BB Capital takes majority stake in health app VYTAL

BB Capital

THE HAGUE – BB Capital Investments has taken a majority stake in VYTAL, an IT platform specialized in digital total solutions for the sports and health industry. Both parties announced this today. The company from Alphen aan den Rijn will use the investment to expand its unique market position in the Netherlands and Europe.

VYTAL supplies a complete software package to support coaches in their business processes and coaching activities. The company has been active in the growing digital health solutions market since 2019. The nutrition app managed to develop into an innovative platform with a complete offering where users and providers come together. The entire team of ten employees remains active from the head office in Alphen aan den Rijn.

Stephan Laurs, founder and CEO: “With BB Capital on board, we can roll out our strategy to become the all-in-one platform for coaches even more effectively. Our mission is to create a real vitality movement where, on the one hand, we help our users to become and remain vital, while we give our coaches all the tools to support users in this. From business administration to community and marketing support.”

Susan van Koeveringe, Managing Partner BB Capital Investments: “VYTAL has a clear focus on building a digital platform within which all activities for coaches come together. With the knowledge and drive of the VYTAL team, we are working with ambition to offer a total solution in this growing but fragmented market. We are excited to build a strong and innovative company together, both through organic growth and through multiple follow-up acquisitions in the Netherlands and abroad.”

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Qics expands into the Nordic market with the acquisition of Danish Projectflow

Main Capital Partners

Qics, a leading Dutch provider of professional services automation (PSA), announces the acquisition of ProjectFlow, a Danish software provider for Project and Portfolio Management (PPM).

Combining the strengths of both companies in adjacent verticals will result in a market-leading best-of-breed offering in North-Western Europe, providing a solid basis for further internationalization. This acquisition marks the first add-on acquisition for Qics since entering into the strategic partnership with Main Capital Partners c. 2 years ago.

ProjectFlow is a Danish company, founded in 1999 and headquartered in Odense, Denmark, that develops and delivers a project and portfolio management tool. With 16 FTE, ProjectFlow develops and delivers the SaaS product ProjectFlow 365 to customers in Denmark and Norway. ProjectFlow currently has +80 customers, of which approximately two thirds is active within the public sector. The remaining customers are active across several verticals. ProjectFlow’s customer base includes entities such as the Municipality of Copenhagen, BITZER Electronics A/S, GLS, and the Danish Tax Authority.

Qics, a Dutch software company headquartered in Katwijk, The Netherlands, with a development office in Slovakia, is a leading provider of professional services automation (PSA) software. With over 350 clients, including ICT and SaaS companies such as xxllnc, BCS , accountancy customers such as Joanknecht, Londen & Van Holland and healthcare companies such as Proteion and Vierstroom Hulp Thuis, Qics empowers business service providers and healthcare companies in their digital transformation journey through smart SaaS solutions encompassing planning, time tracking, invoicing, and business intelligence. Employing over 30 full-time equivalents, Qics stands at the forefront of PSA, driving efficiency and innovation for its diverse clientele.

Mutually interchangeable product suites

Qics and ProjectFlow form a strategic partnership, leveraging their synergistic PSA and PPM product suites within Project Management. This collaboration integrates ProjectFlow’s scalable software, known for its flexibility with modules like document management, and its integration with Jira, which is tightly integrated with Microsoft Office and with Qics’ scalable best-of-breed solutions in time registration, planning, invoicing, as well as in business intelligence. The acquisition of ProjectFlow not only fosters strong cross-sell opportunities, as Qics’ modules such as Invoicing and Business Intelligence will be offered directly to ProjectFlow’s customer base and vice versa. This combination also enhances the overall solution suite, catering to both internal and external project management needs within the Project Portfolio Management space. This strategic move positions Qics for substantial growth and innovation in the competitive ICT and SaaS customer landscape.

Market-leading player in North-Western Europe

By combining ProjectFlow’s robust standing in the Danish Project Management Software market with Qics’ strong position in the Netherlands, the merged entity is poised to emerge as a major player in the Benelux and Nordics regions for Project Portfolio Management. This combination establishes a solid foundation for future buy-and-build strategies, propelling the group towards becoming a market-leading player in North-Western Europe. Qics’ geographical presence offers ProjectFlow an opportunity to expand its footprint in the Benelux, capitalizing on the high Microsoft adoption. Additionally, the combined group stands to benefit from Main’s expertise in internationalization and sales scalability within an expanded international framework.

Karsten Ley Poulsen, CEO of ProjectFlow, mentions: “The strategic partnership with Qics represents an exciting chapter for ProjectFlow. We look forward to integrating our scalable project and portfolio management tool with Qics’ best-of-breed solutions, creating a powerful offering for our customers. This collaboration not only expands our market reach, but also enhances our ability to provide innovative solutions in the Project Management space.”

