Accountor And Vitruvian Announce KKR Investment To Support Next Chapter Of Growth

KKR

Finland, 19 July 2024: Accountor Software, a leading provider of mission critical business software in Finland and Sweden, and selling majority shareholder Vitruvian Partners, today announced that KKR, a leading global investment firm, has agreed to acquire a majority stake in Accountor. Financial terms of the transaction, which is subject to customary closing conditions, were not disclosed. Vitruvian Partners have retained an option to re-invest into Accountor.

Accountor Software provides cloud financial management and human capital software to over 130,000 customers in the Nordics. Customers of Accountor use its solutions in a wide range of use cases including automating accounting workflows, processing invoices, keeping a record of employee data and digitizing payroll. Accountor serves its customers directly as well as via a leading network of accounting offices and partners. It has a track record of strong performance with 10 years of uninterrupted growth at 19% CAGR and revenues of €132m for the year to May 2024.

Under Vitruvian ownership, Accountor has undergone a programme of long-term growth investment and strategic product portfolio evolution, which recently reached a conclusion with the sale of Accountor’s outsourcing business to Aspia. As a result, Accountor now holds a unique position as the leading pure-play business software champion in Finland and Sweden, with ample growth opportunities across the Nordic region and beyond. Going forward, Accountor will leverage KKR’s expertise in scaling high-growth software companies to enhance its value proposition for customers in Finland and expand internationally. KKR will also work with the company to implement a broad-based employee ownership program to help further motivate and engage the Accountor team to accelerate its growth.

Mikko Soirola, CEO of Accountor Software, commented: “We are delighted to welcome KKR as our new strategic partner. KKR is one of oldest, largest and most successful global investment firms and its investment in Accountor is a testament to our track record of achieving profitable growth through delivering world class and mission critical solutions to our customers. We are grateful for the active and invaluable support we have received from Vitruvian over the last couple of years in accelerating our growth journey to become one of the leading financial and HR management software businesses in the Nordics. We look forward to continuing our journey with KKR’s support”.

 

Jussi Wuoristo, Partner at Vitruvian Partners, added: “We are very pleased with the exceptionally strong development that the Accountor management and employees have achieved over the years. Since our investment, Accountor has multiplied in size and become a leading software business through a combination of organic growth and strategic acquisitions as well as select divestments. Accountor’s growth over the past years has been truly remarkable and we look forward to following their continued success.”

 

Hans Arstad, Managing Director and Head of Private Equity in the Nordics, said: “We are excited to back Accountor Software on their continued growth journey. We have been impressed with the company’s strong standing in the Finnish market, and see significant potential to expand that across the Nordics and beyond. We look forward to supporting the company going forward.”

KKR brings significant expertise in scaling SaaS businesses and European software providers focused on SMEs, with a strong track record of working with management teams to deliver growth. KKR’s investment in Accountor builds on a track record of supporting category leading European software companies including Cegid, Contabo, Darktrace, Exact, Körber Supply Chain Software, and Visma.

KKR has been investing in the Nordics since 2007 and opened an office in Stockholm in 2021. KKR has deployed over €6bn of equity into businesses with more than €30bn combined Enterprise Value, including leading Nordics businesses such as Söderberg & Partners, Sector Alarm and Visma, supporting their wider expansion in the region and internationally. KKR is making the investment in Accountor through its European Fund VI.

 

About Accountor

Accountor specialises in cloud financial management and human capital software. Our mission is to help our customers use the possibilities of modern technology and digitalization in their everyday work. Accountor is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. The group’s headquarters is in Espoo, Finland.

About Vitruvian Partners

Vitruvian is a leading international investment firm with nine offices in Europe, the USA and Asia. Vitruvian focuses on dynamic situations characterized by rapid growth and change across industries. Vitruvian has backed over 80 companies and has assets under management of over €15 billion. Notable investments include global market leaders and innovators in their field such as Just Eat, EasyPark, CRF Health, Farfetch, Darktrace, Trustpilot, Marqeta, TransferWise, Skyscanner and others. Vitruvian has a strong presence in the Nordics with a Stockholm office established in 2011 and a track record of fifteen investments across the region, including Accountor, Benify, CRF Health, Easypark, Just Eat and Trustpilot. For more information, visit www.vitruvianpartners.com.

