Tag Archives: Information technology

Clayton, Dubilier & Rice to Acquire Epicor Software Corporation from KKR

KKR

August 31, 2020

NEW YORK and AUSTIN, Texas, Aug. 31, 2020 /PRNewswire/ — Clayton, Dubilier & Rice, KKR, and Epicor Software Corporation today announced a definitive agreement whereby CD&R funds will acquire Epicor, a global provider of industry-specific enterprise software to industrial-focused sectors, from leading global investment firm KKR

The transaction represents an important milestone for Epicor, a leading enterprise software vendor delivering cloud-enabled services to more than 20,000 customers globally. Epicor’s flagship products are curated to support complex, vertical-specific workflows and provide mission-critical support to customers seeking to drive growth and profitability in their own businesses.  Epicor is an acknowledged leader in the industrial end markets it serves, including manufacturing, distribution, retail, and services categories.

Over the past four years under KKR’s ownership, Epicor’s executive team, led by CEO Steve Murphy, has driven growth through a combination of organic investments and strategic acquisitions.  A series of new product releases has led to a revenue mix comprising 73 percent recurring revenue, which includes an industry-leading SaaS business growth rate of 60 percent year-to-date. Epicor is well positioned for its exciting next chapter under CD&R ownership.

“This is an exciting day for the entire Epicor family—employees, customers, and partners alike – and validates the company’s leadership position across markets we serve,” said Epicor CEO Steve Murphy. “We welcome this new partnership with CD&R, which shares our vision for growing the company, and I thank KKR for a highly successful partnership these past few years. We are excited to work with CD&R to increase investment in our market-leading product portfolio and to enhance our ability to support an ever-increasing range of customer needs.”

“Epicor’s reputation for quality and performance, and its impressive portfolio of next-generation cloud products, position the company well to accelerate growth in the coming years,” said Jeff Hawn, CD&R Operating Partner.  “We look forward to partnering with the Epicor management team to further expand Epicor’s product portfolio as well as make strategic acquisitions to meet customers’ evolving digital transformation needs.”

“We are excited to partner with Epicor and its talented management team to drive the business into a new phase of growth and profitability,” said Rick Schnall, CD&R Co-President. “Our long-standing industrial end-market experience and growing enterprise software expertise aligns well with Epicor’s value creation plan.”

“Four years ago, we embarked on an ambitious product modernization journey together with Epicor and are incredibly proud of the successes that the company has achieved to date, particularly with its recent cloud releases,” remarked John Park, Chairman of the Epicor Board and Head of Americas Technology Private Equity at KKR. “We are confident that CD&R will provide valuable support as the company continues these product- and customer- centric investments to accelerate growth in the cloud.”

CD&R Operating Partner Jeff Hawn will serve as Chairman of the Epicor Board upon close of the transaction, expected later this year. Mr. Hawn has more than 20 years’ experience across a range of senior executive roles in software and technology-related businesses, including serving as Chairman and Chief Executive Officer of Quest Software, Vertafore, and Attachmate.

UBS Investment Bank is acting as financial advisor and Debevoise & Plimpton LLP as legal advisor to CD&R. Barclays is acting as lead financial advisor, BofA Securities and Jefferies LLC as financial advisors, and Simpson Thacher & Bartlett LLP as legal advisor to KKR and Epicor.

About Epicor Software Corporation
For almost 50 years, Epicor Software Corporation has specialized in helping their customers grow their businesses, expand their capabilities, increase their productivity, and improve efficiencies.  A leader in Enterprise Resource Planning for medium-sized businesses, Epicor serves as a trusted partner for thousands of companies worldwide across key industries such as manufacturing, distribution, and retail.  Through its innovative services and unparalleled vertical knowledge, Epicor is creating a world of better business for their customers, building in their unique business processes and operational requirements into every one of their solutions―in the cloud or on premises. For more information, connect with Epicor or visit www.epicor.com.

About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on enhancing the value of the businesses it acquires by supporting long-term growth, productivity, capital efficiency, and related strategic measures. Since inception, CD&R has managed the investment of more than $30 billion in 93 companies with an aggregate transaction value of more than $140 billion. The Firm has offices in New York and London. For more information, visit www.cdr-inc.com.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, 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 www.kkr.com and on Twitter @KKR_Co.

