Tag Archives: Information technology

Incode Secures $220M for its Series B, Earning Unicorn Status Less Than Seven Months Following Its Series A Round

General Atlantic

Silicon Valley Company Provides Identity Solution to Increase Trust Between Customers and Businesses With AI-Based Digital Identity Platform

December 7, 2021

 Incode, a next-generation identity verification and authentication platform for global enterprises, today announced it has raised $220 million in its Series B funding round, giving the company a $1.25 billion valuation and propelling it to unicorn status less than seven months following its Series A round.

Incode’s significant rate of growth – the company grew 6x in revenues over the last 12 months – is driving the latest cycle of investments, which comes on top of the company raising $25 million Series A funding in March. The level of fundraise validates Incode’s leadership in the global digital identity solutions market and the potential for its innovative, automated AI-based approach to reinvent the customer experience of the future.

“We believe that our ‘One Identity Everywhere’ vision is transforming the way humans experience their identity journeys with companies,” said Ricardo Amper, Founder and CEO of Incode Technologies. “We have created an experience that we believe is seamless and frictionless, and it brings that ‘wow’ moment to the end customer when onboarding to a new bank, checking into a hotel or being admitted to a hospital. By reinventing these experiences, we are building trust and creating delight between enterprises and their customers.”

This latest investment round was led by investors General Atlantic and SoftBank, with additional investment from financial institutions J.P. Morgan, Capital One and Coinbase. Rounding out the fundraise are SVCI (Silicon Valley CISO Investments), a group of over 50 leading technology CISOs that are joining forces and funds to invest in the next generation of cybersecurity innovation, and the founders of dLocal, with participation from existing investors DN Capital, 3L Capital, Framework Ventures, and others.

What makes Incode unique in the crowded digital identity space?

  • Incode offers a full omnichannel orchestration platform that allows companies to have a single integration point to solve the identity problem – from onboarding customers in a frictionless and secure way to seamlessly authenticating them once they’re onboarded.
  • Incode’s solution is fully automated, meaning it doesn’t use humans in call centers to identify clients. Today machines can be more effective than humans both in terms of speed, privacy and accuracy, enabling Incode to deliver real-time responses with much less fraud.
  • Incode owns its entire technology stack, instead of using sub-vendors like many of its competitors.  This creates a direct relationship between the enterprise and the technology owner, which allows Incode to continually improve its tech based on customer feedback.
  • This direct relationship enables Incode to build true partnerships with its customers. “Incode is a key strategic partner in helping us to address our identity needs at scale. Incode offers the right combination of technology, security and seamless experience for our clients,” said Miguel Lavalle, Account Opening Head at Citi.

“Incode is a leader in the digital identity space and has developed a robust solution to address some of the industry’s most significant challenges, particularly around frictionless, secure onboarding and authentication. The company’s unique platform and technology has powered its growth to date, and we look forward to partnering with and supporting Incode as it helps drive the future of identity solutions,” said Martin Escobari, Co-President, Managing Director and Head of General Atlantic’s business in Latin America.

“We are very excited to support Ricardo and all of his strong team at Incode as they continue expanding globally through enterprise clients, including many of our portfolio companies. Incode provides a differentiated suite of digital onboarding and authentication tools, helping its clients manage customer identities while scaling trust and reducing friction,” said Paulo Passoni, Managing Partner of SoftBank Latin America funds.

“The biggest impact that Incode and the identity industry in general can have is to generate trust between people, companies and institutions,” said Amper. “Without trust, interest rates are set higher, processes get complicated, and business becomes more difficult. Trust is the core element that opens financial systems to everyone and allows many more people to participate in a democratic system. At Incode, we create trust by eliminating barriers, reducing costs and democratizing access.”

To learn more about Incode, visit incode.com.

About Incode Technologies

Incode is a leading identity company that is reinventing the way humans verify their identity and interact with the world’s largest companies with a highly secure and delightful AI based experience. Incode’s end-to-end fully automated orchestration platform enables seamless access across multiple channels with products focused on onboarding, authentication and payment verification that increase conversion and reduce fraud.

With its mission to build trust and democratize access, Incode works with a number of the world’s biggest banks, fintechs, hotels, governments and marketplaces.  Incode is based in San Francisco with offices in Europe and Latin America.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $86 billion in assets under management inclusive of all products as of September 30, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford.

For more information on General Atlantic, please visit the website: www.generalatlantic.com.

About Softbank

The SoftBank Group invests in breakthrough technology to improve the quality of life for people around the world. The SoftBank Group is comprised of SoftBank Group Corp. (TOKYO: 9984), an investment holding company that includes stakes in telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers; the SoftBank Vision Funds, which are investing more than U.S. $100 billion to help entrepreneurs transform industries and shape new ones; the U.S. $5 billion SoftBank Latin America Fund, the largest venture fund in that region; and the SB Opportunity Fund, a U.S. $100 million fund dedicated to investing in enterprises founded by entrepreneurs of color in the U.S. To learn more, please visit https://global.softbank.

Media Contacts

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

Alisha Alvarez
Bospar PRforIncode@bospar.com

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BigBear.ai Announces Completion of Business Combination with GigCapital4

Ae Industrial Partners

BigBear.ai Announces Completion of Business Combination with GigCapital4

Combined Company’s Modular Suite of Solutions Operationalizes AI and ML at Scale, Delivering Superior Decision Support for Defense, Intelligence and Commercial Sectors

BigBear.ai Expected to Begin Trading on NYSE Under Ticker Symbols “BBAI” and “BBAI.WS,” Respectively, on December 8, 2021

COLUMBIA, Md. & PALO ALTO, Calif. – December 7, 2021 – BigBear.ai, a leading provider of artificial intelligence (“AI”), machine learning, cloud-based big data analytics, and cyber engineering solutions, and GigCapital4, Inc. (“GigCapital4”; Nasdaq: GIGGU, GIG, GIGGW), a Private-to-Public Equity (PPE)TM entity also known as special purpose acquisition company (“SPAC”), today announced the completion of their previously announced business combination (the “Business Combination”). The Business Combination was approved at a Special Meeting of GigCapital4’s stockholders on December 3, 2021. Upon completion of the Business Combination, the combined company changed its name to BigBear.ai Holdings, Inc. (“BigBear.ai”). BigBear.ai’s shares of common stock and warrants are expected to commence trading on the NYSE on December 8, 2021 under the new ticker symbols “BBAI” and “BBAI.WS,” respectively. The transaction values BigBear.ai at a $1.378 billion pro forma enterprise value.