 

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

Accountor

Katarina Ylikorkala
katarina.ylikorkala@finago.com
+358503870635

 

 

Vitruvian Partners

Siobhan Loftus

siobhan.loftus@vitruvianpartners.com

 

KKR

Alastair Elwen / Jack Shelley

FGS Global

+44 20 7251 3801

KKR-LON@fgsglobal.com

 

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Omnissa Is Now An Independent Software Company And Digital Workspace Leader With The Closing Of Acquisition By KKR

KKR

With best-in-class technology, global reach and growth investment from KKR, Omnissa is positioned to deliver on its autonomous workspace vision

 

PALO ALTO, Calif.–(BUSINESS WIRE)–Today, Omnissa officially launches as an independent software company and digital work platform leader, with $1.5 billion in annual recurring revenue and 26,000 customers around the world. The announcement follows the completion of the previously-announced acquisition of Omnissa by global investment firm KKR, for approximately $4 billion from Broadcom Inc.

The company will continue under its existing management team led by CEO Shankar Iyer and overseeing 4,000 employees dedicated to technology, partner and customer leadership. As an independent business with a supportive investor in KKR, Omnissa will expand its industry leading platform with new investments in AI, open APIs and simplified product and pricing strategies to create the industry’s first autonomous workspace experience.

“Hybrid work forever changed the concept of the workspace,” said Shankar Iyer, Omnissa CEO. “For organizations fighting to attract talent that means a seamless digital work experience built on flexibility and choice, that moves with the employee. It also means automated provisioning and security given that two-thirds of IT departments suffer persistent talent shortages. Omnissa is how organizations meet that need.”

“Omnissa is a customer-centric technology and innovation leader with a talented team and a compelling opportunity to define and lead the $26 billion digital workspace market,” said Bradley Brown, Managing Director at KKR. “The closing of our investment concludes a two-year journey and marks the start of an exciting new chapter. As a standalone company, Omnissa is positioned to focus exclusively on its vision for the future of digital workspace experiences and achieving long-term growth by delivering next-generation work environments for its loyal customers and partners.”

As an independent software company, Omnissa will combine its industry-leading products across Unified Endpoint Management, Virtual Apps and Desktops, Digital Employee Experience and Security & Compliance into an AI-driven platform that automates the provisioning and securing of employee devices and applications, while providing the intelligence to roll out new services and use cases for employees and for management.

Omnissa’s leadership team, including CEO Shankar Iyer, SVP of Products Bharath Rangarajan and SVP of Marketing Renu Upadhyay, will address customers and partners at the upcoming Omnissa Live event being hosted on July 23 to provide more details on Omnissa’s strategy to redefine the future of work.

The transaction will also include local closings in certain jurisdictions, which are expected to occur during the balance of 2024.

About Omnissa

Omnissa is the leading digital work platform company, empowering the world’s dynamic workforces to do their best work from anywhere. The company’s AI-driven workspace platform helps organizations and their people unlock exponential business value with industry-leading solutions that include Unified Endpoint Management, Virtual Apps and Desktops, Digital Employee Experience and Security & Compliance. Trusted by 26,000 customers worldwide, Omnissa has a 20-year track record in defining digital workspaces. Omnissa, formerly a VMware business, is a privately-held company with 4,000 employees around the globe. For more information, visit www.omnissa.com.

Contacts

Media
Press@Omnissa.com

 

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EQT to acquire majority position to support the growth of CluePoints, a leading provider of AI-powered software solutions used for data interrogation and analytics in clinical trials

eqt
  • CluePoints is a cloud-based software platform for Risk-Based Quality Management (“RBQM”) and data quality oversight in clinical trials, designed to enable safer and more efficient processes and improving data integrity and risk compliance
  • As scientific breakthroughs and advancements in technology and data are accelerating healthcare innovation, the markets for RBQM and data interrogation & analytics software are expected to experience strong growth
  • In this highly thematic investment at the intersection of pharma, software and AI, EQT will apply its expertise investing in healthcare and throughout the tech value-chain to help CluePoints cement its leading global position
  • Summit Partners, an investor in CluePoints since 2020, and Clinimetrics SA, a co-founder of CluePoints, will retain minority stakes with participation in this funding round

EQT is pleased to announce that the EQT Healthcare Growth Strategy and the EQT Growth Fund have agreed to acquire a majority stake in CluePoints (the “Company”), with meaningful reinvestment from the management team and existing shareholders Summit Partners and Clinimetrics SA, which was also a co-founder of the Company.