SOURCE Clayton, Dubilier & Rice

Related Links

https://www.epicor.com

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Moving Intelligence B.V. raises capital to accelerate international growth

Surmount Ventures

Volpi Capital and Surmount Ventures invest in Moving Intelligence B.V

ZALTBOMMEL, Netherlands, August 27, 2020 –

Volpi Capital, Pan-European tech buy-out specialist, has made an investment in Moving Intelligence B.V., the Dutch leader in aftermarket vehicle security, fleet management and telematics solutions, alongside co-investor Surmount Ventures, a Dutch venture capital investor. The new shareholders will actively support the management of Moving Intelligence to realize their domestic and international growth ambitions to 10 new European markets over the coming years.

Founded in 1999, Moving Intelligence offers the most advanced services in the fields of vehicle security, trip registration, fleet management, workforce monitoring and asset tracking, using hardware that is invisibly built into vehicles and equipment, and software for information gathering and real-time data processing and visualization. Moving Intelligence is the market leader in the Netherlands and works with a wide range of national and international OEMs, leasing companies, insurers, corporates and SMEs across a broad range of industries including workforce management, asset management and construction, amongst others.

Moving Intelligence has demonstrated impressive growth over the last few years with EBITDA more than doubling over 2017-2019. The company has G4S and Vodafone as global partners, presence in three European countries and 34 employees. The company works for established European car manufacturers, such as Audi, Bentley, BMW, Lamborghini, Mercedes-Benz and Volkswagen and has a broad distribution network of sales and installation partners.

In partnership with Volpi Capital and Surmount Ventures, the company will expand to 10 new European markets and expects to grow with an additional 45 employees across Europe over the coming years. This ambition will be supported by a focus on Moving Intelligence’s core offering and through a targeted buy-and-build strategy. Significant opportunity exists for fleet customers and other mobile assets including working materials, construction, boats, and motorbikes.

Patrick Horst, CEO Moving Intelligence: “We are very pleased to have Volpi Capital and Surmount Ventures on board, who both have a deep industrial knowledge and understanding of our business and market opportunities. We are looking forward to further drive our international expansion and strengthen our leading position in the vehicle and equipment security and fleet management markets. Moreover, this joining of forces creates more room to invest in the technological innovation of our automotive solutions by further improving our own online software platform and mobile app.
We are ready to expand on every level and we do believe Volpi Capital and Surmount Ventures are the right partners with whom to achieve this.”

Marco Sodi, Volpi Capital: “We have been researching the security and telematics solutions for the automotive sector for many years and when we started talking with Patrick and Moving Intelligence, the strengths of the company and management team were immediately apparent. We are especially motivated by the growth prospects for the company, particularly across B2B markets and internationally. Through our focus on tech-enabled B2B software, data and services, we have a good understanding of Moving Intelligence’s business model and the opportunities that lie ahead. Looking at their solid track record, established client base, thorough market research and innovative solutions we are confident they will fulfill their ambition to bring vehicle and equipment security to additional European markets over the next few years. We are looking forward to working with such a successful entrepreneur and supporting the team on their journey.”

Roelof Bijlsma, Surmount Ventures: “We are always looking for companies that challenge the status quo and bring innovation with impact. Moving Intelligence is such a company. They are unique in developing their own solutions which can be applied to a wide range of mobility services. Serving a large market, we see a lot of growth potential, especially across Europe. I am confident we can support them in creating significant growth.”

The vision, strategy and culture of Moving Intelligence will be consistent with the new investment partners. Furthermore, Moving Intelligence will continue to give its customers the same support and service it has always done. The company plans to accelerate its international growth in the upcoming years and to further invest in innovative asset software solutions.

ABOUT MOVING INTELLIGENCE Founded in 1999, Moving Intelligence enables management of all things moving. With hardware they integrate invisibly and software that makes information visible. The company offers the most advanced services in the field of security, trip registration, fleet management and sustainable mobility, allowing clients to monitor, control and safeguard all things moving worldwide. The company serves a wide range of clients: multinational or retailer, fleet manager or proud owner of a vintage car. Moving Intelligence has over 20 years of experience, is market leader in the Netherlands and has established presences in Belgium and Greece. https://movingintelligence.com/en/

ABOUT VOLPI CAPITAL

Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven
approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value
chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million.
http://www.volpicapital.com

ABOUT SURMOUNT VENTURES

Surmount Ventures is a specialist Dutch mid-market private equity firm. Lead by entrepreneur-investors Surmount is looking for companies that challenge the status quo and bring new ideas to life. We are open to invest across every sector where financial success creates meaningful impact. Our main focus is on companies bringing innovation with impact to their market segment and customer base. The firm, which was founded in 2019 by Roelof Bijlsma and Rene Schelvis, closed its first fund (Surmount Growth and Innovation Fund I) in June 2020 with commitments of €44 million. https://surmount.ventures/

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Nutanix Announces $750 Million Investment From Bain Capital Private Equity to Support Growth Initiatives

BainCapital

SAN JOSE, CA, August 27, 2020 – Nutanix (NASDAQ: NTNX), a leader in enterprise cloud computing, today announced that Bain Capital Private Equity will make an investment of $750 million in Convertible Senior Notes to support the Company’s growth initiatives.

