Tag Archives: Information technology

Perforce Software Receives Strategic Investment From Francisco Partners To Accelerate Growth

Franciso Partners

With Backing from Leading Investors Clearlake Capital and Francisco Partners, Perforce DevOps Platform Poised to Continue Winning Enterprise Customers

Minneapolis, MN, San Francisco, CA, and Santa Monica, CA – Perforce Software, Inc. (“Perforce” or the “Company”), a market leading provider of enterprise scale software solutions to technology developers and development operations (“DevOps”) teams requiring productivity, visibility, and scale during all phases of the development lifecycle, today announced it has closed on the significant new equity investment from Francisco Partners, a global technology-focused private equity fund. The firm joins Clearlake Capital Group, L.P. (“Clearlake”), which initially invested in Perforce in late 2017. The Company will continue to be led by the Chief Executive Officer, Mark Ties, and the current management team, who invested alongside Clearlake and Francisco Partners in the transaction.

Clearlake and Francisco Partners both possess deep infrastructure software experience and will leverage their collective knowledge and resources to help expand Perforce’s market share and continue to drive its growth strategy.

Perforce has built a broad portfolio of products within DevOps spanning the entire software development lifecycle. The Company has expanded its offering from version control software to agile management, application management and components, code management and collaboration, and automated testing. As a leader in the DevOps industry, Perforce provides a suite of solutions that balance the security, compliance, and control needs of leading enterprises while providing developers the freedom to innovate at global scale.

“With this investment from Francisco Partners, Perforce has gained additional resources to continue our proven buy-and-build strategy and further support our strong relationships with our customers,” said Mark Ties, Perforce CEO. “We are excited to continue to expand to new geographies and product adjacencies, becoming the vendor of choice for large, global enterprises looking to scale efficiently and effectively. Perforce is positioned to continue to gain market share as it continues to provide best-in-class solutions to its enterprise customers.”

Brian Decker, Partner at Francisco Partners, said, “We are very impressed with Perforce’s track record of accretive acquisitions and successful integrations, simultaneously entering new product adjacencies while continuously improving its go to market strategy to win new customers. The Company has grown significantly over the past few years and has established itself as a leader in innovation, functionality, and scalability for DevOps.” Evan Daar, Principal at Francisco Partners, added, “As companies across all end markets increasingly transition to incorporate DevOps best practices, Perforce is well positioned to serve customer needs across the development lifecycle.”

Prashant Mehrotra, Partner, and Paul Huber, Vice President at Clearlake, commented, “Since our investment, we have collaborated with Mark and his team to implement our O.P.S.® framework to invest and sustainably grow the business. The team has further demonstrated their ability to accelerate organic and inorganic growth, and we are confident that with the combined support from Clearlake and Francisco Partners, Perforce will reach new heights. We are excited to partner with Francisco Partners as Perforce embarks on this next stage of growth.”

About Perforce

Perforce is a leading provider of enterprise scale software solutions to technology developers and development operations (“DevOps”) teams requiring productivity, visibility and scale during all phases of the development lifecycle. Enterprises across the globe rely on its agile planning and ALM tools, automated mobile and web testing, developer collaboration, static code analysis, version control and repository management solutions as the foundation for successful DevOps at scale. Perforce is trusted by the world’s most innovative brands, including NVIDIA, Pixar, Scania, Ubisoft, and VMware. For more information, please visit www.perforce.com.

About Francisco Partners

Francisco Partners is an investment firm that specializes in technology and technology-enabled businesses. Since its launch over 19 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information, please visit www.franciscopartners.com.

About Clearlake

Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.®. The firm’s core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake currently has over $10 billion of assets under management and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.

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Cinven to invest in Jaggaer

Cinven

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 One.com, 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.

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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.

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KKR Acquires Leading Software Platform Corel Corporation from Vector Capital

KKR

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 www.corel.com.

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 www.kkr.com 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 www.vectorcapital.com.

© 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: www.corel.com/patent.

Media Contacts:

Corel:
Jessica Gould
media@corel.com

KKR:
Kristi Huller or Cara Major, 212-750-8300
media@kkr.com

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

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

Altamir

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: www.altamir.fr

 

Contact

Claire Peyssard Moses

Tel.: +33 1 53 65 01 74

E-mail: investors@altamir.fr

 

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Industrifonden sells shares in Footway

Industriefonden

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.