Founded in 2012 and headquartered in Belgium, CluePoints is a premier software provider for RBQM and data quality oversight in clinical trials. Applying advanced statistics and machine learning, and harnessing over 10 years of clinical trials knowledge, CluePoints’ proprietary algorithms help drive positive outcomes for pharmaceutical and biotech companies, contract research organizations and other customers. The Company offers an end-to-end value proposition from initial risk identification to ongoing tracking and monitoring of issues and discrepancies throughout the drug development process. With more than 9,500 platform users, CluePoints has helped de-risk more than 1,600 studies and has detected over 142,000 issues for its customers, which include many of the top 20 largest pharma companies.

CluePoints received a growth investment from Summit Partners in 2020, and over the course of the last several years, the Company has generated significant growth, building a robust go-to-market function, launching new products and diversifying into new markets.

This new investment comes at a time when CluePoints is seeing accelerating growth, underpinned by increasing adoption of RBQM software across virtually all clinical trial phases. The industry is experiencing momentum due to growing research & development spend, increasing data complexity in clinical trials and a focus on patient safety and data quality driven partly by regulatory scrutiny.

Investing in CluePoints is aligned with the objectives of EQT Healthcare Growth to support companies with their mission to deliver positive healthcare outcomes, and of EQT Growth to invest in the next generation of technology leaders. EQT will apply its 30-year track record of investing in healthcare, experience of investing in software and AI, its in-house digital team and global network of Industrial Advisors to help CluePoints cement its leading global position in RBQM and data analytics for clinical trials.

Andy Cooper, CEO of CluePoints, said: “We are delighted that EQT has chosen to partner with CluePoints. EQT is a market-leading investor in both SaaS (Software as a Service) and medical research industries. This combination makes EQT an ideal partner for CluePoints which is a market leader for SaaS-based clinical data analytics. We are grateful for Summit’s active support over the last four years. Their depth of industry knowledge and operational resources have been instrumental in our growth trajectory. Both EQT and Summit share our passion for and commitment to leveraging innovative advanced statistics and machine learning solutions to eliminate manual, error-prone activities in the clinical trial process.”

Dr Mark Braganza, Partner in the EQT Healthcare Growth Advisory Team, commented: “We are excited to be partnering with CluePoints and its dynamic leadership team to help it scale and reach its full potential. The Company’s ambition is a perfect match with ours to help enable the development of medical research to deliver more effective, efficient and accessible healthcare.”

Kirk Lepke, Partner in the EQT Growth Advisory Team, said: “CluePoints is a prime example of how data, machine-learning and AI can be leveraged to improve real world outcomes – in this case pharmaceutical drug development. The entire EQT platform is behind this investment and ready to support the Company with its continued expansion in RBQM and into growing, adjacent markets.”

Thomas Tarnowski, a Managing Director at Summit Partners, said: “We’ve been proud to work alongside the entire CluePoints team during a period of meaningful growth and expansion, supporting the acceleration of product development efforts and entry into new markets.” Jono Pagden, a Principal at Summit, continued: “We are excited to continue our support of the Company and to partner with management and EQT during this next phase of growth.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q3 2024.

Contacts
EQT Press Office, press@eqtpartners.com
Summit Partners Press Office, mdevine@summitpartners.com
CluePoints Press Office, Jodie@discovery-pr.com

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Healthcare Growth will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT
EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. CluePoints is leveraging the potential of artificial intelligence using advanced statistics and machine learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.

More info: www.cluepoints.com

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm with capital dedicated to growth equity, fixed income, and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in healthcare, technology and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or Follow on LinkedIn.

Light secures $13M scale the first AI-powered general ledger for automating global company finances

Seedcamp

Legacy ERP (Enterprise Resource Planning) systems developed in the ‘80s and ‘90s fail to meet the expectations of today’s modern, global-first companies and are ripe for technological innovation. Software solutions focused on the general ledger — a company’s source of truth for financial transactions – are among the essentials in the CFO tech stack.