Fueled by machine-driven analytics, BigBear.ai’s modular, end-to-end solutions transform raw data into knowledge, enabling enhanced decision-making in real-time. With well-established roots in the national security and defense space, BigBear.ai’s platform is battle-tested to perform in complex, real time environments, and its highly flexible solutions are highly applicable to the rapidly growing commercial market and state and local government sector. The Company is well positioned to leverage the significant growth opportunities in the global AI and machine learning (“ML”) market, which is projected to grow at a compound annual growth rate of approximately 40% to $310 billion by 20261.

Dr. Reggie Brothers, Chief Executive Officer of BigBear.ai, said, “The completion of our business combination with GigCapital4 and emergence as a publicly-traded company is a landmark achievement for BigBear.ai, and one that we would not have reached without the hard work and focus of our dedicated employees and the support of our partners, GigCapital4 and AE Industrial Partners. We are in the early innings of unprecedented growth in the AI/ML landscape, and we believe our recent contract wins, which bring our total backlog to $485 million, are the tip of the iceberg. As a public company, we plan to build value for shareholders by continuing our strong momentum in the government and defense sectors and accelerating our penetration of targeted commercial markets like space, maritime, transportation & logistics, energy, retail and infrastructure.”

Dr. Raluca Dinu, Founding Managing Partner of GigCapital Global and CEO of GigCapital4, said, “The GigCapital team is very proud to have closed our fourth business combination, GigCapital4 with BigBear.ai, our third closing in 2021. We stand committed to our mission of Mentor InvestorTM to guide brilliant teams like BigBear.ai as they navigate the journey of becoming a major public enterprise. We are pleased to continue to support BigBear.ai as part of its Board of Directors as the company enters its next phase of innovation and growth, and we believe it is very well positioned to address rapidly growing customer demand for solutions that augment the human decision-making process.”

Dr. Avi Katz, Founding Managing Partner of GigCapital Global and Executive Chairman of the Board of GigCapital4, said, “We are excited about the partnership with AE Industrial Partners who entrusted BigBear.ai to partner with our team. This combination is yet again a successful demonstration of our Private-to-Public Equity (PPE)™ methodology where we partner with lead private equity owners on the next chapter in the high growth public company journey.”

Kirk Konert, Partner at AE Industrial Partners, said, “BigBear.ai has a truly differentiated position and platform in the artificial intelligence market that is experiencing significant growth. As a public company, BigBear.ai has a strong capital base to invest in additional technology development, expand commercial R&D and business development teams, and accelerate growth – both organically and through acquisitions.”

Jeff Hart, Principal at AE Industrial Partners, said, “BigBear.ai will enter the public domain with its unique and proven AI products and strong financial position bolstered by a robust contract backlog. As organizations become increasingly more complex in the amount of data they receive, BigBear.ai’s products will be a linchpin in distilling that data into insights that can be used to make better decisions. We are tremendously proud of BigBear.ai and excited to continue partnering with them on this incredible journey.”

1 MarketsAndMarkets, Inc., May, 2021

Advisors
William Blair is serving as exclusive financial advisor, Kirkland and Ellis LLP is serving as legal counsel, and Grant Thornton is serving as auditor to BigBear.ai. Oppenheimer & Co Inc. is serving as Capital Markets Advisor and Placement Agent, and BMO Capital Markets is serving as Exclusive Financial Advisor, DLA Piper LLP (US) is serving as legal counsel, and BPM LLP is serving as auditors to GigCapital4. Mayer Brown LLP is serving as legal counsel to Oppenheimer & Co Inc., BMO Capital Markets and William Blair.

About BigBear.ai
A leader in decision dominance for more than 20 years, BigBear.ai operationalizes artificial intelligence and machine learning at scale through its end-to-end data analytics platform. The company uses its proprietary AI/ML technology to support its customers’ decision-making processes and deliver practical solutions that work in complex, realistic, and imperfect data environments. In addition, BigBear.ai’s composable AI-powered platform solutions work together as often as they stand alone: Observe (data ingestion and conflation), Orient (composable machine learning at scale), and Dominate (visual anticipatory intelligence and optimization). BigBear.ai’s customers, which include the U.S. Intelligence Community, Department of Defense, the U.S. Federal Government, as well as customers in the commercial sector, rely on BigBear.ai’s high-value software products and technology to analyze information, identify and manage risk, and support mission-critical decision making. Headquartered in Columbia, Maryland, BigBear.ai has additional locations in Virginia, Massachusetts, Michigan, and California. For more information, please visit: http://bigbear.ai/ and follow BigBear.ai on Twitter: @BigBearai.

About GigCapital4
GigCapital4, Inc. is a Private-to-Public Equity (PPE)™ company, also known as a blank check company or special purpose acquisition company (SPAC), focusing on the technology, media and telecommunications (TMT) and sustainable industries. It was sponsored by GigAcquisitions4, LLC, which was founded by GigFounders, LLC, each a member entity of GigCapital Global, and formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses.

“Private-to-Public Equity (PPE)” and “Mentor Investor” are trademarks of GigFounders, LLC, an affiliate GigCapital4, and are used pursuant to agreement.