“Bain Capital Private Equity has deep technology investing experience and a strong track record of helping companies scale,” said Dheeraj Pandey, Chairman, Co-Founder and CEO of Nutanix. “Bain Capital Private Equity’s investment represents a strong vote of confidence in our position as a leader in the hybrid cloud infrastructure (HCI) market and our profound culture of customer delight.”

Nutanix Announces $750 Million Investment From Bain Capital Private Equity to Support Growth Initiatives

“Nutanix is executing on a compelling vision for a differentiated hybrid cloud platform that provides flexible environments and is easily paired with other cloud platforms,” commented David Humphrey, a Managing Director at Bain Capital Private Equity. “We look forward to working closely with the Board and the management team to build on Nutanix’s leadership position and realize its strong vision for the future,” added Max de Groen, a Managing Director at Bain Capital Private Equity. In connection with the investment, Humphrey and de Groen will join the Nutanix Board of Directors following the close of the transaction, which is expected to occur in late September 2020.

“We are pleased to establish this partnership with Bain Capital Private Equity and look forward to the contributions Dave and Max will make as new board members to build on Nutanix’s success,” concluded Ravi Mhatre, Lead Independent Director.

Bain Capital Private Equity has deep experience in the technology sector, having made investments in a wide range of companies including Applied Systems, BMC Software, CentralSquare Technologies, KIOXIA (formerly known as Toshiba Memory Corp.), NortonLifeLock Inc., Rocket Software, Symantec, Viewpoint Construction Software, Vertafore, Waystar, and Zelis.

Under the terms of the investment, Bain Capital Private Equity will purchase $750 million in aggregate principal amount Convertible Senior Notes (the “Notes”). The Notes will have an initial conversion price of $27.75 per share of the Company’s Class A Common Stock, subject to customary anti-dilution and other adjustments. The initial conversion price of $27.75 represents a 30.6% premium to Nutanix’s volume-weighted average price (VWAP) over the trailing five (5) trading day period prior to Bain Capital Private Equity’s signing of the definitive agreement to acquire the Notes. In addition, at the 12-month anniversary of the original issuance of the Notes, depending on the achievement of financial milestones, the conversion price may be subject to an additional, one-time adjustment, to an amount in the range of $25.25 to $27.75 per share. The Notes will mature on September 15, 2026, unless earlier repurchased, redeemed or converted. The Notes bear 2.5% interest per year, with such interest to be paid in kind on Notes held by Bain Capital Private Equity through an increase in the principal amount of the Notes. In connection with this transaction, Nutanix’s Board has authorized the repurchase of up to $125 million of its Class A common shares that are intended to offset the dilutive effect of any shares the Company may issue to settle the potential conversion of the Notes.

Additional information regarding this announcement may be found in a Form 8-K that will be filed today with the U.S. Securities and Exchange Commission.

In separate press releases issued today, Nutanix announced a CEO succession plan and financial results for the fiscal fourth quarter and fiscal year 2020. These announcements are available on the Nutanix Investor Relations website at ir.nutanix.com.

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to and sole placement agent for Nutanix.

About Nutanix

Nutanix is a global leader in cloud software and a pioneer in hyperconverged infrastructure solutions, making computing invisible anywhere. Organizations around the world use Nutanix software to leverage a single platform to manage any app at any location for their private, hybrid and multicloud environments. Learn more at www.nutanix.com or follow us on Twitter @nutanix.

About Bain Capital Private Equity

Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of approximately 240 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital Private Equity has 20 offices on four continents. The firm has made primary or add-on investments in more than 875 companies since its inception. In addition to private equity, Bain Capital Private Equity invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $100 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

