Questel acquires Direct Validation


Questel, one of the world’s largest intellectual property software and service providers, has signed an agreement to acquire Direct Validation.

Founded in 1988 and based in Stockholm (Sweden), Direct Validation is a major player in EP validations services, the process of registering granted European patents in the countries where they will ultimately be enforceable.

“Questel has provided European patent validation services in the past, mainly through partners,” says Charles Besson, Questel CEO. “This investment will provide us with yet another highly synergistic client offering within the innovation and IP lifecycle.”

”Connecting Questel’s intellectual property solutions and worldwide network with Direct Validation’s unique knowledge of EP validations will translate into deep savings for clients of both of our companies,” says Olle Bäcklund, CEO of Direct Validation.

For more information, please visit

Categories: News


Questel acquires Direct Validation


Questel, one of the world’s largest intellectual property software and service providers, has signed an agreement to acquire Direct Validation.

Founded in 1988 and based in Stockholm (Sweden), Direct Validation is a major player in EP validations services, the process of registering granted European patents in the countries where they will ultimately be enforceable.

“Questel has provided European patent validation services in the past, mainly through partners,” says Charles Besson, Questel CEO. “This investment will provide us with yet another highly synergistic client offering within the innovation and IP lifecycle.”

”Connecting Questel’s intellectual property solutions and worldwide network with Direct Validation’s unique knowledge of EP validations will translate into deep savings for clients of both of our companies,” says Olle Bäcklund, CEO of Direct Validation.

For more information, please visit

Categories: News


Signavio raises $177 Million led by Apax Digital to accelerate global expansion

Apax Digital

Investment to fuel further international growth and technology innovation for Signavio’s one-million users 

Berlin, New York – July 11, 2019: Signavio, a leading provider of business transformation solutions, today announced a $177 million investment to fuel continued international expansion and further investment in its world-class software suite. The transaction was led by Apax Digital, the growth equity team of Apax Partners, with participation from DTCP. Existing investor Summit Partners will retain an equity stake in the business.

Signavio’s Business Transformation Suite enables its over 1,300 customers to effectively mine, model, monitor, manage and maintain their business processes. Its intelligent decision-making tools address digital transformation, operational excellence and customer centricity, helping place process at the very heart of organizations. Signavio has grown its revenue by more than 70% in the last twelve months. Today the company’s software is used by more than one million users across industries and geographies, including leading companies such as SAP, Deloitte, Liberty Mutual, Bosch, Comcast-NBCUniversal.

This new investment will be used to accelerate international expansion and to further invest in Signavio’s product suite. The company already has 9 offices across the world and is expanding operations in Japan and India, increasing its employee base by over 50% in 2019. Earlier this year, Signavio was recognized as a March 2019 Gartner Peer Insights Customers’ Choice for Enterprise Business Process Analysis Software.

“10 years ago, we set out on a journey to tackle the time-consuming practices that limit business productivity,” said Dr. Gero Decker, CEO and co-founder of Signavio. “This significant new investment further validates our approach to solve business problems faster and more efficiently, unleashing the power of process through our unique Business Transformation Suite. We are thrilled to welcome Apax Digital as our new lead partner, and look forward to building upon our success to date by leveraging our partners’ operating capabilities and global platforms for our international expansion.”

Concurrent with this investment, Daniel O’Keefe, Managing Partner, and Mark Beith, Managing Director, of Apax Digital will join Signavio’s board of directors. Summit Partners Managing Director Matthias Allgaier will retain a seat on the company’s board of directors.

“As businesses have become more global, and workforces more distributed, business processes have proliferated, and become more complex,” noted Mr. O’Keefe and Mr. Beith. “Signavio’s cloud-native suite allows employees across an enterprise to collaborate and transform their businesses by digitizing, optimizing and ultimately automating their processes. We are tremendously excited to partner with the Signavio team and to support their vision.”

“With innovative, intelligent and easy-to-use solutions, Signavio is helping to enable digital transformation across thousands of organizations worldwide, enabling new use cases and extending the reach of BPM software from IT to business users,” said Matthias Allgaier, Managing Director with Summit Partners, which first invested in Signavio in 2015. “It has been a delight to work closely with Gero and the entire team to support the company’s impressive growth thus far. We are thrilled to welcome Apax and to continue our partnership with Signavio.”

The transaction is expected to close later this year, subject to regulatory approvals.