About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Space, Power & Utility Services, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from our deep industry knowledge, operating experience, and relationships throughout our target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment and the ILPA Diversity in Action initiative. Learn more at Learn more at www.aeroequity.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the business combination between GigCapital4 and BigBear.ai and the closing of those transactions, and statements regarding BigBear.ai’s management team’s expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the future, including possible business combinations, revenue growth and financial performance, product expansion and services. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs made by the management of GigCapital4 and BigBear.ai in light of their respective experience and their perception of historical trends, current conditions and expected future developments and their potential effects on BigBear.ai and GigCapital4 as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting BigBear.ai or GigCapital4 will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including regulatory approvals, the ability of the post-combination company to meet the NYSE listing standards, product and service acceptance, and that BigBear.ai will have sufficient capital to operate as anticipated. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of GigCapital4’s filings with the SEC, and in GigCapital4’s current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to GigCapital4 and BigBear.ai as of the date hereof, and GigCapital4 and BigBear.ai assume no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

# # #

Contacts

For BigBear.ai
Reevemark
Paul Caminiti/Delia Cannan/Pam Greene
212-433-4600
bigbear.ai@reevemark.com

For GigCapital4
ICR
Brian Ruby
Brian.ruby@icrinc.com

For AE Industrial Partners
Lambert & Co.
Jennifer Hurson
(845) 507-0571
jhurson@lambert.com

Or

Caroline Luz
203-656-2829
cluz@lambert.com

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Appfire Surpasses $100 Million in Annual Recurring Revenue as Customers Accelerate Digital Transformation

Leader in the Atlassian Ecosystem Looks Ahead to Further Expansion and Acceleration After Crossing Major Growth Milestone

Appfire, a leading provider of software that helps teams solve modern challenges with digital solutions, today announced it surpassed $100 million in Annual Recurring Revenue (ARR), a key milestone following several years of strong growth and profitability. This milestone comes on the heels of investments from TA Associates and Silversmith Capital Partners.

Since launching in 2005 as one of the original Atlassian ecosystem partners, Appfire’s purpose has been driving productivity and efficiency for developers and teams. As a product-led organization, Appfire focuses its attention on the needs of its more than 30,000 customers, including 55% of Fortune 500 companies, to identify gaps in the marketplace and build solutions that people need to do their best work. Appfire’s software spans eight categories and reaches customers through the Atlassian Marketplace and an ecosystem of more than 650 value-added resellers.

“At Appfire, our mission is to help teams work the way they want, only better. Our core values are the flywheel that allows us to acutely focus on customer feedback and innovation to accelerate the adoption of digitally transformative products for our customers,” said Randall Ward, co-founder and CEO of Appfire. “We are noticing a fundamental shift in the way businesses operate as more of our customers move from an on-premise model toward subscription-based data center and cloud environments. This trend will only accelerate in the coming years as customers search for scale and added flexibility.”

Appfire has continued to invest in its core product categories, including workflow automation and business intelligence, while adding new solution offerings and an increased focus on migration capabilities to support the industry shift toward cloud.

Fueling Appfire’s commitment to customer success is its nearly 500 employees in more than 20 countries working tirelessly to identify existing and emerging customer challenges in order to innovate and develop new solutions. Looking to the future, Appfire will continue helping its customers migrate to data center and cloud-based models to further the scalability and efficiency of businesses everywhere.

About Appfire

Appfire is a global authority in the Atlassian ecosystem. Appfire’s popular solutions help teams with Workflow Automation, Product Portfolio Management, IT Service Management, Business Intelligence and Reporting, Administrative Tools, Agile, Developer Tools, and Publishing. The company has the largest portfolio of apps on the Atlassian Marketplace with 200,000 active installations worldwide. Learn more at www.appfire.com.

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Compusoft and 2020 complete merger

Combined companies create a global leader in visualization, sales and manufacturing software solutions for interior and construction trades

BOSTON, December 2, 2021—Compusoft and 2020, two industry leading software providers for residential and commercial spaces, have successfully united in a merger of equals to create one company dedicated to powering the sales of customers who create spaces for life. The combined group will specialise in providing solutions for the visualisation, configuration, pricing, quoting and manufacturing of products in highly configured spaces.

Together, the group will provide end-to-end solutions that power sales across the value chain in the kitchen, bathroom, furniture and window & door industries. From customer inspiration through to design and production, businesses involved in creating residential and commercial spaces for life will benefit from industry specialised technology and seamless content exchange that enhances daily working lives.

A global footprint with significantly expanded scale complemented by local expertise will enable the group to better serve customers in more countries than ever before. The combined group will have cross-functional teams based across Europe, North America, South America, Africa and Asia Pacific.

Customers will also benefit from an expanded network of world-class support and access to an unparalleled content platform that will be further enriched. These two core differentiators are central to the future of the new company and will be enhanced by sharing experts and knowledge across the entire group.

In addition, the merger brings together a collective 65+ years’ of industry expertise in technical development.  A shared passion for innovation will drive the enlarged team to bring the most exciting solutions of tomorrow to customers even faster.

“We are excited about the possibilities this combination will give our customers. There will be an even broader range of solutions backed by an extensive content database to power the sales of our customers. Our combined expertise will also give us the ability to accelerate innovation and maximise the potential of our products to meet our customers’ needs.” comments David Tombre, CEO, Compusoft.

Mark Stoever, CEO, 2020 added, “People are our biggest asset and this combination brings together some of the brightest minds in software from across the world, particularly in R&D, sales, content and support, united to better serve our customers. We look forward to what the future holds.”

Further information on the roadmap of the future will be announced to customers in the coming months and customers can contact their account managers should they have any questions.

About Compusoft

Compusoft provides visual CPQ solutions that simplify planning, configuration and visualisation to power sales for the kitchen, bathroom, furniture and window & door industries. Compusoft’s solutions assist customers throughout the sales value-chain from end-customers through to manufacturers and are underpinned by a rich content database. Founded in 1989, Compusoft is headquartered in Sarpsborg, Norway, and serves customers in more than 100 countries with 18 offices across Europe, Asia-Pacific and North America. For more information, please visit www.compusoftgroup.com.

About 2020 Technologies Inc.