Forward-Looking Statements

This press release contains express and implied 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, but not limited to, statements regarding: the investment by Bain Capital Private Equity in the Company, as described herein, including the Company’s plans for the use of the proceeds and the timing thereof, as well as any expected benefits thereof on the Company’s leadership and governance structure, future financial and operating performance, capital position, market share, and growth prospects; the expected appointment of new directors to the Company’s Board, including the timing and benefits thereof; any potential adjustments to the conversion price of the Notes; the Company’s plans to repurchase stock to offset the dilutive effect of the investment; and the Company’s business plans, initiatives and objectives and its ability to execute such plans, initiatives and objectives in a timely manner, as well as the benefits and impact of such plans, initiatives and objectives. These forward-looking statements are not historical facts and instead are based on the Company’s current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of such forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond the Company’s control, that may cause these statements to be inaccurate and cause its actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: failure to successfully close or realize the full benefits of the above-described investment, or unexpected difficulties or delays in successfully closing or realizing the full benefits of such investment; failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, the Company’s business plans, initiatives and objectives; failure to attract new and retain existing end-customers; failure to timely and successfully meet the needs of the Company’s customers; delays in or lack of customer or market acceptance of the Company’s new products, services, product features or technology; failure to meet expectations regarding the Company’s platform, products, services and technology; the timing, breadth, and impact of the COVID-19 pandemic, including the actions the Company has taken to manage operating expenses in response thereto, on the Company’s business, operations, and financial results, as well as the impact of the pandemic on the Company’s customers, partners, and end markets; the failure to build strong leadership or manage the Company’s business and any future growth effectively; and other risks detailed in Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2020, filed with the U.S. Securities and Exchange Commission, or the SEC, on June 4, 2020. Additional information will also be set forth in Company’s Annual Report on Form 10-K that will be filed for the fiscal year ended July 31, 2020, which should be read in conjunction with this press release. The Company’s SEC filings are available on the Investor Relations section of the Company’s website at ir.nutanix.com and on the SEC’s ir.nutanix.com and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, the Company assumes no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

© 2020 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or trademarks of Nutanix, Inc. in the United States and other countries. All other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).

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Pace Analytical® Acquires Emerson Resources, Inc. Adding Clinical Trial Material Production Capabilities

Aurora Capital

MINNEAPOLIS (PRWEB) AUGUST 25, 2020

Pace Analytical® Services, LLC, the largest American-owned laboratory network providing environmental and life sciences analytical information and services, today announced that it has acquired Emerson Resources, Inc., a pharmaceutical contract development and manufacturing organization (CDMO) specializing in dosage form development and clinical trial material manufacturing.

“Adding Emerson Resources to our portfolio allows Pace Life Sciences to further support our pharmaceutical and biopharmaceutical clients from early-stage research and development through phase 2 clinical trial material manufacturing”, comments Eric Roman, CEO of Pace Analytical®. “For clients, this means seamless support through each critical milestone in bringing a new drug to market”.

Services provided by Emerson Resources are focused on solid oral dosage formulation development and the production of clinical trial materials in support of bringing pharmaceutical and biopharmaceutical products to market. “This acquisition expands the capabilities of Pace Life Sciences to include clinical trial material manufacturing, greatly rounding out our overall service offerings”, adds Greg Kupp, COO of the Pace Analytical® Life Sciences Division. “The production of clinical trial materials requires a robust quality system, deep technical expertise, and the agility to ensure materials are ready for the clinic on time. Emerson is exceptional in these areas and represents a strong addition to the Pace Analytical lab network.”

Emerson Resources principals Jay Signorino, COO and Chip Signorino, CFO, are exiting the family business and have been looking for a buyer with a good cultural fit. “Pace holds the same cultural values and aspirations as Emerson”, notes Jay Signorino. “We believe this will be an easy and beneficial transition for the Emerson team and our customers”.

Over the next six months, Emerson Resources will transition to operating under the Pace Analytical® brand. The Emerson Resources lab is in the Philadelphia, PA area and joins Pace Life Sciences lab locations near Boston, MA, St. Paul, MN, and San Germán, PR. Kupp will oversee the management and operations of all Pace Life Sciences lab locations.

About Emerson Resources
For more than 12 years, Emerson Resources, a premier pharmaceutical development company, has delivered value-added service, ingredients, and expertise to clients in the pharmaceutical and biotech industries. Emerson Resources is a leader in dosage form development, manufacturing cGMP clinical supplies, analytical method development, analytical method validation, release testing, and stability testing. Based in Norristown, Pennsylvania, the Company’s expansive facility features development and analytical laboratories, a cGMP clinical supplies manufacturing plant, and a specialty ingredients excipients manufacturing center. For more information, visit emersonresources.com.

About Pace Analytical®
Pace Analytical® Services, LLC makes the world a safer, healthier place. For decades, we have been the trusted source for quality environmental and life sciences lab testing and analysis and the resource for scientific lab staffing, regulatory, and equipment services. Our work is done in partnership with our clients by providing the science and the data they need to make critical decisions that benefit us all. Pace delivers science better to businesses, industries, consulting firms, government agencies, and more through the largest, American-owned and nationally certified laboratory network. Science matters at PACELABS.com

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Welcoming Open Payments to our portfolio

Industriefonden

August 23, 2020

Industrifonden is proud to announce that we have led a 3 MEUR seed round in Swedish FinTech Open Payments. Existing investors Brightly Ventures, Luminar Ventures, and angel investors also participated in the round. The capital will be used to continue to grow the team and establish the platform in the Nordic and European market.