About Signavio
Over 1 million users in more than 1,300 organizations worldwide rely on Signavio’s unique offering to make process part of their DNA. Signavio’s business transformation suite enables mid-size and large organizations to effectively mine, model, monitor, manage and maintain their business processes. Its intelligent decision-making tools address digital transformation, operational excellence and customer centricity, placing them at the heart of the world’s leading organizations. Headquartered in Berlin, with offices in US, UK, France, Netherlands, Switzerland, Singapore and Australia, Signavio is well placed to deliver local services on a global scale. For more information, visit

About Apax Digital
The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit

Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see:

About DTCP
DTCP is an investment management group with c. $1.7 billion assets under management and advisory from Deutsche Telekom and other corporate and institutional investors, and a portfolio of over 60 companies. The group provides venture and growth capital, private equity investments, and advisory services to the technology, media and telecommunication sectors. It operates and invests in Europe, the US, and Israel. To learn more about DTCP, visit or @TelekomCapital on Twitter.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see or on Twitter at @SummitPartners.

Media Contacts 

For Signavio

Global Media: Geraldine Teboul, Signavio | +49 151 54070110 |
USA Media: Kyle Tildsley, PAN Communications | +1 978 790 2063|
Germany Media: Natascha Hass, PR-Com | +49 89 59997 801|

For Apax Digital / Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 |
USA Media: Todd Fogarty, Kekst CNC | +1 212-521 4854 |
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 |


Global Media: Julia Wolters, DTCP |+49 160 6809906 |

For Summit Partners

Global Media: Meg Devine, Summit Partners | +1 617 824 1047 |

Notes to Editors: 

London-headquartered Apax Partners (, and Paris-headquartered Apax Partners ( had a shared history but are separate, independent private equity firms.

Categories: News


Litera Microsystems Acquires Workshare

HG Capital

Creating a Leading Supplier of Document Drafting Technology

The combination offers professionals a simplified end-to-end solution which simplifies the document drafting lifecycle.

Litera Microsystems today announces its acquisition of Workshare in a move that underlines the company’s focus on providing a seamless drafting experience for users across best-of-breed technologies. The deal will enable firms which currently use both suppliers to consolidate their relationships, simplify the process of updating software and rely on a single, world-class, support team for the full suite.

Earlier this year, Litera Microsystems partnered with Hg, a specialist private equity investor focused on software and service businesses based in London, Munich, and New York. Litera Microsystems was able to leverage Hg’s network and knowledge of the global legal software market to help drive this integration with Workshare, adding further products to the suite, for the benefit of existing and future customers.

Please find the full press release on the Litera Microsystems website.

Categories: News


Cinven to invest in Jaggaer


Investment in leading global procurement software business

International private equity firm, Cinven, today announces that it has agreed to a significant investment in Jaggaer, a global provider of procurement software for large and medium-sized enterprises. Alongside Cinven, Accel-KKR will maintain an interest in Jaggaer.

Headquartered in Research Triangle Park, North Carolina, Jaggaer provides cloud-based Source-to-Pay eProcurement solutions for spend management, which enables a fluid supply chain for its customers, driven by powerful spend analytics, vendor sourcing, contract lifecycle management, savings tracking, and efficient accounts payable systems on a single platform.  Jaggaer’s international office network spans the Americas, APAC and EMEA and serves more than 2,000 customers across a broad range of sectors. Through its network of c. 4 million suppliers across 70 countries globally, Jaggaer supports some of the largest commercial, manufacturing and life sciences companies in the world to manage billions of dollars of annual spend. Blue-chip customers include McDonald’s, DHL, Merck, Rolls-Royce and SABMiller, as well as leading academic and public sector institutions.

Building on its successful investment in Visma, a Software as a Service (‘SaaS’) provider, Cinven’s Technology, Media and Telecom (‘TMT’) Sector team worked closely with its US Regional team to identify Jaggaer as an attractive investment opportunity, given:

  • the strong underlying structural growth trends in the global procurement software market, driven by increased adoption of spend management software tools;
  • the quality and breadth of Jaggaer’s proprietary SaaS Source-to-Pay software platform, JAGGAER ONE, which delivers market-leading capabilities in both upstream and downstream spend management across direct and indirect spend;
  • Jaggaer’s best-in-class reputation with its customers, evidenced by its market-leading customer retention rates;
  • Jaggaer’s strong track record of growth, both organically and through buy and build, with a number of businesses successfully acquired and integrated in recent years; and
  • Jaggaer’s excellent leadership team, led by CEO Robert Bonavito, with decades of experience in enterprise software.