Eddy Plasier, CEO of Qics, adds: “The acquisition of ProjectFlow strengthens the current offering of Qics and positions us well for further growth in ICT, SaaS and other verticals  in both The Netherlands as in the Nordics. We are excited to work with their enthusiastic team on modern solutions for Project Management in its broadest sense and are convinced our shared customer base will benefit from this collaboration.”

Ivo van Deudekom, Investment Director at Main concludes: “The strategic move marks a natural progression for Qics, extending their Project Management capabilities into Project Portfolio Management (PPM) while also entering the Nordics. The synergies between Qics and ProjectFlow are evident in the highly complementary functionalities, customer bases, and geographical focus. This acquisition creates a powerful combination, poised to deliver innovative solutions and strengthen our presence in the Project Management landscape. Lastly, Qics makes use of ProjectFlow’s software for the integration of both organizations, which we consider a blueprint for other companies with buy-and-build strategies. We are excited about the opportunities this collaboration brings and look forward to the growth and success it will unlock.”

We are excited about the opportunities this collaboration brings and look forward to the growth and success it will unlock.

– Ivo van Deudekom, Investment Director at Main Capital Partners

About

ProjectFlow

ProjectFlow is a Danish company, founded in 1999 and headquartered in Odense, Denmark, that develops and delivers a project and portfolio management tool. ProjectFlow develops and delivers the SaaS product ProjectFlow 365 to customers in Denmark and Norway. ProjectFlow 365 is utilized for project and portfolio management, resource management, and time registration. It is closely integrated with Microsoft 365. ProjectFlow currently has over 80 customers, of which approximately two thirds is active within the public sector. The remaining customers are active in energy/utilities, production, finance and professional services. Examples of such customers are: evida, sundhed and Dankske Spil. The clientele includes entities such as the Municipality of Copenhagen, Søstrene Grene, GLS, and the Danish Tax Authority. The company currently employs 16 FTE.

Qics

Founded in 2000, Qics is a dynamic company with approximately 30 employees dedicated to serving over 350 customers at a national and international level from offices in Katwijk and Slovakia. The diverse client base includes business service providers in accountancy (Lansigt Accountants and Tax Advisors and Vermetten Accountants and Advisors), consultancy (Verdonck, Klooster & Associates and House of Performance), IT (Ximedes and xxllnc), and the healthcare sector (Vierstroom Hulp Thuis and Florein Zorg). At the core of Qics’ portfolio are three robust SaaS solutions: QicsMilestones, QicsDashboards, and Assist Planner. QicsMilestones facilitates planning, time registration, and invoicing for business service providers, while QicsDashboards enables the creation of report models in Microsoft Power BI. Assist Planner is utilized by organizations offering care assistance. Currently boasting 20,000 users, all Qics products stand out for their user-friendliness, efficient and attractive design, and international scalability.

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Main Capital enters the Nordics Procure-to-Pay market with first Norwegian platform investment Millum

Main Capital Partners

Main announces the majority investment in Millum, a Norwegian Procure-to-Pay software provider for the hospitality sector.

Moving forward, Main will act as a strategic partner to the management team, supporting Millum in its growth journey. By pursuing a selective buy-and-build strategy and by adding complementary solutions to fuel cross-selling, Millum has strong potential to further internationalize. This strategic move marks Main Capital’s first stand-alone platform investment into the Norwegian market.

Millum, founded in 2002 in Norway by CEO Bjørn Anskau, business developer Knut Øksby, and CFO Roberto Padin, has emerged as a frontrunner in the procurement technology domain. The company’s SaaS-based “Procure-to-Pay” platform caters to hotels, restaurants and canteens, streamlining processes, simplifying the flow of information and enhancing trade efficiency. Millum currently serves more than 95% of the suppliers and more than 90 purchasers within the hospitality sector across the Nordics, including renowned clients, such as Strawberry Hotels, Scandic Hotels, and Coor Service Management.

Attractive product market and international scalability

Millum has built an attractive modular product portfolio which is well positioned for further growth and international expansion. The company, active in the procurement market, will be able to benefit from Main Capital Partners’ expertise, gained through previous investments in the procurement and broader supply chain management sector. Millum has a strong presence in Norway, with a growing presence in Sweden and Denmark, positioning it as a leading player in the Nordic market. With Main’s international growth support, Millum is poised to explore adjacent verticals and to continue growing internationally across the Nordics and Europe. Main will also support the company in a selective buy-and-build strategy to internationalize and strengthen the product offering with new solutions to establish a comprehensive one stop shop offering.