2020 helps professional designers, retailers and manufacturers in the interior design and furniture industries capture ideas, inspire innovation and streamline processes. By providing end-to-end solutions and a large collection of manufacturers’ catalogs, 2020’s applications enable professional designers and retailers to create kitchens, bathrooms, furniture and commercial offices that look as stunning on the screen as they do in reality.  2020 solutions for furniture and cabinet manufacturers deliver a complete manufacturing operations management capability to run their factories at maximum efficiency. Founded in 1987 and headquartered in Westford, Massachusetts with direct operations in 11 countries and supports customers in many more locations around the world through a network of value-added resellers. For more information, please visit www.2020spaces.com.

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Data analytics pioneer Digital Value welcomes Ardian and Isatis as shareholders

Ardian

01 December 2021 Growth France, Paris

Paris, December 1, 2021 – Digital Value has chosen to partner with Ardian, a world leading private investment house, and Isatis Capital, a French specialist investment firm in innovative SMEs, to support its development and growth, as part of a €12M minority financing.

Based in Paris, Digital Value is a leader in data analytics for business, a new discipline at the crossroads of strategy consulting, data, and technology, and is soon expected to pass the €10M revenue mark.

Digital Value helps large companies to digitalize their core business and launch new digital activities, thereby maximizing their operational efficiency. It has a unique combination of:

  • Industry leading expertise in data analytics & science
  • A proven track record in strategic marketing. Arnaud de Baynast, founder and president of Digital Value, is the co-author of the “Mercator”, the best-selling marketing book in French
  • Extensive knowledge of digital ecosystems across the world, especially in Asia
  • An approach that is based on the development of technological tools for data collection and processing, which can increase the efficiency of traditional strategy consulting methods tenfold.

The success of this approach is demonstrated by the long-standing relationships that Digital Value has nurtured with more than thirty clients, including Pernod Ricard, TotalEnergies, Engie and Macif. Digital Value has supported its clients on complex business issues such as algorithmic pricing, customer clustering and the digitalization of road-to-market strategies.

Digital Value’s operational experience in leading complex projects and managing digital activities also enables it to assist leading private equity funds with strategic due diligence work.

Ardian and Isatis, with their strong track records in the digital IT and consulting sectors, will support Digital Value in developing its methods and technologies, accelerating go-to-market strategies for key accounts, as well as helping the company with its international expansion.

“We are delighted to be supported by two investors with such a high level of expertise. Our business, at the crossroads of strategy consulting and data science, is experiencing significant growth, driven by profound technological changes such as the digitalization of distribution. The entire Digital Value team and our two new shareholders are confident that this partnership is the start of a very exciting future.” ARNAUD DE BAYNAST, Founder and CEO of Digital Value

“The partnership with Digital Value is the result of a strong relationship we have fostered over several years. The company benefits from a unique positioning in the market thanks to Arnaud’s pioneering vision and the talent of his teams. We look forward to supporting them in the years to come.” PIERRE SCHAEFFER and GEOFFROY DE LA GRANDIÈRE, Senior Investment Manager at Ardian Growth and Managing Director at Ardian Growth

“Thanks to its expertise in data technology, its strong entrepreneurial culture and the exceptional quality of its people, Digital Value is ideally positioned to address key strategic issues with a unique value-add in its market. We are very pleased to support Arnaud and his team on their promising development plan, and to join forces with Ardian on this journey.” FRANÇOIS-XAVIER LEHMAN and THOMAS LEMAIRE, Investment Director at Isatis and Analyst at Isatis

PARTIES TO THE TRANSACTION

  • Digital Value

    • Arnaud de Baynast, Alice Wu, Romain Bury, Paul-Henri Magnien, Abdellah Moutacalli
    • Legal advisors: PGA (François Gine), Walter Garance (Isabelle Avril, Roxane Bouillon)
    • Financial advisors: FDC (Henri Mion, Antoine Mannini)
    • Financial audit: Grant Thorton (Frederic Zeitoun)

  • Ardian/ Isatis Capital

    • Ardian (Geoffroy de la Grandière, Pierre Schaeffer), Isatis Capital (François-Xavier Lehman, Thomas Lemaire)
    • Legal, tax and social advisors: Levine Keszler (Nicolas de Courtivron), Arsene Taxand (Franck Chaminade)
    • Financial audit : E&Y (Jean-Christophe Pernet, Soukaina Douazi)

 

ABOUT DIGITAL VALUE

Digital Value is one of the leaders in data analytics for business, founded in 2008 by Arnaud de Baynast, joined by 4 partners: Abdellah Moutaçalli, Paul-Henri Magnien, Alice Wu, and Romain Bury. Digital Value’s mission is to assist its clients with strategic or operational issues, based on cutting-edge expertise in data analytics & science, strong credibility in strategic marketing, and a “tool-based” approach to the business, thanks to the development of technological building blocks. Today, the company has about thirty consultants, as well as a team of developers dedicated to the construction of data collection, processing and analysis tools. Since its creation, the company has carried out about a hundred projects per year, with about thirty clients in Europe, Asia, and North America.

www.digitalvalue.fr

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$120bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 800 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

 

ABOUT ISATIS CAPITAL

ISATIS Capital is an independent management company that has been investing in capital for 20 years alongside ambitious entrepreneurs wishing to develop their SMEs. As a long-term investor, ISATIS Capital takes minority or majority stakes and brings its know-how in supporting the growth of innovative French SMEs. As a signatory of the UN Charter, ISATIS Capital is attentive to the respect of ESG rules in its operations and in its investment activity.
Isatis Capital benefits from the trust of institutional clients, private banks and asset management advisors.

www.isatis-capital.fr

Press Contacts

ARDIAN

HEADLAND Claudia Buck

ardian@headlandconsultancy.com +44 (0)20 3435 7478

ISATIS

Eric Boutchnei

+33 1 84 79 17 33

DIGITAL VALUE

Arnaud de Baynast

+33 6 14 41 55 56

Alice Wu

+33 6 14 33 73 26

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HARRISON.AI RAISES AUD$129 MILLION AND PARTNERS WITH SONIC HEALTHCARE TO DEVELOP PATHOLOGY AI, ACCELERATING ITS MISSION TO EXPAND CAPACITY OF GLOBAL HEALTHCARE