Chris Good, Partner at Cinven and Co-Head of Cinven’s TMT Sector team, said:

“Cinven is excited to have the opportunity to invest behind the outstanding Jaggaer team. As a growing and profitable spend management software business with a very strong track record, and following a number of successful acquisitions, the business is poised for continued significant growth.

“Cinven intends to support Jaggaer management’s ambitions to drive growth through investment in R&D; building on market-leading products, such as the recently launched JAGGAER ONE platform; as well as making further acquisitions in the future.”

Michael Korzinstone, Senior Principal at Cinven, added:

“Cinven’s investment in Jaggaer shows how effectively our Sector and Regional teams work together to identify successful target businesses in growth subsectors. We developed our investment thesis following a subsector review of the global Supply Chain Management software industry, which identified Jaggaer as a highly attractive and market-leading business.

“Given the positive underlying return on investment that Jaggaer’s customers are able to generate, we are confident that corporations will continue to find value in partnering with Jaggaer to manage their procurement spend and identify cost savings across their businesses.”

Robert Bonavito, CEO of Jaggaer, commented:

“Spend management software provides granular, actionable data at all levels, which not only enables accurate profit assessment, but also helps with forecasting.  We are seeing increased demand from businesses looking to manage their procurement spend more effectively. We have also been successful in developing our products to better serve our customers, such as using Artificial Intelligence, machine learning and even predictive order management technology.

“We are delighted to be partnering with the Cinven team, who have impressed us with their knowledge of the market and ability to work with companies like ours to expand geographically as well as invest in R&D and product development to drive growth.”

Cinven’s investment in Jaggaer builds on its strong track record in TMT, following its successful realisations of Visma, a leading business solutions provider, in May 2019; Ufinet Group, a provider of fibre infrastructure and transmission services to telecom operators, in July 2018; and HEG, a provider of hosting and domain services, in April 2017.

Alongside these realisations, Cinven has continued to actively invest in the sector, most recently acquiring RTB House, a global digital advertising technology provider, and, a leading European web hosting provider.

This transaction represents Cinven’s third investment in the US, a region where the firm is focused on the TMT and Healthcare sectors.  Cinven successfully realised its investment in US-headquartered Medpace, a global contract research organisation (‘CRO’), in August 2018.

The transaction is subject to customary regulatory and anti-trust approvals.
Advisors to Cinven on the transaction included: UBS Securities LLC, Latham & Watkins LLP and Deloitte LLP.
Advisors to Accel-KKR included: Goldman Sachs & Co. LLC, Stifel and Kirkland & Ellis LLP.  Goldman Sachs & Co. LLC and UBS Securities LLC are also providing committed financing for the transaction.

Categories: News


Herkules sells Puzzel to Marlin Equity Partners

Hercules Capital

Herkules Private Equity Fund III (“HPEF III” or “Herkules”) is pleased to announce the sale of Puzzel AS (“Puzzel”). On 12 April 2019, HPEF III entered into an agreement to sell Puzzel, a leading European provider of cloud-based contact center software solutions, to Marlin Equity Partners
During the Herkules ownership, Puzzel was transformed into a SaaS business. Significant investments were made into the software platform. Today, the company has a comprehensive multi-channel CCaaS solution that is both scalable and flexible, and designed to support contact centers of all sizes. The company combines its omni-channel technology with artificial intelligence capabilities to provide comprehensive, end-to-end customer interaction solutions in an age of digitization.

As part of the Herkules value creation plan, Sales & Marketing was strengthened and Puzzel has experienced strong software growth across Europe that has been fueled by feedback and advocacy from market-leading customers. In 2018, Puzzel was recognized as a Challenger in the Gartner Magic Quadrant report for Contact Center as a Service in Western Europe for the fourth consecutive year given its strong growth, functional capabilities, strengths in standards and compliance, customer service and support.

Puzzel is headquartered in Oslo, Norway, with offices in six European markets including the U.K and the company serves more than 900 customers across 40 countries.

“Puzzel’s leading position in the market, knowledgeable employees and pioneering technology platform positions them well to continue to successfully scale their business,” says Gert Munthe, Partner at Herkules Capital

The exit process was advised by Carnegie Investment Bank, Wiersholm, PwC, and BCG. It was strong interest from both Industrial buyers and financial sponsors.