Bjørn Anskau, CEO of Millum, mentioned: “As we join forces with Main Capital Partners, we are excited about the possibilities that lie ahead for Millum. This partnership not only signifies our shared commitment to excellence but also accelerates our mission to revolutionize procurement processes in the Nordic region and beyond.”

The collaboration between Main Capital Partners and Millum is poised to unlock new opportunities for international expansion, leveraging Millum’s robust platform and Main Capital’s expertise in supporting companies on their global growth journeys.

“Millum’s market-leading position in Norway, coupled with its proven international scalability, aligns seamlessly with Main’s vision for strategic investments,” stated Wessel Ploegmakers, Partner & Head of Nordics at Main Capital Partners. “We see tremendous potential in Millum’s product portfolio and look forward to accelerating its growth trajectory by exploring new markets and expanding its international footprint.”

Millum’s market-leading position in Norway, coupled with its proven international scalability, aligns seamlessly with Main’s vision for strategic investments

– Wessel Ploegmakers, Partner & Head of Nordics at Main Capital Partners

About

Millum

Millum AS was founded in 2002 by Knut Øksby, Bjørn Anskau and Roberto Padin as main founders (together with two main investors) in Norway and is based at Fornebu, outside Oslo. Millum is a software company providing the preferred procurement system for hotels, restaurants and staff restaurants in the Nordics. The solution simplifies the procurement process for actors in the food service industry. Millum has 35 employees in total and operate across the Nordics. The total trading volume through Millum’s solution was NOK 11 billion in 2023.

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Warburg Pincus and TA Associates enter into an agreement to sell Procare Solutions to Roper Technologies

Warburg Pincus logo

Sale reflects Procare’s industry leading position in child care management, providing an essential software service in early childhood education

NEW YORK, January 25, 2024 – Warburg Pincus, a leading global growth investor, today announced the signing of a definitive agreement to sell Procare Solutions (“Procare”), a leading provider of integrated child care center management software and payments processing, to Roper Technologies, Inc. (“Roper”) (Nasdaq: ROP), for a total enterprise value of $1.86 billion. TA Associates (“TA”), a leading global private equity firm, also sold its minority interest in Procare as part of the transaction.

Procare is a leading provider of center management software and integrated payment processing solutions to child care centers in the US, enabling administrators to maintain a core system of record and workflow for operational, compliance, staffing, billing, and accounting functions. Procare provides a broad, high-quality product suite that serves the unique and complex demands of more than 37,000 child care centers. Founded in 1992, Procare is a true end-to-end solution that supports customers of all sizes, from single-center operations to complex nationwide enterprises.

Warburg Pincus partnered with Procare over five years ago, working with the company to capitalize on its leading position in the child care industry through customer expansion, product innovation and strategic acquisitions. Procare’s significant growth was fueled by the combination of accelerating new center additions and continued adoption of new product modules such as its payments processing, family engagement and curriculum offerings.

“Our mission at Procare is to meet the complete management and family communication needs of all child care organizations, helping centers improve the education of young learners. I am proud of the successes and growth of our company and look forward to working with the Roper team to take us to the next level,” said JoAnn Kintzel, CEO of Procare. “I would also like to thank Warburg Pincus and TA for their support and partnership, resulting in this exciting new chapter for our company. Through our partnership, we have achieved incredible growth and had substantial impact on the child care industry, providing essential technology and automation tools for centers and families to navigate everything from addressing day-to-day needs to managing child care through a global pandemic.”

“It has been a privilege to support Procare through a period of transformative growth, partnering closely with the management team to build on its market leading position. We are proud of Procare’s financial success and the key role it plays in supporting the child care industry,” said Ash Somani, Managing Director, Warburg Pincus. “Over the course of our partnership, Procare focused on enhancing its suite of next-generation SaaS solutions, becoming an essential partner for digital adoption in child care centers across the country,” added Michael Ding, Principal, Warburg Pincus. “Procare is a strong example of our firm’s focus on growth and sector collaboration, combining the experience of our technology and financial services teams with the ultimate goal of building an industry leader with sustainable value. We wish JoAnn and the Procare team the best in their next chapter,” added Chandler Reedy, Managing Director, Co-Head of Business Services, Head of Strategic Investments, Warburg Pincus.

“We are thrilled by the growth trajectory Procare exhibited during our partnership and we look forward to watching Procare continue to expand and drive further momentum,” said Jason Mironov, Managing Director, TA.

The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and customary closing conditions.

William Blair & Company, LLC served as lead financial advisor and Raymond James & Associates, Inc. served as an advisor to Warburg Pincus. Kirkland & Ellis LLP served as legal counsel to Warburg Pincus.

