to do extraordinary things to get ordinary things done every single day. Qventus has dedicated the last decade to building AI automation solutions that alleviate the administrative burden of healthcare staff so they can deliver highly reliable patient care. This funding is a testament to how these solutions generate best-in-industry return on investment, helping health systems achieve the margins needed to fulfill their mission of delivering exceptional care to their communities,” said Mudit Garg, CEO and Co-Founder of Qventus. “This capital primes us to continue maximizing our growth, delivering on our promises to our partners, and launching new, game-changing technology.”

Qventus will leverage this funding to accelerate the development and commercialization of solutions powered by its AI Operational Assistants into new care settings beyond its Surgical Growth and Inpatient Capacity solutions. Enhancing team productivity by up to 50 percent, these AI teammates work alongside care teams to reduce the administrative burden, identify potential issues upstream, surface suggested interventions, and take action to solve problems for busy staff.

“Built on a solid foundation, Qventus has navigated the evolving care landscape and emerged resilient, thanks to its sophisticated technology and proprietary data engine built over the last decade,” said Jake Heller, Partner and Head of Tech Growth Equity, Americas at KKR. “We believe Qventus is well-positioned to be a market leader in supporting care delivery at the provider level and redefining the future of health care by supporting hospital systems in operating more efficiently so they can focus on what really matters–quality care for patients.”

Since its inception in 2012, Qventus has built a suite of AI solutions to address health system pain points across care settings. In the last year alone, Qventus’ Inpatient Capacity solution, which reduces the length of stay and creates capacity, eliminated over 36,000 excess days for its health system partners, saving them millions of dollars and helping them create the capacity to serve more patients in their communities. The company’s Surgical Growth solution drives strategic surgical volume for hospitals, generating $95M in annualized contribution margin in 2024 through Qventus enabled cases. This year alone, Qventus’ platform touched more than half a million surgeries and drove 35% more robotic cases using its technology to spot gaps of time available, helping patients receive the critical care they need.

“By collaborating with Qventus, Northwestern Medicine has been able to significantly address capacity and access demands for our operating rooms which has allowed our patients quicker access to care,” said Doug King, Senior Vice President and Chief Information Officer, Northwestern Medicine. “By deploying Qventus’ solutions, Northwestern Medicine is able to reduce the burden on our clinical teams and allow them to turn their focus to caring for our patients.”

This financing follows a year of significant growth for Qventus, increasing its cadre of health system partners and expanding its team globally. The company received an impressive overall KLAS score of 92.5 percent (as of November 1, 2024) in the capacity management segment, in which 100 percent of customers included Qventus as a part of their long-term plans. Last month, Qventus additionally took home Frost & Sullivan’s Best Practices Customer Value Leadership Award for its commitment to providing best-in-class solutions that generate an average of over 10x return on investment for its hospital and health system clients.

KKR is funding this investment primarily from its Next Generation Technology III Fund.

Wilson Sonsini Goodrich & Rosati, P.C. served as legal advisor to Qventus, Latham & Watkins LLP served as legal advisor to KKR and Wilson Sonsini Goodrich & Rosati served as legal advisor to Bessemer Venture Partners.

About Qventus

For more than a decade, Qventus has been at the forefront as a provider of AI-based software automating care operations in both OR and inpatient settings. By deeply understanding the challenges faced by healthcare providers and applying modern technologies and principles proven in other industries, we empower care teams to make smarter decisions and optimize patient flow, while reducing the cognitive load on team members and improving the patient experience. Our solutions not only deliver meaningful returns but have also recently achieved the highest KLAS rating, creating a competitive edge for our clients, including health systems, independent hospitals, and academic medical centers. By integrating with EHRs, the Qventus platform leverages GenerativeAI, machine learning, and behavioral science to predict operational bottlenecks, recommend remedies, and automate processes. Explore more at www.qventus.com.

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.

Contacts

Qventus
qventus@solcomms.co

KKR
Emily Cummings
media@kkr.com

 

 

Apax Funds to Sell Their Majority Stake in Paycor HCM, Inc. to Paychex, Inc.

Apax

Apax Partners LLP (“Apax”) today announced that Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (“HCM”) software, has entered into a definitive agreement with Paychex, Inc. (Nasdaq: PAYX) (“Paychex”) to be acquired in an all-cash transaction for $22.50 per share, representing a total enterprise value of $4.1 billion.  Funds advised by Apax, together with certain of their affiliates, currently own a majority of Paycor’s outstanding common stock.

The Apax Funds acquired a majority stake in Paycor in November 2018 for $1.3 billion and took the company public in July 2021. Over the past six years, Apax has partnered closely with Paycor’s leadership team in the transformation of the company – accelerating its top-line growth, expanding it into tier one cities across North America, and building a modern HCM platform for the mid-market.

Jason Wright, Partner at Apax and Chair of Paycor’s Board of Directors, said: “We could not be more proud of our partnership with Raul and the Paycor team. The company has tripled in size since the original investment. This exceptional growth was fueled by strategic investments in product and customer service. Paycor’s world-class management team has created an industry leader in mid-market HCM software.”

Raul Villar, Jr., Chief Executive Officer of Paycor, said: “Apax has been a committed and valuable partner to Paycor over the past six years. Jason and the Apax team have been instrumental in shaping Paycor’s strategic vision, investing for long-term profitable growth and scaling our overall enterprise capabilities. We thank the entire Apax team for their guidance and unwavering support for Paycor and our loyal associates and clients.”

Funds advised by Apax have a long history of investing across the software industry and in subsectors such as HCM software. In 2024, the Apax Funds acquired the Zellis Group, one of the leading providers of payroll and HR software solutions to customers in the UK and Ireland and an emerging leader in the global benefits administration software market. Other noteworthy past and current software industry investments include Duck Creek Technologies, Epicor Software Corporation, Sophos Group, ECi Software, and RealPage, Inc.

Goldman Sachs & Co. LLC is serving as Paycor’s exclusive financial advisor and Kirkland & Ellis LLP is serving as Paycor’s legal advisor.

 

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