Swedish fintech Open Payments is one of the leading Open Banking platforms in the Nordic region to offer genuine PSD2 API aggregation via a single and secure API. Open Payments is an FSA licensed Payment Institute that provides a cutting edge modular Open Banking Platform that enables businesses to easily and efficiently integrate with banks and other financial services through pure APIs. The platform has allowed third-party providers and business partners to develop their own products and services under their own brand-name and still own their user journey.  The platform supports an ecosystem where third-party providers and business partners will further enhance the development of the platform going forward.

Open Payments is positioned somewhere between the traditional FinTech and BigTech business models. Open Payments is licensed by the FSA to provide financial services, and the platform itself is more towards a BigTech model, with its openness and modularity. The platform not only provide open APIs, but also extensibility, openness and modularization for businesses and developers to build their unique customer offerings.

“Open Payments platform makes it easy for companies to take advantage of the enormous business development potential that Open Banking entails for small and large companies. It is also exciting to find such a strong founding team with long international experience here in the small Swedish market. I look forward to work with a young, agile company that with ingenious technical simplicity gives customers favourable freedom and flexibility in their open banking offerings”, says Anna Ljungdahl, Investment Manager at Industrifonden.

Open Payments has launched its services in Sweden and Finland with a strong customer base that has built their open banking solutions leveraging Open Payments Platform. The company plan to continue expand into more markets cross Nordics and EU by the end of the year.

The founding team of Open Payments consists of Louise Brandt, CCO, who was previously with iZettle where she held several senior positions and CEO Jonas Kjellin, with background from the startup scene in the US and many years at Microsoft. The founding team has combined experience from FinTech and BigTech which defines Open Payments vision and strategy.

“I believe that BigTechs will have a big impact on how we perform financial services in the future, but also requires traditional FinTechs, and by bridging the gap between them, we have a great position to offer our customers a flexible solution”, says Jonas Kjellin, Founder and CEO at Open Payments.

Open Payments last closed a pre-seed investment of 1.3 MSEK in May 2019. With the new funding, Open Payments will continue to grow the team expand the platform to drive and enable Open banking in the Nordic and European markets.

Read more about Open Payments here https://openpayments.io/

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Montagu fully exits stake in Visma

Montagu

Montagu Private Equity (“Montagu”), a leading European private equity firm, announced today that it has agreed to a full exit of its stake in Visma, a leading provider of business-critical software to private and public enterprises in the Nordic, Benelux and Central & Eastern European regions, to a consortium of new and existing investors.

The transaction is part of a further investment from existing shareholders Hg, GIC and CPPIB, as well as from new shareholders TPG and Warburg Pincus, that will place an enterprise value on Visma of NOK 110 billion (US$ 12.2 billion), making this the largest ever software buyout globally.

Montagu has been an investor in Visma since 2010, reinvesting in 2014 and again in 2017. During that period Visma has grown to become the leading provider of SaaS productivity solutions to businesses across the Nordics, Benelux and Central & Eastern European regions. Since Montagu’s initial investment, the company has completed over 150 add-on acquisitions and achieved annualised revenue growth of over 20%, expanding geographically and developing Visma’s technology offerings in the process.

Visma is the largest provider of cloud-delivered Software-as-a-Service (SaaS) products to European businesses, having strategically invested in SaaS technology for more than a decade. Today Visma has over 11,000 employees, including 4,000 software developers who serve over 1 million business customers.

Ed Shuckburgh, Director at Montagu, commented: “We are proud to have joined and supported Visma’s management team over the past decade in their impressive growth journey. Since our initial investment, the company has expanded to become one of the most successful software businesses in Europe. We wish the team and everyone at Visma well as they embark on this next stage of their journey.”

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Hg leads further majority investment in Visma valued at US$12.2 billion in the world’s largest ever software buyout

HG Capital

  • Hg Saturn 2 will put forward the majority of the new invested capital to acquire a further stake in Visma from a group of current investors including Montagu, who will fully exit the business.
  • New investors, Warburg Pincus and TPG will also invest in the business for the first time, acquiring minority stakes.  Existing investor CPPIB will also acquire an additional stake;
  • The investment will value Visma at an Enterprise Value of NOK 110 billion (US$12.2 billion), making this the largest ever software buyout globally;
  • Visma’s strategy is to improve society through greater productivity.  It does this by providing world-class, mission-critical, Software-as-a-Service (SaaS) to over one million businesses in areas such as accounting, resource planning, payroll, HR and commerce applications;
  • Hg will continue to support this proven strategy, alongside a group of world-class technology investors.