This is why we are excited to back Light, the first AI-powered general ledger for automating global company finances. Founded by Jonathan Sanders and Filip Kozjak, Light’s mission is to revolutionize ERP software for modern multinationals.

We partnered up with Light as part of their pre-seed and we’re really excited to see them come out of stealth and announce their seed round led by Atomico, in which we also participated.

The Copenhagen-based AI-driven platform unifies accounting, tax, payments, and reporting across entities, countries, and currencies, drastically reducing month-end closing times and enhancing accuracy. Companies can integrate Light with their CRM and HRM tools, their banks, and even their communication channels (e.g. Microsoft Teams and Slack).

Jonathan Sanders, Light’s co-founder and CEO emphasises:

 “Having both worked at and founded scaling companies, I am acutely familiar with how poor legacy accounting systems are, and how much that can impact your business. They’re expensive, very slow, and require too many add-ons to be useful on a standalone basis. With Light, our goal is to help companies understand their finances more accurately and quickly by integrating a ledger with a strong application layer, helping them achieve faster growth, stronger operations, and greater resilience.”

Light’s product has been developed in close collaboration with advisors who consist of former product leaders, chief architects and CXOs from Workday, SAP, Oracle and Microsoft Dynamics.

On why we partnered up with Light, our Partner Tom Wilson comments:

“Jonathan is a perfect founder to be building Light, he brings a huge amount of experience from his time working at Seedcamp Unicorn Pleo and founding VC-backed Juni. He fully appreciates the current market that Light is competing against and the scale of the opportunity to disrupt the legacy players. We love working with Jonathan and the Light team and look forward to seeing what they can achieve with this funding round which we’re delighted to follow-on in.”  

We are excited to participate in Light’s $13M financing round led by Atomico, alongside Entrée Capital, Cherry Ventures, and notable angels including Mario Götze.

For more information, visit light.inc.

FleetGO Group strengthens its position with the addition of Data2Track

Main Capital Partners

FleetGO Group, a leading provider of logistics software solutions, has acquired Dutch-based software provider Data2Track with the support of Main Capital Partners.

This marks the third strategic acquisition since Main Capital Partners’ initial investment, which resulted in the formation of the FleetGO Group. The integration of Data2Track will enhance FleetGO Group’s product suite and reinforce its technological leadership.

Data2Track, headquartered in Barneveld, Netherlands, has been a pioneer in integrated software solutions since 1995. Their cloud-based fleet management system, encompassing fleet analytics, time registration, and a Drivers App, is essential for optimizing logistical operations. Data2Track’s innovative, fully cloud-based mobile solutions offer a competitive edge in the market. They serve approximately 420 clients, predominantly in the Netherlands, including Verhoeven.eu, Schotpoort Logistics, and Koopman Logistics.

FleetGO Group offers a comprehensive suite of software solutions for transport management, warehousing, route optimization, telematics, and fleet management. With a robust presence in the DACH and Benelux regions, the addition of Data2Track’s cloud-based platform aligns with FleetGO’s strategy to deliver a holistic suite encompassing transport and order management, warehousing, asset management, route planning, telematics, tacho compliance, and fleet management. Notably, Data2Track’s Drivers App complements FleetGO’s offerings, enhancing service capabilities for both existing and new customers.

The combined product offering, shared expertise, broad geographical reach, and technological leadership position FleetGO Group to leverage the benefits of consolidation, economies of scale, technological integration, and growth.

Ronald van Tiel, CEO at FleetGO Group, says: “Data2Track is a perfect addition to FleetGO Group’s product range. The fleet management applications and the Drivers App fill a crucial gap, enabling us to offer a more comprehensive suite from a single provider. Our and Data2Track’s customers will benefit significantly from this enhanced offering.”

Rob Bouwer, Commercial Director at Data2Track, commented: “Joining forces with FleetGO allows Data2Track to advance to the next level. This integration combines two leading software providers, offering substantial potential and enabling us to maximize our capabilities within a larger group. The synergies created will provide significant added value to our customers.”

Sven van Berge, Head of DACH activities at Main Capital Partners, concludes: “The acquisition of Data2Track by FleetGO is a strategic and intelligent move. Data2Track’s solutions will expand FleetGO’s portfolio, closing critical gaps and adding experienced professionals who will strengthen FleetGO’s market position as a leading logistics software provider in Europe.”