ABOUT WARBURG PINCUS

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 260 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Warburg Pincus is one of the most active growth investors in enterprise technology and cloud-based platforms and has invested more than $32 billion in technology companies since inception, such as Avalara, Clearwater Analytics, Crowdstrike, Infoblox, Internet Brands, Modernizing Medicine, Net Documents, and WebPT. Since its founding in 1966, Warburg Pincus has invested more than $116 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

ABOUT PROCARE SOLUTIONS

For more than 30 years, Procare Solutions has been helping early childhood educators simplify operations and create meaningful connections with families, so they can focus on what matters most – the children in their care.  From registration, attendance tracking, staff management and lesson planning to family engagement, tuition collection and reporting, we help ease the challenges faced of running a child care business.  Our dedicated team of support professionals also make it easy to get up and running quickly and answer questions along the way. That’s why over 37,000 customers choose Procare. We are proud to be number one in child care management software. For more information, visit ProcareSoftware.com.

ABOUT TA ASSOCIATES

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries—technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

CONTACT

Sarah McGrath Bloom, Warburg Pincus

Sarah.bloom@warburgpincus.com

Nicole Marino, Procare Solutions

press@procaresoftware.com

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Main Capital Partners invests in German Therapist Software Provider buchner

Main Capital Partners

Main announces the majority investment in buchner, a market leading software provider for general therapists in Germany.

Main will support buchner to further expand its fast-growing software business and accomplish the company’s mission of facilitating practice organization and thus freeing up more resources available for therapy.

Founded in 1991 in Kiel, Germany, by Ralf Buchner, buchner employs c. 160 employees and caters c. 45,000 physiotherapists, occupational therapists, speech therapists, podiatrists and other healthcare professionals. Through its innovative software offering, buchner helps therapists in digitizing key processes in their practice management. buchner’s software solutions thereby help improving efficiency and decreasing the complexity of managing therapists’ day-to-day operations. Key functionalities include patient and prescription management, invoicing, BI, calendar and workforce management. Among its clients are Hanse Therapie and IBKM.

The experienced management team around Ralf Buchner retains a significant minority stake in the company and will work closely together with Main in the company’s next growth phase. The envisioned growth strategy will put at the core buchner’s software offering and customer centricity. In addition, buchner will remain the ‘trusted partner’ for therapists in navigating industry complexities and assist customers in seamlessly adapting to a continuously evolving regulatory environment. The strategic roadmap also includes a dedicated buy-and-build strategy focused on selectively enriching the product and services portfolio as well as entering adjacent customer verticals.

Ralf Buchner, Founder and CEO of Buchner & Partner GmbH, commented: “We are delighted to join forces with Main and are confident that this partnership will support us in maintaining and improving our market position as the go-to partner when it comes to practice management for general therapists. Together with Main, we will continue to put our customers in the center of our strategy by innovating our products and helping our customers to navigate through the daily challenges of being a general therapist.”

Dorian Berndt, Investment Director at Main Capital Partners, concluded: “We are excited about the partnership with buchner and spearheading the company’s next growth phase together with the management team. buchner is a household name for general therapists in Germany and well-positioned to benefit significantly from the ongoing digitization. In particular, we are impressed by the company’s recurring software revenue growth of well north of 20% for years, the management team’s ambition and strong dedication to customers. Going-forward, we see various growth avenues, which will include – next to organic growth initiatives – also strategic acquisitions to improve the customer value proposition and enter adjacent customer verticals.”

We are excited about the partnership with buchner and spearheading the company’s next growth phase together with the management team.

– Dorian Berndt, Investment Director at Main Capital Partners

About

buchner & Partner GmbH

buchner & Partner GmbH was founded in 1991 as a pure form mailing service for therapeutic practices by Ralf Buchner in Kiel, Germany. buchner serves over 45,000 customers, which are comprised of healthcare therapists, physiotherapy-, ergotherapy-, logopedic practices and other cure providers. Among their clients are Hanse Therapie and IBKM. Buchner’s software includes practice management functionalities like invoicing, patient documentation, calendars, and workforce management. Besides its software, the company hosts seminars, provides consulting services, and runs a web shop.

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Safe Software Receives Strategic Growth Investment from JMI Equity

JMI Equity

The Investment will Support Continued Expansion of Safe Software’s Enterprise Solutions Offering and the Company’s Strong Growth Trajectory

VANCOUVER, British Columbia–(BUSINESS WIRE)–Today, Safe Software (Safe), the leading enterprise integration company with unrivalled support for spatial data, announced that JMI Equity (JMI) has made a strategic growth investment in the high growth, enterprise solutions provider.

Safe provides solutions that empower people and enterprises to unlock the full potential of their information, including spatial data. Safe is helping create a connected, informed, and innovative future, aligning with JMI’s focused strategy to invest in leading software companies with proven business models and long-term growth potential. The privately owned Canadian company has been profitable since its inception in 1993, and is well-positioned to continue to expand client growth in the enterprise sector.