London, UK and Oslo, Norway. 21 August 2020. Hg, Europe’s leading software investor, today announces that the Hg Saturn team and its investors have agreed to a further investment in Visma, a leading provider of business-critical software to private and public enterprises in the Nordic, Benelux and Baltic regions.  Hg will put forward the majority of the new invested capital in a transaction valuing the business at an Enterprise Value of NOK 110 billion (US$12.2 billion), making this the largest ever software buyout globally.

The Hg Saturn 2 Fund will purchase the stake from Montagu, a leading European private equity firm which has been an investor in the business since 2010, and other investors including Hg’s Genesis 7 Fund which will reduce its holding in Visma. Warburg Pincus and TPG will invest in the company for the first time, acquiring minority stakes. Existing investor CPPIB will increase its stake, alongside other current co-investors in the business, including General Atlantic who invested earlier in the year.  Following completion of the transaction, Hg will continue to own a majority (c.54%) stake in Visma, with co-investors GIC, ICG, CPPIB, Warburg Pincus, TPG, General Atlantic and management.

Hg led the original delisting of Visma from the Oslo Stock Exchange in 2006 and has been the lead or co-lead investor in Visma for the last 14 years. During this period Visma has grown to become a leading provider of SaaS productivity solutions to businesses across Northern Europe – the Nordics, Benelux and Central & Eastern European regions.

Visma is a true Software-as-a-Service (SaaS) champion and the largest provider of cloud-delivered SaaS to European businesses. This is the result of an early decision by Visma and Hg to invest in cloud and SaaS technology in 2008.  This early investment has given Visma a leading suite of SaaS products across a number of sectors.  Today Visma has over 11,000 employees, including 4,000 software developers who serve over one million business customers. The success in SaaS has resulted in uninterrupted, year-on-year, revenue and EBITDA growth over the last 15 years of (19% and 23% CAGR respectively).

“For almost 15 years now, Visma has benefited from a supportive and highly knowledgeable private equity investor base, led by Hg. This guidance and know-how in the software sector has enabled us to consistently and significantly expand both our product offering and geographic footprint. This includes a significant investment in SaaS which has strengthened our recurring revenue model.  We continue to invest in world-class technology including new areas of innovation, such as AI and machine learning. We warmly welcome this further support from Hg, General Atlantic and new investors Warburg Pincus and TPG and look forward to continuing Visma’s journey to create a fully online ecosystem for SMBs across Europe.”

Merete Hverven, CEO of Visma.

“Visma is Europe’s biggest success story in cloud software for businesses. This is a result of consistent investment in SaaS technology by Øystein Moan, Merete Hverven and their world-class team.  Today we’re as excited as we’ve ever been about the future prospects of the business. Most recently, Covid19 has demonstrated the power of Visma’s cloud solutions – empowering businesses to stay connected and continue working through the crisis.  We’re also delighted to welcome new investors, who join the other strategic investors already supporting Visma from across the globe.”

Nic Humphries, Senior Partner and Head of the Hg Saturn team.

Advising on the transaction were: on the buy side, Arma Partners (financial adviser), Jefferies (financial adviser), Carnegie Investment Bank (financial adviser), Skadden (M&A legal), Kirkland & Ellis (financing legal), Deloitte (structuring), EY (financial and tax DD), Alvarez & Marsal (operational DD) and OC&C (top-up commercial support). On the sell side, advisors were Goldman Sachs (financial adviser), BofA Securities (financial adviser), ABG Sundal Collier (financial adviser), Linklaters (legal), Wiersholm (Norway legal), Deloitte (financial DD), Crosslake (tech DD) and OC&C (commercial DD).

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Sovos to gain new investment

HG Capital

Sovos to Gain New Investment by Hg Saturn and TA Associates, Fueling Continued Growth as Digital Transformation of Tax Accelerates Worldwide

Global tax software provider Sovos today announced that Hg — a leading global software investor, partner and supporter of the expansion of Sovos for more than four years — will lead a further, majority investment in the company through the Hg Saturn 2 Fund. TA Associates, a leading global private equity firm with more than four decades of software investing experience, will also join as a significant minority investor to support the next wave of Sovos’ growth. Following this new investment, Sovos is poised to continue its geographic expansion, deepen its partner ecosystem, and respond rapidly to emerging tax and regulatory changes around the world.