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EG acquires Lindbak Retail Systems AS

Franciso Partners

News Item – June 03 2019

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 eg.dk.

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 lindbakretail.no.

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Fortino Capital Partners invests in Declaree, the innovative Dutch challenger in expense management

Fortino Capital

Fortino Capital Partners expands its portfolio of Travel & Expense management companies with its investment in Declaree, the innovative Dutch challenger.  Besides the acquisition of MobileXpense in Belgium and eBuilder Travel in Sweden, it is the third investment of Fortino Capital in the market of expense management.

Declaree was founded in 2014 by Bas Janssen, Bart Jochems and Jasper Spoor with the ambition of simplifying and facilitating paper-based and cumbersome expense management processes. Since then, Declaree has 20 employees and 750 clients mainly located in the Netherlands and Germany. In the Netherlands and Belgium, Declaree serves large customers such as KLM, Hunter Douglas, Schiphol and KPMG, as well as many small and medium-sized companies. For Germany, it is about companies such as Lemonaid, Suitepad and Lufthansa Group Business Services.

Expense management is a challenge for many organisations. Many companies still use inefficient methods for these processes. Thanks to Declaree’s mobile and web application, they are capable of reducing the time spent on the internal management of expenses by almost 75 per cent, while also getting more grip on the expenses itself by increased transparency.

Fortino Capital Partners started its growth journey in travel & expense management by investing in MobileXpense in Belgium and eBuilder Travel in Sweden. These two players mainly focus on multinational and governmental organisations that need to comply with many different and often complex rules in all countries active in.

Matthias Vandepitte, partner at Fortino Capital, explains: “Declaree offers a genuinely innovative solution which has already served hundreds of companies of all sizes. We are really impressed by what the team of Bas, Bart and Jasper have built over the past years, and we see enormous potential for the future. That is why we are particularly proud of being able to support the internationalisation of Declaree in Europe with our expertise and investment. We look forward working together on our joint growth aspirations.”

Bas Janssen from Declaree concludes: “The past five years, we have heavily invested in developing our product and scaling in the Netherlands and Germany. To realize the next step in our growth we have searched for a strategic investor with knowledge and experience in international expansion. We are convinced to have found the right strategic partner in Fortino Capital.”

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HR Manager and Webcruiter adds Swedish ReachMee to its HR platform

Verdane Capital

Stockholm — HR Manager and Webcruiter, a Verdane-owned group providing cloud-based HR and recruitment systems, is expanding its footprint on the Swedish market through the acquisition of ReachMee, a leading provider of cloud-based recruitment solutions. The acquisition is the group’s latest step on its journey to create a leading HR technology platform in the Nordics.

HR professionals and management teams in companies of all types and sizes are searching for HR technology solutions which make talent identification, recruitment, hiring, onboarding and HR management easier, more efficient and successful. To support hiring organisations in the war for talent, HR Manager and Webcruiter have embarked on an M&A-driven expansion journey to create a leading Nordic HR platform. End customers will benefit from an improved range of complementary HR and recruitment solutions across the markets in which the group operates, and the companies in the group will benefit from technological synergies allowing them to release better products, faster. Verdane’s initial investment in HR Manager and Webcruiter was made in 2018.

“With ReachMee now part of our platform, we are in a stronger position than the competition to ramp up development speed and offer cutting-edge HR solutions thanks to our combined technology stack. Both growing companies and talent across the Nordics stand to benefit,” says Lars Christian Ringdal, CEO of HR Manager/Webcruiter.

Stockholm-based ReachMee has grown from 25 000 to 130 000 users since 2014 and has an industry-leading 97% customer loyalty and revenues growing by 25% annually. In 2014, the company made the successful decision to focus its efforts on developing a best of breed talent acquisition platform from scratch.

“The last five years have seen us grow our client base in the Nordics, averaging an organic recurring revenue growth rate of 25 percent per year. Our now nearly 700 customers, mainly in Sweden, Norway and Finland, will benefit from this merger by us being able to provide a wider, complementary pool of products. By doing so, ReachMee will deepen its service as a trusted partner within HR tech – now to organizations who want a 360-view of everything they need in HR and recruitment. It’s a great step forward for organizations looking to be attractive employers whilst strengthening their competitive edge,” says Nils Bergman, CEO of ReachMee.