Horizons Ventures

$129 million funding raised from global venture firms and strategic investors including Horizons Ventures, I-MED Radiology and Sonic Healthcare in one of Australia’s largest Series B funding rounds ever

New pathology Joint Venture combines Harrison.ai’s expertise in clinical artificial intelligence with Sonic Healthcare’s clinical expertise and network

SYDNEY, 1 DECEMBER 2021 — Harrison.ai, the breakthrough healthcare AI company, today announced it has raised AU$129 million (USD$97 million) in one of Australia’s largest-ever Series B funding rounds. The funding will go to helping Harrison.ai expand on its mission to scale critical capacity in the global healthcare system through rapid commercialisation of comprehensive clinical AI applications.

The Series B funding round, led by existing investor Horizons Ventures, featured new equity investment from Sonic Healthcare and I-MED Radiology Network, alongside existing investors Blackbird Ventures and Skip Capital. It brings the total raised by Harrison.ai within the past two years to AU$158 million (USD$118 million).

Harrison.ai also announced a new partnership with Sonic Healthcare (ASX:SHL), a leader in medical diagnostics, to co-develop and commercialise new clinical AI solutions in pathology. The Joint Venture will culminate in new AI applications to improve efficiency and efficacy of pathology diagnosis with AI support.

New funding to help push Harrison.ai’s proven healthcare AI model to the global stage

Harrison.ai will use the new capital to rapidly expand its team of AI data scientists and engineers, while expanding into new areas of healthcare with global clinical partners. The combination of global investors like Horizons Ventures with strategic clinical investors will enable Harrison.ai to expand globally while leveraging medical expertise and reach.

Capacity in many areas of clinical diagnosis and treatment are under strain due to ongoing increases in healthcare demand contrasted with skills shortages and pandemic- related backlogs in clinical demand. Developed healthcare systems such as the United Kingdom (UK) and United States (US) face massive shortages in skilled radiologists and clinicians, with significantly more staff required to meet surging demand for diagnosis. Despite this shortage, there is a stark disparity to other markets — the US has approximately 11 radiologists per 100,000 people compared to just 0.35 radiologists per 100,000 people in Kenya.

This increased demand for equitable, accurate and effective healthcare delivery requires complementary systems like Artificial Intelligence (AI) to provide human-aided diagnosis and help relieve some of this disparity.

Harrison.ai and its partners have pioneered a unique and proven model to rapidly develop, commercialise and deploy accurate and clinically effective AI tools that support clinical diagnosis in a range of medical areas. It has developed deep artificial intelligence expertise and methodology that, when combined with the clinical expertise and data of medical partners, significantly shortens the path to market for new healthcare AI applications.

Harrison.ai and I-MED Radiology partnered to form Annalise.ai in early 2020 to develop comprehensive solutions across radiology modalities. Annalise.ai’s first product, the world’s most comprehensive AI clinical decision-support solution for Chest X-Rays, is already in more than 350 radiologists each day in Australia and rolling out to hundreds more. The partnership saw Annalise.ai co-research, develop and commercialise the solution within 18 months. The solution, which is capable of detecting 124 findings, was recently featured in peer-reviewed publication the Lancet Digital Health journal.

Dr Aengus Tran, Co-Founder and CEO of Harrison.ai, said: “Delivering equitable, effective and accurate healthcare to more people is a critical part of our mission at Harrison.ai, and as we emerge from the pandemic that mission is more important than ever. With our model and methodology now proven across multiple clinical areas, we are in a position to expand to new clinical areas and deliver on our mission with the support of our investors and partners.”

Chris Liu from Horizons Ventures, said: “Harrison.ai‘s distinct approach to AI healthcare has enabled the team to commercialise market leading solutions at record pace with its partners. We look forward to working closely with the team and our partners to help augment the capacity of healthcare systems globally.”

New Sonic Healthcare Joint Venture provides new opportunities in pathology

The new partnership with Sonic Healthcare marks the next stage on the mission to deliver equitable healthcare. It will combine Harrison.ai’s depth of expertise with Sonic Healthcare’s clinical experience and distribution to commercialise an effective and accurate AI solution in pathology rapidly.

Globally, pathology faces an even more stark skills shortage, with the number of US pathologists decreasing 18% between 2007 and 2017 despite an increase in workload. Building comprehensive AI solutions for pathology will help scale the capacity of diagnostic care across the globe.

“Sonic Healthcare’s deep clinical experience and understanding combined with our proven AI methodologies will create a powerful new way to support clinicians to more effectively and efficiently diagnose patients in pathology,” Dr Tran said.

Dr Colin Goldschmidt, CEO of Sonic Healthcare, said: “The formation of a joint venture with Harrison.ai is an exciting moment in Sonic Healthcare’s progression as a healthcare company. Harrison.ai is a smart, agile, and medically led company with a proven track record in the healthcare AI space. The partnership with Sonic and our deep healthcare experience and global reach represents a synergistic union and a powerful force in healthcare AI.”

Media contact

Jacqueline Rutledge
Sling & Stone for Harrison.ai
+61 402 266 163
jacquelinerutledge@slingstone.com

About Harrison.ai

Harrison.ai is a clinician-led healthcare artificial intelligence (AI) company rapidly developing and deploying AI solutions to address persistent healthcare challenges. With a mission to make world-class healthcare available and affordable to all, Harrison.ai works closely with clinical partners to deliver clinical-grade AI software at scale.

Harrison.ai works with partners to develop and deploy AI healthcare solutions that impact 50,000 patients each month in Australia, Europe and other countries. These include working with Virtus Health Limited to develop AI in IVF, as well as I-MED on Annalise CXR, the world’s most comprehensive AI clinical decision- support solution for chest X-rays. In July 2021, a Annalise CXR validation study published in the Lancet Digital Health found the AI model was capable of identifying 124 findings on chest x-rays to support and improve radiologist findings.