Sovos has grown substantially since Hg first invested in the company in 2016. Since then, Sovos has acquired more than 10 companies across North America, Latin America and Europe; more than doubled its customer base to 8,000-plus, including half of the Fortune 500 companies; and added more than 1,000 employees working across 10 countries. With the continuity of support from Hg and the added resources and experience from TA Associates, Sovos will advance its initiatives in adjacent segments, as well as the overall growth strategy integral to its mission to Solve Tax for GoodⓇ everywhere its customers do business.

“Hg’s new investment in Sovos is a sign of their confidence in our market, our position and our unique ability to deliver a complete solution for modern tax, including tax determination, continuous transaction control compliance and tax reporting. With the renewed support from Hg and the additional backing of TA Associates, Sovos is ready for the next stage of growth at a crucial time, as the digital transformation of government, technology and business converge.”

Andy Hovancik, CEO, Sovos

“In 2016, Hg invested in the Sovos vision to put tax compliance software where it belongs — in the modern, digital financial core. Since then, Sovos’ team has executed perfectly on a formidable strategy. In addition to strong organic growth generated from a robust recurring revenue model, Sovos has also executed on its targeted acquisition strategy, bringing new entrepreneurial founders into the business. As we move further into a world of digitized tax and regulation, Sovos is a trusted, future-ready solution for its multi-national customers.”

Jonathan Boyes, partner at Hg

“Sovos leads a large, acyclical, global sector driven by increasingly complex tax regimes. Without a global solution, the rise of digital taxation has the potential to disrupt supply chain and finance transformation efforts. Sovos recognized that, and its leadership team has built the regulatory expertise, product innovation and business strategy to address it. We believe Sovos is ready to execute globally, and TA Associates is ready to support the company as it enters this next stage of growth.”

Hythem El-Nazer, managing director at TA Associates

“Sovos has been a cornerstone partnership for Hg as we’ve expanded into the U.S. over the years. The new Hg investment marks a new stage for the business, with Sovos offering an increasingly valuable proposition for customers with complex multinational operations.  We’re absolutely delighted to continue our support for the Sovos team.”

Gero Wittemann, partner and co-lead of Hg’s New York team

The terms of the deal, which is expected to close in the second half of 2020 pending regulatory approvals and closing conditions, were not disclosed. William Blair and Jefferies served as financial advisors to Sovos. Hg (as manager of Saturn 2) was advised by Goldman Sachs and Shea & Company, and TA Associates was advised by Barclays. Skadden and Kirkland and Ellis provided legal counsel and accounting and tax advice was provided by Ernst & Young and Deloitte.

Upon closing of the transaction, Gero Wittemann of Hg and Hythem El-Nazer and Morgan Seigler of TA Associates will be appointed to the Sovos Board of Directors.

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EQT Infrastructure to acquire leading global data center provider EdgeConneX

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  • EQT Infrastructure has agreed to acquire EdgeConneX, a leading global data center provider serving the fast growing Hyperscale and Edge ecosystems
  • EdgeConneX has a global footprint, operating and developing over 40 facilities in 33 markets across North America, Europe and South America
  • EQT Infrastructure is committed to actively support EdgeConneX’s accelerated growth via new market entries and material expansions of existing locations
  • EQT is acquiring EdgeConneX from an investor group led by Providence Equity Partners

EQT Infrastructure today announced that the EQT Infrastructure IV fund (“EQT Infrastructure”) has agreed to acquire EdgeConneX, Inc. (“EdgeConneX” or the “Company”) from an investor group led by Providence Equity Partners (“Providence”).

EdgeConneX builds and operates data centers for cloud, content, network and other service providers requiring both larger purpose-built facilities as well as edge facilities located closer to consumer and enterprise users to support latency-sensitive applications cost effectively. The Company’s broad footprint and relentless customer-focused business strategy have proven ideally suited to support these sophisticated customers’ strategic data center demands, from the Hyperscale to the Edge. As customers rapidly expand their critical infrastructure around the globe, they look to EdgeConneX as a trusted partner to enable their growth needs in an environmentally friendly manner.

EQT Infrastructure will support the continued development of EdgeConneX and actively assist the Company in its pursuit of new opportunities to grow in existing and new markets globally. EdgeConneX is uniquely positioned to benefit from the secular tailwinds driving increased data center usage. As the need for data grows ever larger, not only because of cloud and content but also driven by new innovations such as Artificial Intelligence, 5G Networks, Autonomous Vehicles, Virtual Reality, Cloud Gaming and the Internet-of-Things, there will continue to be substantial opportunities for EdgeConneX to continue to develop critical infrastructure to support its customers’ needs.