The acquisition of Data2Track by FleetGO is a strategic and intelligent move.

– Sven van Berge Henegouwen, Head of DACH activities at Main Capital Partners

About

FleetGO Group

FleetGO Group is a pan-European logistics software company providing an extensive suite for warehouse, transportation, and fleet management. Founded in 2010, FleetGO quickly established a strong market presence with advanced telematics solutions. The company expanded significantly through a strategic combination with Wanko Informationslogistik in 2022. FleetGO’s cloud-based platform serves over 6,500 customers across Europe and is headquartered in Hattem, the Netherlands, with over 170 professionals dedicated to operational efficiency.

Data2Track

Data2Track is a software provider specializing in transport solutions, founded in 1995 and headquartered in Barneveld, the Netherlands. The company offers comprehensive track and trace systems, board computers, and innovative fleet management software. Data2Track is recognized for continuous innovation, including the development of a proprietary Drivers App, serving approximately 420 international customers across various industries.

Fenne Bijl

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Ardian launches an open version of Ardian AirCarbon platform to help airports reach net-zero

Ardian

Ardian AirCarbon is a software platform for airports to quickly and effectively quantify and act on aviation emissions
• This open version of Ardian AirCarbon provides access to average carbon emissions1 per country and fuel efficiency data for most commercial airports globally
• Ardian’s ambition is for Ardian AirCarbon to become a key platform for airports working to reach net-zero targets

Ardian, a world-leading private investment house, is launching a free, open version of Ardian AirCarbon, its proprietary emission quantification and reduction tool for the aviation industry. This is the first platform showing average daily carbon emissions per country and aircraft efficiency indicators for most commercial airports worldwide. The platform is available on www.air-carbon.com.

Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports and has always put the net zero target for the industry by 2050 at the heart of its strategy, as detailed in the study published in 2022 The Fight for a Net Zero Aviation.

As part of this strategy, Ardian AirCarbon has been developed since 2019 by Ardian’s Data Science and IT teams in close collaboration with our portfolio airport teams to support the Scope 3 emissions dynamic assessment at airports where the Infrastructure team is an investor. Scope 3 is estimated to represent more than 95% of an airport’s emissions as it covers all indirect emissions, such as those generated by an aircraft landing, take-off and taxiing, or airport ground vehicles. The platform uses granular, real-time operations data to quantify and project emissions2. This enables airport operators to effectively monitor and reduce their CO2 emissions. Following successful usage by the airports and inquiries from non Ardian owned airports to access the platform, it has been decided to provide Ardian AirCarbon more broadly. The platform is currently deployed in five airports across Europe (Keflavík, Milan Malpensa, Milan Linate, Naples and Turin) and covers a total of 59 million yearly passengers3.

This new open version of Ardian AirCarbon is open to everyone and aims at monitoring on a global scale the progress made on the decarbonization trajectories for the aviation industry. The platform will thus provide open access to the aggregated Scope 3 carbon emissions of airports within each country, alongside more in-depth aircraft efficiency indicators such as the proportion of high, medium and low fuel efficiency aircraft in the overall aircraft mix of an airport at any given date. It complies with recommended methodology from the Airport Carbon Accreditation (ACA), the global certification program for airport carbon management. More information on which emissions are displayed, which airports or flights are mapped, or how Ardian AirCarbon computes emissions can be found in our FAQ.

Airports who would like to go further can also subscribe to the Pro version to access a complete view of their Scope 3 emissions, based on their operations data and including additional Scope 3 items such as half-cruise and ground service equipment emissions.

Ardian AirCarbon has already been used by airports to reach important sustainability and net-zero reporting milestones. For example, in 2024, Milan’s SEA airports used Ardian AirCarbon to renew their ACA 4+ certification for the current year. This was the first time the platform had been used by an airport to report half-cruise flight emissions to the ACA.

The goal is for the platform to become a tool for the entire airport ecosystem and to support the aviation sector in achieving net-zero.