About Horizons Ventures

Horizons Ventures was co-founded by Solina Chau and Debbie Chang in 2005. It is known for backing era-defining companies making lasting and positive impact in the world. Amongst its string of notable early stage investments are Zoom, Impossible Foods, Perfect Day, Spotify, Siri and DeepMind, reflecting Horizons Ventures’ methodical long-term investment approach.

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Equity consortium led by Nordic Capital and including Insight Partners completes acquisition of Inovalon – Partnership to advance Inovalon’s mission of empowering data-driven healthcare

Nordic Capital
Equity consortium led by Nordic Capital and including Insight Partners completes acquisition of Inovalon Image

 

Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced the completion of its acquisition by an equity consortium led by Nordic Capital, and joined by Insight Partners, as lead co-investor, 22C Capital, and Inovalon founder and chief executive officer Keith Dunleavy, M.D. and certain Class B stockholders of Inovalon. The acquisition was previously announced on August 19, 2021, and was approved by Inovalon’s stockholders on November 16, 2021. In accordance with the terms of the agreement, Inovalon stockholders will receive $41.00 in cash for each share of Class A Common Stock and Class B Common Stock.  As a result of the transaction, Inovalon is now a privately held company and shares of Inovalon Class A Common Stock are no longer listed on the Nasdaq Global Select Market. 

“The closing of this transaction is a significant milestone for Inovalon, and we are excited to begin our company’s next chapter with our partners at Nordic Capital, Insight Partners, and 22C Capital,” said Keith Dunleavy, M.D., Inovalon’s founder and chief executive officer. “I am tremendously proud of what Inovalon and our associates have accomplished over more than two decades empowering data-driven improvements across the healthcare ecosystem. We look forward to working together with our new partners to advance Inovalon’s mission, expand our reach, and further expand the value that we bring to our customers and the patients they serve.”

“Nordic Capital is pleased to complete this compelling transaction and look forward to the partnership with Inovalon, whom we have long admired for their industry leadership, cloud-based technologies, and commitment to customers,” said Fredrik Näslund, partner, Nordic Capital Advisors. “Our commitment to accelerating innovation that delivers meaningful value and measurable results for all stakeholders across the healthcare landscape is steadfast. Nordic Capital looks forward to building upon Inovalon’s strong foundation and the significant opportunities ahead.”

“The importance of leveraging data and advanced analytics to drive improved healthcare outcomes and economics continues to grow,” said Deven Parekh, managing director at Insight Partners. “As new partners to Inovalon, we look forward to supporting the leadership team and exceptional associates across the organization as they continue to empower customer success through data-driven healthcare.”

J.P. Morgan Securities LLC served as financial advisor to Inovalon, and Latham & Watkins LLP served as legal advisor to Inovalon and the Special Committee of the Board of Directors of Inovalon. Evercore served as financial advisor to the Special Committee. Goldman Sachs acted as lead financial advisor to Nordic Capital and Insight Partners. Citigroup also advised Nordic Capital and Insight Partners, and Kirkland & Ellis LLP served as legal advisor to Nordic Capital. Willkie Farr & Gallagher LLP served as legal advisor to Insight Partners.

About Inovalon

Inovalon is a leading provider of cloud-based platforms empowering data-driven healthcare. Through the Inovalon ONE® Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem, aggregate and analyze data in real time, and empower the application of resulting insights to drive meaningful impact at the point of care. Leveraging its Platform, unparalleled proprietary datasets, and industry-leading subject matter expertise, Inovalon enables better care, efficiency, and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon’s unique achievement of value is delivered through the effective progression of “Turning Data into Insight, and Insight into Action®.” Supporting thousands of customers, including all 25 of the top 25 U.S. health plans, all 25 of the top 25 global pharma companies, 24 of the top 25 U.S. healthcare provider systems, and many of the leading pharmacy organizations, device manufacturers, and other healthcare industry constituents, Inovalon’s technology platforms and analytics are informed by data pertaining to more than one million physicians, 591,000 clinical facilities, 342 million Americans, and 64 billion medical events. For more information, visit www.inovalon.com.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, and Norway. For further information about Nordic Capital, please visit www.nordiccapital.com

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

 

About Insight Partners

 Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

 

About 22C Capital

 22C Capital is a private investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption. The firm has a dedicated focus on the business services, healthcare and financial services sectors. 22C partners with world-class management teams to build companies that are leaders in their respective markets. The firm’s operational and technology resources, including its affiliated data science organization, deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential.

 

Contacts:

Inovalon
Kim E. Collins, Senior Vice President, Corporate Communications
kcollins@inovalon.com
Phone 301-809-4000 x1473

 

Nordic Capital
Katarina Janerud, Communications Manager, Nordic Capital Advisors
katarina.janerud@nordiccapital.com
Phone: +46 8 440 50 50

US media contact – Brunswick Group
NordicCapital@brunswickgroup.com

 

Insight Partners

 

Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced the completion of its acquisition by an equity consortium led by Nordic Capital, and joined by Insight Partners, as lead co-investor, 22C Capital, and Inovalon founder and chief executive officer Keith Dunleavy, M.D. and certain Class B stockholders of Inovalon. The acquisition was previously announced on August 19, 2021, and was approved by Inovalon’s stockholders on November 16, 2021. In accordance with the terms of the agreement, Inovalon stockholders will receive $41.00 in cash for each share of Class A Common Stock and Class B Common Stock.  As a result of the transaction, Inovalon is now a privately held company and shares of Inovalon Class A Common Stock are no longer listed on the Nasdaq Global Select Market. 