Jan Vesely, Partner at EQT Partners, said, “EQT has followed EdgeConneX’s journey from its early years to its growth into a top data center industry player. We are deeply impressed by EdgeConneX’s management team and the success they have had in creating a key contributor to the global cloud infrastructure. This partnership represents an exciting opportunity for EQT in a sector and geographies where we have significant experience. EQT looks forward to working with the team in continuing to grow the business and identify new expansion opportunities”.

Randy Brouckman, CEO of EdgeConneX, said, “EQT brings significant financial resources and digital infrastructure industry experience which EdgeConneX will use to accelerate growth and invest in new data centers around the world. I look forward to continuing to lead EdgeConneX and we are very pleased to have EQT as our new owner and partner in this exciting growth phase. On behalf of EdgeConneX, I thank our outstanding customers and partners, dedicated employees and long-term shareholders that gave us the latitude to succeed and create lasting value”.

Chris Ragona, Managing Director at Providence, said, “We have enjoyed working with Randy and team over the past five years and are pleased to have helped the company grow significantly, especially overseas. We fully expect EdgeConneX will continue its momentum and success as the company enters this next chapter. On behalf of our entire investor group, we wish them well”.

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020. With this transaction, EQT Infrastructure IV is expected to be 80-85% invested.

Evercore acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to EdgeConneX. Goldman Sachs acted as financial advisor and Kirkland & Ellis LLP acted as lead legal counsel to EQT Infrastructure.

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

US press contact: daniel.yunger@kekstcnc.com, +1 917 574 8582
EQT press office: press@eqtpartners.com, +46 8 506 55 334

About EdgeConneX
EdgeConneX provides a full range of data center solutions worldwide, from Hyperlocal to Hyperscale, from purpose-built to build-to-order, working closely with our customers to offer choice in location, scale, and type of facility. Delivering flexibility, connectivity, proximity, and value, EdgeConneX is a global leader in anytime, anywhere, any scale data center services for a diverse portfolio of industries including Content, Cloud, Networks, Gaming, Automotive, SaaS, IoT, HPC, Security, and more.

More info: www.edgeconnex.com
Press contact: jsa_edgeconnex@jsa.net, +1-866-695-3629 ext 13

About Providence Equity Partners
Providence is a premier global asset management firm with over $49 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London.

More info: www.provequity.com
Press contact: Andrew Cole and Hayley Cook, Sard Verbinnen & Co, prov-svc@sardverb.com

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Duck Creek Technologies Prices Initial Public Offering

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13 August 2020

Boston, August. 13, 2020 (GLOBE NEWSWIRE) — Duck Creek Technologies, Inc. (“Duck Creek”), a provider of SaaS-delivered enterprise software to the property and casualty (“P&C”) insurance industry, announced today the pricing of its initial public offering of 15,000,000 shares of its common stock at a price of $27.00 per share. The shares are expected to begin trading on the Nasdaq Global Select Market on August 14, 2020 under the symbol “DCT.” The offering is expected to close on August 18, 2020 subject to customary closing conditions. The underwriters have a 30-day option to purchase up to an additional 2,250,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are serving as lead book-running managers for the proposed offering. Barclays and RBC Capital Markets are also acting as book-running managers for the proposed offering. JMP Securities, Needham & Company, Stifel, William Blair, D.A. Davidson & Co, Raymond James and Loop Capital Markets are acting as co-managers for the proposed offering.

This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, for free by visiting EDGAR on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. Alternatively, copies of the final prospectus, when available, may be obtained for free from the offices of Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 Wall Street, New York, New York 10282, by telephone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com; or BofA Securities, Inc., Attn: Prospectus Department, 200 North College Street, 3rd floor, Charlotte, NC 28255 or by email at dg.prospectus_requests@bofa.com. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.

The registration statement relating to these securities has been declared effective by the Securities and Exchange Commission.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Duck Creek

Duck Creek Technologies is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.

Forward Looking Statements

This press release includes certain disclosures which contain “forward-looking statements.” You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements, including statements regarding the size, timing and expected price range of the initial public offering, are based on Duck Creek’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Duck Creek’s registration statement on Form S-1, as amended from time to time, including under the caption “Risk Factors.” Any forward-looking statement in this release speaks only as of the date of this release. Duck Creek undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws.

Media Contact:

Paul Rechichi
Racepoint Global
617 624 3295
prechichi@racepointglobal.com

Sam A. Shay
Duck Creek Technologies
857 201 5784
sam.shay@duckcreek.com

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