“Making Ardian AirCarbon open and available to all stakeholders is an important step in supporting the transition to a more sustainable industry. As a long-term investor and shareholder in airports, it is our duty to help secure the future of aviation for the next generations and to meet the goals of the Paris Agreement. We look forward to working with the entire aviation ecosystem to control emissions, because collectively we need to act now.” Mathias Burghardt, Executive Vice President and Head of Infrastructure, Ardian

“Ardian AirCarbon is an essential tool for airports seeking to reduce their carbon footprint and participate in the decarbonization of the industry. With this open version, we are proud to offer our expertise and help the industry achieve its ambitious net-zero goals by making it easier to access and track emissions data. We invite the whole aviation industry to use Ardian AirCarbon and join us in this essential mission.” Pauline Thomson, Head of Data Science and Managing Director Infrastructure, Ardian

1 The platform is accounting for other types of emissions than CO2 only, but all are expressed in carbon equivalent on Ardian AirCarbon

2 The open version the Ardian AirCarbon platform computes data from multiple sources (see details in our FAQ). In the Pro version Ardian AirCarbon platform, each airport may provide its own data to refine the emissions assessment.

3 Based on the number of passengers at each airport in 2023

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

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ARDIAN

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Main announces strategic exit of Optimizers to Orisha after successful partnership

Main Capital Partners

Main Capital Partners is pleased to announce the successful sale of Netherlands-based Optimizers to Orisha, a French business software provider for construction, real estate, retail/wholesale and healthcare backed by TA Associates. During its partnership with Main, Optimizers transformed its profile into a comprehensive European provider of e-commerce enablement software, offering valuable solutions to its international customer base to improve their e-commerce processes across the entire value chain.

Main Capital Partners made its strategic investment in Optimizers in 2019. Supported by Main, Optimizers substantially strengthened its product proposition into an extensive software suite in e-commerce and further solidified its international presence across North-Western Europe and the US, currently employing around 170 employees.

Under Main’s stewardship, Optimizers substantially expanded its addressable market, and grew its software business significantly, both organically as well as through three strategic (international) add-on acquisitions. As a result, recurring revenue grew sevenfold during this period. Optimizers is well positioned to further capitalize on these achievements in the coming years and is now supported by Orisha.

Stefan van Diggelen, CEO of Optimizers, comments on the combination with Orisha: “We look back at a fruitful cooperation with Main, during which we expanded our market position significantly and we were able to optimize our organizational efficiency as well, boosting the company’s overall performance. Looking ahead, we are excited to embark on this new chapter for Optimizers alongside Orisha. This partnership not only enhances our access to additional expertise and experience but it most importantly further strengthens our ability to provide our customers with a unified commerce experience, worldwide.”

“We are delighted to announce this major milestone for Orisha. The acquisition of Optimizers opens up exciting new prospects for the group. Thanks to this transaction, Orisha will become a major player in Omnichannel Unified Commerce in Europe, and will actively participate in the transformation of this sector. We look forward to finalizing this transaction with Main Capital, and to exploring the new growth opportunities it should bring us,” adds Jacques Ollivier, CEO of Orisha.

Ivo van Deudekom, Investment Director at Main Capital and Member of the Supervisory Board of Optimizers, concludes: “Through Main’s specialized investment strategy, we supported in transforming the business into a resilient business model by increasing the recurring revenue percentage of the business. With strong (international) autonomous growth, supplemented with three strategic add-on acquisitions followed by strong up- and cross sell execution, recurring revenues grew sevenfold as a result. We congratulate Optimizers on this successful sale to Orisha; we feel Orisha is a perfect new home for Optimizers to continue this impressive growth story.”

This is a proposed transaction and is subject to standard conditions precedent. The acquisition is expected to be finalized shortly. Financial details will not be disclosed.

We congratulate Optimizers on this successful sale to Orisha; we feel Orisha is a perfect new home for Optimizers to continue this impressive growth story.

– Ivo van Deudekom, Investment Director at Main Capital Partners

About

Optimizers

Optimizers, founded in 2006, is a comprehensive European provider of e-commerce enablement software, offering a versatile platform of solutions for B2B and B2C digital commerce excellence, under the three strong brands: Tweakwise, Core-suite and Vendre. Optimizers’ software suite enables its customers to improve their e-commerce processes across the entire value chain, including solutions for search & discovery, e-commerce platform- and sales portal-related solutions, software for sales representatives, warehouse management & EDI software solutions, and a driver application for transport & (home) delivery. The suite is delivered to a wide range of industries in more than 25 countries. With its headquarters in Nijkerk, The Netherlands, the company has offices in The Netherlands, Sweden (Stockholm) and the US (New York), with c. 170 employees and serves close to 1,500 customers world-wide.