Categories: News


KKR Acquires Leading Software Platform Corel Corporation from Vector Capital


OTTAWA, July 03, 2019 (GLOBE NEWSWIRE) — KKR, a leading global investment firm, and Corel Corporation (“Corel”), one of the world’s top software platforms, announced today that KKR has completed its acquisition of Corel from Vector Capital, a leading technology-focused private equity firm. Financial details of the transaction were not disclosed.

Uniquely positioned at the intersection of several large and growing end-markets totaling almost $25 billion across its key verticals, Corel offers a wide portfolio of software solutions that deliver best-in-class capabilities to over 90 million knowledge workers worldwide. Comprised of some of the industry’s best-known brands Corel’s products empower professionals across industries in three main verticals: Creativity, Productivity, and Desktop-as-a-Service.

Corel has a consistent track record of organic growth and product innovation, as well as a proven history of accretive acquisitions, the most recent of which include the products Parallels®, ClearSlide®, and MindManager®. Combining top-rated operational capabilities with a focused product portfolio addressing attractive niche industries, Corel has accelerated its growth profile in recent years. KKR is committed to furthering that growth trajectory by enhancing internal capabilities and building on the company’s established track record of successful acquisitions.

“Corel has differentiated itself by offering an impressive portfolio of essential tools and services for connected knowledge workers – across devices, operating systems, and a range of fast-growing industries. KKR looks forward to working together with management to drive continued growth across its existing platforms while leveraging the team’s extensive experience in M&A to deliver a new chapter of innovation and growth on a global scale,” said John Park, Member at KKR.

“KKR recognizes the value of our people and their impressive achievements, especially in terms of our commitment to customers, technology innovation, and our highly successful acquisition strategy. With KKR’s support and shared vision, our management team is excited by the opportunities ahead for our company, products, and users,” said Patrick Nichols, CEO of Corel.

“Corel has been an important part of the Vector Capital family for many years and we are pleased to have achieved a fantastic outcome for our investors with the sale to KKR,” said Alex Slusky, Vector Capital’s Founder and Chief Investment Officer. “Under Vector’s ownership, Corel completed multiple transformative acquisitions, grew revenue and meaningfully improved profitability, highlighting Vector’s proven strategy of partnering with management teams to position companies for long-term success.  We are confident the company has found a great partner with KKR and wish them continued success together.”

For KKR, the investment in Corel is primarily being made from KKR’s Americas XII Fund.

Corel and Vector Capital were represented by Sidley Austin LLP during this transaction, with Kirkland & Ellis LLP and Deloitte representing KKR.

About Corel
Corel products enable millions of connected knowledge workers around the world to do great work faster. Offering some of the industry’s best-known software brands, we give individuals and teams the power to create, collaborate, and deliver impressive results. Our success is driven by an unwavering commitment to deliver a broad portfolio of innovative applications – including CorelDRAW®, ClearSlide®, MindManager®, Parallels®, and WinZip® – to inspire users and help them achieve their goals. To learn more about Corel, please visit

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at and on Twitter @KKR_Co.

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

© 2019 Corel Corporation. Corel, the Corel logo, the Corel Balloon logo, CorelDRAW, MindManager, and WinZip are trademarks or registered trademarks of Corel Corporation and/or its subsidiaries in Canada, the U.S., and elsewhere. ClearSlide is a trademark or registered trademark of ClearSlide Inc., in Canada, the U.S. and elsewhere. Parallels is a trademark or registered trademark of Parallels International GmbH in Canada, the U.S. and elsewhere. All other trademarks mentioned herein are the property of their respective owners. Patents:

Media Contacts:

Jessica Gould

Kristi Huller or Cara Major, 212-750-8300

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

Categories: News


Altamir and Apax Partners sell their Altran shares to Capgemini to help create an undisputed leader of digital transformation for businesses


Paris, 25 June 2019 – In connection with Capgemini group’s proposed friendly takeover bid for Altran’s shares, Altamir and Apax Partners have entered into an agreement with the Capgemini group to sell their entire interest in the share capital of Altran for €14.00[1] per share.

Altamir and Apax Partners became Altran shareholders in August 2008. Since then, they have supported the group in its development strategy, which has primarily consisted in:

·        establishing a very significant position in the US market,

·        creating its GlobalShore business employing more than 17,500 people, including about 10,000 in India, and

·        moving toward the management of large, outsourced R&D projects for prominent customers.