“The closing of this transaction is a significant milestone for Inovalon, and we are excited to begin our company’s next chapter with our partners at Nordic Capital, Insight Partners, and 22C Capital,” said Keith Dunleavy, M.D., Inovalon’s founder and chief executive officer. “I am tremendously proud of what Inovalon and our associates have accomplished over more than two decades empowering data-driven improvements across the healthcare ecosystem. We look forward to working together with our new partners to advance Inovalon’s mission, expand our reach, and further expand the value that we bring to our customers and the patients they serve.”

“Nordic Capital is pleased to complete this compelling transaction and look forward to the partnership with Inovalon, whom we have long admired for their industry leadership, cloud-based technologies, and commitment to customers,” said Fredrik Näslund, partner, Nordic Capital Advisors. “Our commitment to accelerating innovation that delivers meaningful value and measurable results for all stakeholders across the healthcare landscape is steadfast. Nordic Capital looks forward to building upon Inovalon’s strong foundation and the significant opportunities ahead.”

“The importance of leveraging data and advanced analytics to drive improved healthcare outcomes and economics continues to grow,” said Deven Parekh, managing director at Insight Partners. “As new partners to Inovalon, we look forward to supporting the leadership team and exceptional associates across the organization as they continue to empower customer success through data-driven healthcare.”

J.P. Morgan Securities LLC served as financial advisor to Inovalon, and Latham & Watkins LLP served as legal advisor to Inovalon and the Special Committee of the Board of Directors of Inovalon. Evercore served as financial advisor to the Special Committee. Goldman Sachs acted as lead financial advisor to Nordic Capital and Insight Partners. Citigroup also advised Nordic Capital and Insight Partners, and Kirkland & Ellis LLP served as legal advisor to Nordic Capital. Willkie Farr & Gallagher LLP served as legal advisor to Insight Partners.

About Inovalon

Inovalon is a leading provider of cloud-based platforms empowering data-driven healthcare. Through the Inovalon ONE® Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem, aggregate and analyze data in real time, and empower the application of resulting insights to drive meaningful impact at the point of care. Leveraging its Platform, unparalleled proprietary datasets, and industry-leading subject matter expertise, Inovalon enables better care, efficiency, and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon’s unique achievement of value is delivered through the effective progression of “Turning Data into Insight, and Insight into Action®.” Supporting thousands of customers, including all 25 of the top 25 U.S. health plans, all 25 of the top 25 global pharma companies, 24 of the top 25 U.S. healthcare provider systems, and many of the leading pharmacy organizations, device manufacturers, and other healthcare industry constituents, Inovalon’s technology platforms and analytics are informed by data pertaining to more than one million physicians, 591,000 clinical facilities, 342 million Americans, and 64 billion medical events. For more information, visit www.inovalon.com.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, and Norway. For further information about Nordic Capital, please visit www.nordiccapital.com

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

 

About Insight Partners

 Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

 

About 22C Capital

 22C Capital is a private investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption. The firm has a dedicated focus on the business services, healthcare and financial services sectors. 22C partners with world-class management teams to build companies that are leaders in their respective markets. The firm’s operational and technology resources, including its affiliated data science organization, deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential.

 

Contacts:

Inovalon
Kim E. Collins, Senior Vice President, Corporate Communications
kcollins@inovalon.com
Phone 301-809-4000 x1473

 

Nordic Capital
Katarina Janerud, Communications Manager, Nordic Capital Advisors
katarina.janerud@nordiccapital.com
Phone: +46 8 440 50 50

US media contact – Brunswick Group
NordicCapital@brunswickgroup.com

 

Insight Partners

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Fortino Capital to lead €3m Seed round in EdTech start-up Peers, which aims at closing the employee skill gap in Europe

Fortino Capital

Amsterdam / Berlin, 23.11.2021 – To accelerate its growth trajectory, Peers has completed an oversubscribed €3 million Seed round. The Seed round is led by Benelux-based, B2B software investor Fortino Capital, alongside Berlin-based, female founder investor Auxxo, and Seed + Speed Ventures (part of the Maschmeyer Group). TRUMPF Ventures and various Business Angels are also joining the round.

According to the World Economic Forum, 50 percent of employees will need new or different skills in the next four years. Meanwhile, corporate learning and development is often cumbersome, not tailored to employees’ needs, and ultimately ineffective. Berlin-based Peers Solutions has developed a solution that creates individual learning programmes for any employee within five minutes. Peers’s ambition is to develop the smartest and fastest learning path generator that can service the majority of the workforce of medium sized and large businesses across Europe.

“Today, continuous learning is a crucial factor for business success. Peers is very well positioned to support companies in bridging their employees’ skill gaps with a solution that defines individualised learning and development trajectories across professions and industries, and which has proven to be highly effective and strongly appreciated by its users.” Wouter Goossens, Investment Director at Fortino Capital Partners

 

Individualized training at the push of a button

At the core of the start-up is its AI-powered learning path generator SELENA. SELENA creates individualised learning and development programmes for thousands of users in a matter of minutes. To do this, SELENA identifies the users’ learning needs and finds suitable learning offerings that are already on the market, paired with content from the respective company.

At the same time, employees record their actual and target skills in line with their job profile. The data for these target skills is based on ESCO, a database of the European Commission with over 12,000 skills. The learning units include theoretical, practical, digital, and face-to-face content, and are delivered by partners such as the Haufe Akademie, Pink University, TÜV Rheinland, and others. Managers, HR staff, and learners can track their success directly on the Peers learning platform.

“Developing individual learning programs manually costs us months. Peers is the extended arm of personnel development, which we use to train our employees faster and in a more targeted manner.” Kerstin Kägler, Head of Corporate HR Learning & Development TRUMPF GmbH + Co. KG

Founder and CEO Elisa Hertzler and co-founder Dr. David Topf spun Peers off from within TRUMPF, the high-tech company that is also invested through TRUMPF Venture. Peers is therefore firmly anchored in industrial and medium-sized businesses. By now, the solution is also used by large companies in real estate, the services industry, and other industries – with great success.