With over 2 000 customers and combined recurring revenues of NOK 150 million per year, the HR Manager, Webcruiter and ReachMee group is already among the leading suppliers of cloud-based HR solutions in a fragmented and fast-growing Nordic market.

“This is a star collection of HR business talent. We’re pleased to welcome ReachMee into Verdane’s family of software portfolio companies and look forward to supporting the group in accelerating growth”, says Johnny Rindahl, Partner at Verdane.

In the transaction, holding company HR Nordic acquires all the shares in ReachMee, including the shares of majority owner FH Kapital, which will reinvest and be part of the continued HR platform journey. The parties have agreed not to publish the terms of the deal.

****

For further information, please contact:

Lars Christian Ringdal, CEO, HR Manager/Webcruiter, +47 922 57 731, lars.ringdal@hr-manager.net

Nils Bergman, CEO, ReachMee, +46 70 495 0066, nils.bergman@reachmee.com

Jonathan Bui, Communications Manager, Verdane, +46 762 72 8100, jonathan.bui@verdane.com

David Frykman, FH Kapital, +46 70 819 2222, david.frykman@gmail.com

 

About Verdane

Verdane works to be the preferred growth partner to technology enabled businesses in Northern Europe. Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both majority and minority investments in individual companies and portfolios. Verdane funds act as ambitious, active and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s capabilities and proven track record in driving business value for companies whose growth is driven by, or connected to, technological development. Verdane funds’ current portfolio includes Conexus, EasyPark, Freespee, HR Manager/Webcruiter, inRiver and Lingit. Verdane has 39 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com
About ReachMee

ReachMee offers a powerful, market-leading solution for discovering, recruiting and hiring talent and is used by smart and adept organizations who need to recruit more successfully by increasing the chances of finding the right person for the right position. With the right technology, deep understanding of recruitment processes as well as a strong devotion to solve customers’ challenges, ReachMee has taken a strong and leading position in the Nordic market. Our solutions are used by more than 700 large and small customers in both the private and public sectors, including NCC, Ahlsell, and McDonalds. ReachMee has offices both in Oslo, Helsinki, Kiev and with headquarters in Stockholm. For more information, please visit www.reachmee.com

 

About HR Manager

HR Manager specializes in HR and recruitment processes. The solutions we offer generate added value for any business, independent of industry or size. Our user-friendly cloud services Talent Recruiter, Talent Onboarding and Talent Manager cover all aspects of HR and allow them to be managed through one integrated solution. The systems are adapted to both private and public sector regulations, including GDPR. More than 900 clients across the Nordics use our solutions. We are over 50 employees and have offices in Oslo, Copenhagen and Stockholm. For more information, please visit www.hr-manager.net

 

About Webcruiter

Webcruiter delivers a recruitment solution that ensures tailored and professional recruitment processes for private, state and municipal sector businesses. Webcruiter is used today by 400 clients with users in over 120 countries and has established itself as a thought leader in the field through www.rekryteringsbloggen.se. Webcruiter has 30 employees and offices in Oslo and Stockholm. For more information, please visit www.webcruiter.com  

 

About FH Kapital

FH Kapital is an investor specialised in majority positions of well-driven companies facing a generational change or other ownership changes. FH Kapital is an active and responsible owner, and owns majority positions in companies such as MCD, Fasty and Microdeb. FH Kapital is owned by David Frykman and Pål Hodann.

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EQT acquires Acumatica – a US-based ‘cloud-native’ ERP software vendor – in connection with its existing IFS investment

eqt

  • EQT acquires Acumatica, a fast-growing US-based provider of modern, flexible, cloud-based ERP software systems
  • Acumatica is uniquely positioned to capitalize on the opportunity created from the ERP market’s shift to cloud-based software, thanks to its customer-centric product proposition and a highly-scalable indirect distribution model
  • Acumatica to become sister company of existing EQT VII portfolio company IFS, the leading ERP software vendor
  • EQT will support Acumatica’s continued growth journey by leveraging its TMT and software expertise, global platform and cross-pollination opportunities with IFS

The EQT VII fund (“EQT” or “EQT VII”) has entered into agreements to acquire Acumatica (or “the Company”) from its founders, management and other minority investors. Existing shareholders and management will re-invest significantly into the Company, while EQT will have majority ownership.