“Our new investment partners at JMI have been following our journey for well over a decade, and they love what we have created and want to help us build upon our solid 30-year foundation as we enter an exciting next chapter,” comments Don Murray, Co-Founder & CEO, Safe Software. “Dale Lutz and I have built a phenomenal company in Safe Software, and I couldn’t be prouder of our team’s achievements over the last three decades.”

“Safe Software brings a groundbreaking and unique solution for enterprise data needs and represents a true industry success story. We have known Don and Dale for many years, and we are thrilled to be a part of Safe’s future,” says Brian Hersman, General Partner, JMI Equity. “We look forward to working closely alongside Safe’s leadership team as they continue to innovate and deliver industry leading solutions to their clients around the world.”

Don Murray will continue to lead the business as CEO and the rest of the leadership team will remain in their current roles. The company anticipates no updates to its day-to-day operations and will remain focused on serving clients globally.

For more information about Safe Software, please visit www.safe.com.

About Safe Software

Headquartered in Surrey, British Columbia, Safe Software is the creator of FME, the only enterprise integration platform with comprehensive support for spatial data. The company was founded in 1993 and has been focused on bringing life to data since its inception. Whether your challenges have to do with spatial data, big data, stream processing, cloud migration, or business intelligence, Safe Software is here to help you spend more time reaping the benefits of information, and less time fighting it.

About FME by Safe Software

The FME Platform has built-in support for thousands of systems as well as 800+ out-of-the-box transformers allowing users to build and automate custom integration workflows without having to code. Over 20,000 organizations worldwide trust FME technology for their enterprise integration solutions. Through Safe Software’s international partner network, FME is used in 120+ countries around the world and has been localized into multiple languages.

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.

Contacts

Media:

Safe Software:
Dan Gamble
DGPR
dan@dg-pr.com
+1778 873 0422

JMI:
Abby Ruck
H/Advisors Abernathy
abigail.ruck@h-advisors.global
+1 212 371 5999

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BCS strengthens industry leadership with strategic acquisition of Online Academie

Main Capital Partners

BCS HR Software announces the successful acquisition of Online Academie, a leading software provider of learning and development solutions.

BCS HR Software, a distinguished software specialist in human resource management (“HRM”) and payroll software, proudly announces the successful acquisition of Online Academie, a leading software provider of learning and development solutions. This strategic move is in line with BCS’ strategy to support customers during the entire HR journey. The combination with Online Academie marks the sixth acquisition since the strategic partnership with Main Capital Partners in April 2022.

With over 45 years of industry experience, BCS has been a trusted partner for companies of all sizes, offering a complete HR & Payroll solution encompassing absence and payroll management, flexible benefits, employee administration, and talent management amongst others. BCS, provides its HR and payrolling solutions and services to the SME market in the Netherlands and Belgium, servicing clients such as Decathlon, Vattenfall and Argenta, as well as local governments and academic hospitals.

Online Academie, based in Berlicum, the Netherlands, specializes in supporting companies in Learning & Development, catering to a diverse range of sectors, including governmental, accounting, healthcare, and industrial. This is facilitated via an in-house developed Learning Management System called ‘mijnLMS’. The SaaS platform provides an integrated learning portal for organizations to manage and automate training processes and offers central access to in-house and third-party learning resources. Customers include Baker Tilly, RSM Netherlands, Hanos, Gemeente Tilburg and Gemeente Arnhem.

The acquisition strategically positions BCS to leverage the expertise of Online Academie in meeting the learning & development demands both profit and non-profit clients. BCS’ recent expansion into Belgium and in the talent management segment, facilitated by the acquisition of epowerhr in November 2023, aligns seamlessly with Online Academie’s Learning Management System (LMS) solutions. This strategic product expansion enables BCS to offer end-to-end tracking and monitoring of employee development, creating strong cross-sell and upsell opportunities within the existing customer base. This acquisition reinforces BCS’ commitment to innovation, positioning the company as the comprehensive partner for HRM and payroll software needs. The addition of Online Academie’s expertise marks a pivotal step forward in delivering enhanced value to clients across various sectors.

Joep Eijkens, CEO of BCS, adds: “The acquisition fits well with BCS’ long-term strategy. Being able to offer a Learning Experience Platform is a great addition to our current range of HR solutions. It was a missing link within the employee journey. As talent management and employee learning & development is becoming one of the most important aspect within the employee journey, we are delighted that we can now fully support customers in offering these essential solutions to their employees.”