“We want to enable everyone to reach their full potential, regardless of their background, age or the company they work for. Individualised and transparent training is crucial for this.” Elisa Hertzler, Founder CEO Peers Solutions GmbH

 

About Peers Solutions

Peers is a globally unique learning platform for individualized training at your fingertips. Based on artificial intelligence, the start-up identifies learning needs and finds suitable learning offers from the market, supplemented by their customers’ own content. The start-up was founded in 2019 by Elisa Hertzler and Dr. David Topf.

www.peers-solutions.com

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AddSecure to acquire Swiss telematics provider LOSTnFOUND

Castik Capital

Customers across Europe will benefit from a broader offering of telematics, location tracking, and fleet management solutions, whilst AddSecure strengthens its position as a leading European IoT provider.

AddSecure, a leading European provider of secure IoT connectivity solutions with a focus on secure critical communications and secure data, today announced the acquisition of LOSTnFOUND, a Swiss-based provider of location tracking and fleet management solutions.

Through the acquisition AddSecure expands its footprint into Switzerland and Austria, and further strengthens the company’s market leading position within transport and logistics in the DACH region.

“I look forward to welcoming LOSTnFOUND into the AddSecure Group. This acquisition delivers on our strategy of becoming the leading provider of fleet and transport management solutions in Europe and will add complementary telematics and tracking solutions to our business. We believe this acquisition will help us serve our customers in an even better way today and in the future,” says Claes Ödman, President of Smart Transport at AddSecure.

With LOSTnFOUND on board, AddSecure adds additional telematics experience and gains sales and marketing capabilities. In addition, LOSTnFOUND brings a strong customer base and market presence.

For LOSTnFOUND the acquisition is an opportunity to join a market leading and expanding European provider. It will also allow both companies to speed up technology development, improve cost efficiency and create new revenue streams.

“This deal brings together two European market leaders to create an even stronger portfolio and will enable customers from across Europe to benefit from new solutions, new levels of product functionality, and complementary service offerings,” says Daniel Thommen, Managing Director of LOSTnFOUND.

Swiss LOSTnFOUND AG was founded in 2009 and has subsidiaries in Germany and France, support centers in Austria, and developers in Poland. The founders and managing directors of the LOSTnFOUND group will continue to be jointly responsible for the further development in the respective markets in the new constellation and will also actively participate in the further development in the new structure. The acquisition and integration into the AddSecure Group will be completed by the beginning of 2022.

For more information, please contact:

Daniel Thommen, CEO, LOSTnFOUND AG
Phone: +41 (0) 44 500 40 95, presse@lostnfound.com

Kristina Grandin, Director Corporate and Marketing Communications, AddSecure
Mobile: +46 70 689 52 08, kristina.grandin@addsecure.com

About LOSTnFOUND AG and fleet.tech

The Swiss group LOSTnFOUND AG develops and operates telematics and Internet of Things solutions for companies in the logistics and commercial vehicle industry. fleet.tech is a LOSTnFOUND brand and promotes various telematics solutions. The twelve-language fleet.tech telematics solutions are used daily by more than 1,000 customers. LOSTnFOUND developed its first solution in this area in 2009 and is now one of the leading providers in this market. Its products have repeatedly been awarded international innovation prizes in recent years.

About AddSecure

AddSecure is a leading European provider of secure IoT connectivity solutions with a focus on critical communications and safe data. The reliable end-to-end-solutions are based on secure critical communications technology that combine IoT connectivity platforms, software, and services, tailored to meet customers’ needs across different industries.

Today more than 50,000 customers within the security and safety industry, rescue services, building security and automation, digital care, construction, transport and logistics, utilities, smart cities, and more, safeguard their life- and business-critical operations with IoT solutions from AddSecure. This helps save lives, protect property and vital societal functions, and drives business.

AddSecure currently applies its expertise within secure critical communications and safe data in Smart Alarms, Smart Care, Smart Rescue, Smart Surveillance, Smart Transport, and the emerging technology area Smart Grids.

The headquarters are located in Stockholm, Sweden, with additional offices across Europe. The company employs around 900 people in 15 countries.

AddSecure is majority-owned by Funds, managed by Castik Capital, a European private equity fund with a long-term approach to value creation.

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CVC Credit supports Arrow’s ongoing M&A strategy by backing its acquisition of Circle

CVC Capital Partners

CVC Credit is pleased to announce that it has strengthened its partnership with Arrow Business Communications (“Arrow”), by providing incremental financing to support its acquisition of IT services provider Circle IT Limited (“Circle”). This is the eighth in a series of add-ons completed by Arrow and backed by CVC Credit.

CVC Credit has backed Arrow and its private equity sponsor, MML Capital Partners through its European Direct Lending Strategy since January 2020. Through this strategy CVC Credit focuses on lending to performing European medium and large companies, with a focus on the senior secured piece of the capital structure.

Arrow provides business critical telephony, data, IT and energy solutions to the public and private sectors. The business has a loyal and diversified customer base, operating across a wide range of industry sectors. The business has grown strongly in recent years through a combination of organic and acquisition-led growth.

Circle is a fast growing, one-stop-shop providing technical IT focused design, consultancy and implementation services to public sector and education players. Its customers include large Enterprise-scale public sector clients and midmarket private sector clients, with a focus in the Higher Education, Further Education and Local Government markets. Circle is the third add-on that Arrow has completed in recent months, following the acquisitions of Pescado and Aimes.

Andrew Davies, Partner and Co-Head of Private Credit at CVC Credit, commented: “CVC is delighted to continue to support Arrow’s ambitious growth strategy. Circle’s impressive growth, strong business model and long-term customer relationships, especially in education and the public sector, are an excellent fit with Arrow’s existing businesses.”

Amar Shanghavi, Investment Director at MML, noted: “This is a transformational acquisition as Circle is a high growth business of scale that has been able to unlock an exciting customer base through having market-leading expertise, particularly on the Microsoft stack. The combined business is now well-placed to continue to deliver strong growth. Thank you to CVC Credit Partners for their unwavering support of the business.”

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