In March 2018, Altamir and Apax Partners supported Altran through its transformational acquisition of the US company  Aricent for $2 billion, thereby creating the undisputed global leader in engineering services and outsourced R&D. Altamir and Apax Partners participated in the €750 million capital increase, pro-rata to their interest in Altran.

Employing approximately 47,000 people in more than 30 countries, Altran generated close to €3 billion in revenues in 2018 (versus €1.65 billion in 2007 at the time of the investment by Apax Partners and Altamir), of which approximately two-thirds were from abroad. Its operating margin nearly doubled in 11 years, reaching 12.1% in 2018.

“I am proud that Altamir has supported the transformation of Altran, which in ten years has become the undisputed leader of innovation and advanced engineering consulting. I firmly believe that Capgemini is the ideal partner to leverage the skill of Altran’s teams”  said Maurice Tchenio, Chairman of Altamir Gérance.

“It brought me great pleasure to support Altran’s executives and teams in the company’s international growth and the evolution of its business model. The tie-up with Capgemini will create a global player with a unique combination of expertise, enabling Altran to consolidate its leadership in the market of engineering services and R&D” said Gilles Rigal, Partner at Apax Partners.


About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of nearly €1bn. Its objective is to provide shareholders with long term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir’s investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental European countries and larger companies across Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as an SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

For more information:



Claire Peyssard Moses

Tel.: +33 1 53 65 01 74



Categories: News


Industrifonden sells shares in Footway


Industrifonden sells 4,3% of its shares in Footway, the leading e-commerce platform for shoes in the Nordics. The transaction generates a return of six times the initial investment for Industrifonden. 

Industrifonden made its initial investment in Footway in 2011, when the company had SEK 3 million in revenue. In 2018, Footway had a revenue of SEK 760 million and a positive EBITDA. In the first quarter of 2019, the company had seen a 78% growth compared to the same period last year.

Categories: News


EG acquires Lindbak Retail Systems AS

Franciso Partners

EG has acquired Norwegian software company Lindbak Retail Systems AS. The acquisition is the first under the ownership of Francisco Partners and establishes EG as one of the leaders in retail software in Scandinavia.

“Lindbak Retail Systems is one of the largest acquisitions in EG’s entire history. It is evidence we are entering a new era together with Francisco Partners,” says Mikkel Bardram, CEO at EG, adding “this is an excellent acquisition, as there is a strong fit between Lindbak Retail Systems and EG. We share the same focus on customer satisfaction and developing market leading software. Lindbak Retail Systems brings indepth industry knowledge within the retail trade that is essential for success. We are looking forward to learn from our new colleagues and to share our own expertise with them”.

Lindbak Retail Systems (LRS) will continue to operate as a strong and independent business area within EG, and its focus will remain on serving large retail chains headquartered in Norway, Sweden and Denmark.

“The acquisition of Lindbak Retail Systems shows our ambition to accelerate EG’s growth through an aggressive acquisition strategy, focused on vertical software companies in Scandinavia. This is only the beginning,” says Petri Oksanen, partner at Francisco Partners.

Both employees and the current management of LRS will transfer over to EG where the company’s CEO Erik Tomren will join EG’s group management with responsibility for the newly formed retail division:

“It was very important to find an experienced and professional owner such as EG, that will invest in the continued development of Lindbak Retail Systems and take the company to the next level. EG has several important customers and strong industry solutions in the retail segment, so I look forward to delivering existing as well as new customers increased value and a broader range of market leading solutions,” says Erik Tomren, CEO, Lindbak Retail Systems.

EG acquired Lindbak Retail Systems on 3 June 2019. All agreements with customers, suppliers and collaborative partners will continue as before. The purchase price was not disclosed.

About EG

EG is a Scandinavian software company with more than 1,000 employees working from 15 competency centres in Scandinavia and Poland. We develop, deliver and service our own software for more than 9,500 private and public clients. Find out more at

About Lindbak Retail Systems

Lindbak Retail Systems provides business-critical IT solutions to ambitious retail chains within the areas of grocery, supermarkets, convenience and specialist trade. The company’s 130 employees serve more than 4,000 stores daily in Northern Europe from offices in Oslo, Bergen, Trondheim and Gothenburg. Read more at

Categories: News