Charly Zwemstra, founder and CEO of Main Capital and Chairman of the Supervisory Board of BCS, concludes: “Since our strategic partnership with BCS in 2022 we have worked towards building a sustainable software group with a leading market position in the HR & payroll software market. The acquisition of Online Academie aligns seamlessly with BCS’ existing customer base and presents opportunities for cross-selling, both for the non-profit as well as the profit segments. We will continue to support BCS in its growth journey in gaining an even stronger foothold in the HR & payroll software industry.”

The acquisition of Online Academie aligns seamlessly with BCS’ existing customer base and presents opportunities for cross-selling, both for the non-profit as well as the profit segments.

– Charly Zwemstra, founder and CEO of Main Capital and Chairman of the Supervisory Board of BCS

About

Online Academie

Online Academie, based in Berlicum, was founded in 2009 by Wim Schuurmans. Its core product ‘mijnLMS’ was designed based on best practice training processes in close collaboration with the customers and the employee as main stakeholder. Distinctive training management, a virtual learning environment, certification monitoring, capturing POP modules and microlearnings, and role-based learning are just a few solutions within the software suite.

BCS HR Software

BCS offers SMEs, corporate and non-profit organizations an integrated total HR  & Payroll software solution. BCS has over forty years of experience in providing software in the areas of payroll, time registration, workflow management, personnel planning, file management and flexible benefits, among others. Since 1978, BCS has grown into one of the largest and leading payroll processors in the Netherlands and has more than 230 employees.

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Level Access Agrees to Acquire UserWay

JMI Equity

UserWay’s AI-powered accessibility technologies to enhance Level Access’s suite of leading digital accessibility solutions

ARLINGTON, Va.–(BUSINESS WIRE)–Level Access, a leading provider of digital accessibility solutions, and UserWay (TASE: UWAY), a pioneer in accessibility AI technologies, today announced the signing of a definitive agreement for Level Access to acquire UserWay. Together, Level Access and UserWay will create advanced digital accessibility solutions to help more organizations to start, and accelerate, sustainable digital accessibility programs.

UserWay’s AI-powered software automates the identification and optimization of code to improve digital accessibility for websites, apps, and digital documents. Millions of websites globally trust UserWay’s technology to help improve usability for people with disabilities. The addition of UserWay’s complementary technology and team will enhance Level Access’s full-service digital accessibility solutions, including its market-leading digital accessibility platform, and extend the reach of its deep subject matter expertise to organizations of all sizes.

“Allon and the UserWay team have developed incredible automated remediation technologies that enable organizations to move faster in their digital accessibility programs,” said Tim Springer, CEO and Founder of Level Access. “This combination, with our full-service digital accessibility platform, will enable us to bring powerful new tools to our customers and positions us with a robust solution set for organizations of any size and maturity.”

“We’ve long admired the Level Access team and their integration of technology, service, and subject matter expertise,” said Allon Mason, CEO and Founder of UserWay. “This transaction delivers compelling value to our shareholders and provides our team with a great opportunity to bring our technology to a broader market. We are unified by a shared mission to make the world more accessible, and we believe this partnership will increase and accelerate what we are able to accomplish.”

As part of Level Access, UserWay will continue to operate under its existing name and brand. Allon Mason will continue to lead UserWay as CEO and will become President of Level Access. The transaction is expected to close in early 2024, subject to approval by UserWay’s shareholders and receipt of customary regulatory approvals. Additional information for UserWay shareholders can be found on the Tel Aviv Stock Exchange (TASE)’s ‘MAYA’ Website.

Level Access’s existing investors JMI Equity and funds managed by KKR continue to support the growth of the company.

Nfluence Partners acted as financial advisor and Sullivan & Worcester as legal counsel to UserWay. Latham & Watkins LLP and Herzog, Fox & Neeman served as legal counsel to Level Access.

About Level Access

Level Access has an unparalleled history in helping customers achieve and maintain compliance with the full scope of accessible technology regulations and standards including the ADA, WCAG, CVAA, AODA, EU directives on digital accessibility, and Section 508. Delivered through a comprehensive suite of software, expert services, and training, the company’s solution ensures customers’ websites, desktop and mobile applications, embedded software, gaming software, digital products, and electronic documents are accessible to everyone. To learn more, visit levelaccess.com.

About UserWay

UserWay is a full-service provider of digital accessibility software solutions. UserWay is trusted by millions of websites globally to increase usability for people with disabilities. The company’s Al-powered technologies help websites, apps, and digital documents more readily achieve compliance with accessibility regulations, such as the ADA, Section 508, AODA and EAA, and internationally recognized standards such as WCAG 2.2, and EN 301 549. Learn more at UserWay.org.