Headquartered in Bellevue, Washington, US, Acumatica is a fast-growing software as a service (“SaaS”) company, serving customers with true cloud Enterprise Resource Planning (“ERP”) solutions. Through its ERP platform, Acumatica helps customers streamline and automate processes, manage and control inventory in real-time and increase productivity. The Company’s software is delivered via the cloud and is accessible from any location, on any device.

The acquisition was made through the same EQT VII holding company, which currently owns leading ERP software vendor, IFS. Going forward, Acumatica and IFS will operate as sister companies, serving the market with complementary cloud ERP solutions. Acumatica will focus on small to medium sized businesses while IFS will continue to focus on larger enterprise customers.

The two companies are expected to benefit from cross-pollination of R&D capabilities and a synergistic geographic and end-market footprint. At the same time, Acumatica will continue to operate as an independent company, led by CEO Jon Roskill, with a focus on accelerating its strong growth momentum, customer satisfaction and channel-only go-to-market strategy.

Johannes Reichel, Partner at EQT Partners and Investment Advisor to EQT VII, commented: “Acumatica perfectly fits EQT’s thematic investment approach and will strongly benefit from EQT’s long experience in developing companies in the software sector. The transaction also forges a strategic relationship between Acumatica and IFS – two of the fastest-growing ERP vendors globally. These two companies are best-in-class challengers and together they are well-positioned to serve the entire ERP market, from small and medium, all the way to large enterprises, on a global scale. EQT is very excited to back Jon and the greater leadership team at Acumatica.”

Jon Roskill, CEO of Acumatica, said: “This move provides exceptional validation of Acumatica’s market execution and growth in the last several years. Greater investment from EQT will unlock new opportunities for us to better serve our customers and secure a stronger future for Acumatica. To compound this potential, is the access to, and collaboration with, ERP industry leader and fellow EQT portfolio company, IFS.”

Darren Roos, CEO of IFS, said: “I am excited about the enormous potential the IFS and Acumatica businesses have being part of the same portfolio. Our ability to add value to each other’s customers and partners will accelerate value creation across both companies. I am a huge admirer of what Jon has achieved and look forward to being part of the next chapter of Acumatica’s story.”

Serguei Beloussov, CEO of Acronis, Founder and Chairman of Acumatica said: “Acumatica has built one of the leading cloud platforms in the world since we founded the business in 2006, testament to the founding team’s expertise in building cloud platforms, as also reflected by the success of Acronis‘ Cyber Protection platform. EQT’s investment will allow Acumatica to focus on achieving its goal to become the global market leader in the cloud ERP market and continue to accelerate its xRP platform development to better support to its current and future ISVs and OEMs.”

Financial details of the transaction were not disclosed. The proposed transaction is subject to customary regulatory approvals.

Jefferies acted as financial advisor and Kirkland and Ellis LLP acted as legal advisors to EQT VII. GCA acted as financial advisor to Acumatica and Willkie Farr & Gallagher as legal counsel.

Contacts
Johannes Reichel, Partner at EQT Partners and Investment Advisor to EQT VII, +49 89 25 54 990; EQT Press office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Acumatica
Acumatica Cloud ERP provides the best business management solution for transforming your company to thrive in the new digital economy. Built on a future-proof platform with open architecture for rapid integrations, scalability, and ease of use, Acumatica delivers unparalleled value to more than 5,000 small and midmarket organizations through our team of 275 worldwide employees and 300 channel partners.

More info: www.acumatica.com

About IFS
IFS™ develops and delivers enterprise software for customers around the world who manufacture and distribute goods, maintain assets, and manage service-focused operations. The industry expertise of our people and solutions, together with commitment to our customers, has made us a recognized leader and the most recommended supplier in our sector. Our team of 3,500 employees supports more than 10,000 customers worldwide from a network of local offices and through our growing ecosystem of partners.

More info: www.IFSworld.com

Follow us on Twitter: @ifsworld

 

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