Contacts

Level Access
Nicole McTheny
Senior Director, Content and Communications
nicole.mctheny@levelaccess.com
(602) 339-1569

UserWay
Sophia Tupolev-Luz
VP Communications
sophia@userway.org
UserWay.org

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IRIS Software Group secures major US investment from Leonard Green & Partners

HG Capital

IRIS Software Group secures major US investment from Leonard Green & Partners

Co-controlling investment will support IRIS as it scales as a global leader in accountancy, payroll, HR and education mission-critical software and services.

  • New US-based investment will support IRIS as the business continues to scale in North America, executing its long-term strategy with strong executive leadership and an exceptional track record.

  • Leonard Green & Partners, L.P. (LGP) to take a co-controlling stake alongside Hg, who is re-investing in the business, acknowledging Hg’s strong 20-year relationship and experience working with the IRIS team.

  • ICG shares LGP’s and Hg’s belief in IRIS’s upside potential in North America and will remain as a minority investor in the business through a new investment.

  • Investment represents one of Europe’s largest software buyouts for 2023, valuing IRIS at an Enterprise Value (EV) of around £3.15bn.

Los Angeles, CA, US and London, UK. 23 December 2023. IRIS Software Group (IRIS), a leading global provider of mission-critical software and services in accountancy, payroll, HR and education, today announces it has secured a co-controlling investment from LGP, a Los Angeles-based private equity firm, in a transaction valuing the business at an EV of around £3.15bn.

LGP will take a co-controlling stake in the business, supporting IRIS’s US expansion ambitions with its local presence and network. Hg, a leading investor in European and transatlantic software and services businesses, will retain a co-controlling stake in IRIS in acknowledgement of Hg’s transatlantic capabilities and strong 20-year relationship and experience working with the IRIS team. As part of the transaction, ICG will remain as a minority investor in the business.

With 80% of customers remaining with IRIS for five years or more, the business has firmly established itself as a trusted leader with a strong reputation. This has contributed to significant growth over the last five years, both organically and through acquisitions, enriching and improving its customer offering, whilst delivering revenue and EBITDA growth rates of 20% CAGR. Today IRIS has a rapidly growing presence in North America – which now accounts for over 25% of group revenues.

 “To secure backing from a leading US investor in LGP, alongside the continued support of Hg and ICG, underscores IRIS’s enduring success over many decades. Our unparalleled product portfolios combined with excellent customer service have resulted in IRIS being a leader in our sectors. We have also expanded our country presence with a notable focus on the US, so LGP’s local expertise will be instrumental in our acceleration to a world-class transatlantic business.”

Elona Mortimer-Zhika, CEO of IRIS

Starting 45 years ago with accountancy software, IRIS has evolved to be relied on by more than 100,000 customers. Today, the business handles $18 billion of payroll payments annually in the US and Canada, and processes six million pay slips worldwide each month. One in six of the UK’s workforce is paid by IRIS payroll offerings, and more than 850,000 UK employees are managed by IRIS HR solutions.”

IRIS has a broad UK education software suite with more than 12,000 UK schools and academies using its solutions. More than 4 million parents and guardians benefit from IRIS’ parent engagement apps to connect with their child’s school, with 300 million messages delivered annually between schools and parents.

“We are incredibly excited to partner with IRIS, whose leadership, value-based culture and reputation for excellence align with the key characteristics we look for in the companies we invest in. We very much look forward to working with Elona and the rest of the management team, as well as Hg and ICG, to accelerate the next phase of IRIS’ growth.

Usama Cortas, Partner at LGP

IRIS was Hg’s inaugural investment into the Tax & Accounting software sector in 2004. Hg has been an investor in the business ever since, during which time the firm has invested around $10 billion in the wider tax and accounting software segment across Europe and North America. 

“IRIS and Hg have a long history, evolving together over the past 20 years. We’re delighted to now partner alongside LGP to accelerate IRIS’ US ambitions. Now, more than ever, we recognise Elona and her team as leading a high-quality software and services business, digitising a sector still in the early stages of its software adoption, with tremendous opportunity still ahead.”

Nic Humphries, Senior Partner, Hg.

Closing is subject to customary regulatory clearances.

Arma Partners and Rothschild & Co acted as corporate finance advisors to Hg. Jefferies International and William Blair acted as financial advisors to LGP. Legal advisors included Skadden and Linklaters for Hg; Latham & Watkins for LGP and Ropes & Gray for ICG.

Contacts

IRIS: UK and US: Sara Lewis | sara.lewis@iris.co.uk

Hg: UK: Tom Eckersley | tom.eckersley@hgcapital.com |

LGP: communications@leonardgreen.com

About IRIS Software Group

IRIS Software Group is a global provider of mission critical software and services, and one of the UK’s largest privately held software companies. IRIS provides software solutions and services for finance, HR and payroll teams, educational organisations, and accountancy firms that takes the pain out of processes and lets professionals focus on the work they love. Through simplifying, automating and providing insights on everyday mission critical tasks for organisations of all shapes and sizes, IRIS ensures customers can look forward with certainty and confidence.

One in six of the UK’s workforce is paid by IRIS payroll offerings, and globally, six million employees receive their payslip via IRIS software every month. IRIS handles $18 billion of payroll payments annually in US and Canada. Over 12,000 UK schools and academies use IRIS, with four million parents and guardians using IRIS apps to connect with their children’s school; 300 million messages are delivered between schools and parents each year, and over £15 million transactional payments are processed every month. IRIS is certified as a Great Place to Work® in UK, Ireland, India, Canada and USA and recognised as one of The Times Top 50 Employers for Gender Equality in 2023. IRIS is also recognised as one of the Best Workplaces for Wellbeing, one of the Best Workplaces in Tech and one of the Best Workplaces for Women.

To see how IRIS helps organisations get things right first time, every time, visit www.iris.co.ukwww.irisglobal.com or follow IRIS Software Group on LinkedIn, Twitter and Instagram.

About LGPLGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution and industrials. For more information, please visit www.leonardgreen.com.

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.

This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and $65bn in funds under management support a portfolio of more than 50 businesses, worth over $135 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. Additional information is available at www.hgcapital.com.

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $81bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedInX (Twitter) and Instagram. Past performance is no guarantee of future results.

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Blackstone Signs Definitive Agreement to Acquire Sony Payment Services, Broadening its Japan Private Equity Portfolio

Blackstone

TOKYO – December 22, 2023 – Blackstone (NYSE: BX) today announced that Private Equity funds managed by Blackstone have entered into a definitive agreement to acquire a majority stake in Sony Payment Services Inc. (SPSV), one of Japan’s leading payment service providers, from Sony Bank, a wholly-owned subsidiary of Sony Group. Sony Bank will roll over a certain portion of its equity and will continue to support the growth of SPSV as a minority investor. This marks Blackstone’s first investment in the financial technology sector in Japan.

Sony Group established its payment service business in 1995, which became a standalone company in 2006. Today, SPSV is one of the top payment service providers in Japan, offering high-speed and secure infrastructure for customers and businesses to process online payments.

Steve Schwarzman, Chairman, Chief Executive Officer & Co-Founder, Blackstone, said: “Sony has been a longstanding partner to Blackstone. Our partnership goes all the way back to Blackstone’s founding nearly four decades ago – we started out as a boutique M&A firm, and Sony was one of our earliest clients. We are proud to once again partner with a leading corporation in Japan and deepen our presence in the country, a key market for Blackstone where we’ve cultivated valuable relationships based on trust and shared success.”

Atsuhiko Sakamoto, Head of Private Equity, Blackstone Japan, said: “We are thrilled to invest in SPSV, one of Japan’s leading payment services providers and a well-established financial technology company, and expand our Japan Private Equity portfolio in “good neighborhoods” – sectors with strong secular growth. Digitization of the economy is a key trend around the world including Japan, and SPSV is exceptionally positioned to benefit with its sophisticated technology and robust customer base. We’re committed to bringing our operational and technology expertise and scale to support SPSV’s growth.”

Kenichiro Yoshida, Chairman and CEO, Sony Group, said: “For the past 30 years, SPSV has led Japan’s cashless evolution, making payments safe and secure for customers. We believe Blackstone, a long-standing partner of Sony Group, can help continue the legacy that SPSV has formed and support its next phase of growth.”

Keiji Minami, President & Chief Executive Officer, Representative Director, Sony Bank, said: “SPSV has seen steady growth and gained the trust of customers by providing high-quality service. With the accelerated shift towards cashless payments and increasing diversification in payment types, it’s more important than ever to adapt to new trends with greater speed. We believe that Blackstone is the best partner, bringing a global perspective and its expertise and network in the payment business.”

Hidehiko Nakamura, President & Chief Executive Officer, Representative Director, Sony Payment Services, said: “SPSV has solidified a healthy market position and earned the trust of customers as a high-quality payment service provider. We believe this partnership with Blackstone will boost SPSV’s capabilities through investments in IT and talent to help accelerate its growth journey, particularly at an exciting time of growth for the electronic payment industry in Japan.”

Japan is the fourth largest electronic card payment market in the world with a market penetration of 9.1%, representing significant room for growth. SPSV is supported by Japan’s JPY 22.7 trillion e-commerce market and the rapid uptake of cashless payments around the world.

Blackstone’s Private Equity investments in Japan include the acquisition of Alinamin Pharmaceutical (formerly Takeda Consumer Healthcare) in the largest healthcare transaction in the market ever and AYUMI Pharmaceutical.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Media Contact
Ellen Bogard
+852 3651 7737
Ellen.Bogard@Blackstone.com

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