Orisha

Founded in 2003, Orisha is a European software publisher dedicated to companies in the retail, real estate, healthcare and construction sectors. Since its creation, Orisha has been helping companies to succeed by offering them solutions tailored to their business needs and essential to their activity (cash collection, commercial and financial management, stock management, CRM, HR, E-Commerce). Each day, Orisha’s solutions facilitate millions of interactions and transactions in a hyper-connected world. Since 2021, Orisha has been backed by TA Associates, a global private equity player and leader in the technology sector. In 2023, Orisha achieved sales in excess of €200m. The group, which was born in France, employs 1,300 people in Europe and supports clients in over 50 countries.

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4impact capital invests in Coolgradient AI data center optimisation software

4Impact

Impact venture capital fund 4impact capital invests in AI software startup Coolgradient. The Amsterdam-based startup, founded by Jasper de Vries and René Gompel in 2023, has built the most comprehensive software solution to optimize complex cooling and power infrastructure operations in data centers.

Coolgradient makes data centers intelligent by converting existing data into actionable recommendations and improved visibility, delivering increased reliability and improved sustainability by reducing data center infrastructure energy by up to 40%. Coolgradient achieves these superior results by capturing interdependencies between all operational assets from the mechanical and electrical infrastructure in data centers rather than focusing on isolated assets. This holistic view makes Coolgradient the solution of choice for globally leading clients such as Digital Realty.

Data centers were responsible for 2% of global electricity consumption in 2022, which is expected to increase. By 2030, they are expected to use an average of 3.2% of global electricity consumption, with some countries’ estimations being as high as 6% (US) or even 32% (Ireland) by 2026. As their numbers grow, their CO2 emissions and water consumption also continue to rise. However, due to the vast amounts of variables involved in data center operations and the shifting data and energy demands, data center operators currently have limited ability to find the optimal energy and water settings at any given time.

4impact capital now joins Coolgradient as a software-specialized investor to support the experienced team in scaling its business internationally. The team around Jasper de Vries and René Gompel have decades of experience in data-driven optimisations for industrial applications. Through their existing work with large clients, they have built and optimized best-in-class AI models that can work universally.

As the data center market is expected to boom over the next decades, Coolgradient is set to become a vital cog in the global computing space.

Victor Straatman, Partner of 4impact says “The unrivaled expertise of Jasper, Rene, and their team of people in Amsterdam and across the world make them the obvious choice for many of the world’s leading data center operators. The need for and benefit of their product is crystal clear. As they become a key component of operating this critical infrastructure globally, we are proud to play a part in Coolgradient’s journey of reducing 1% of all global energy used for data center cooling while delivering meaningful cost and resource savings to customers.

Jasper de Vries, Co-Founder and CPO of Coolgradient, adds, “We are thrilled to have 4impact join our mission for a more sustainable digital infrastructure. They share our passion, and this investment reflects their commitment to seizing the momentum for our product. This will enable further global expansion and increase the impact we create for our customers.

About Coolgradient 

Coolgradient, founded by Jasper de Vries and René Gompel in 2023, aims to reduce 1% of global energy consumed by cooling data centers. Their innovative solution converts every data center into an intelligent facility, covering all infrastructure from roof-to-room. The platform merges existing data with distinct AI models to simplify and optimize increasingly complex data center operations. With their approach, they have achieved remarkable results, such as up to 40% in energy and water savings, increased reliability and resilience, compliance with sustainability regulations, and improved employee productivity.

Contact: Rene Gompel, rene.gompel@coolgradient.com

About 4Impact 

4impact capital is a prominent early-stage impact investor in European digital startups. 4impact capital supports passionate founders dedicated to advancing sustainability and creating measurable change, aligned with the Sustainable Development Goals (SDGs), particularly in the areas of Planet and People. Currently, 4impact capital is investing from its second fund, which they anticipate to close later this year. 4impact plans to invest in around 25 companies that capitalize on the massive opportunity at the intersection of digitization and sustainability in Europe, focusing on the Benelux, DACH, and Nordics regions.

Contact: connect@4impact.vc

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Stirling Square, TA Associates, and Macquarie Capital Complete Acquisition of Byggfakta

Stirling Square

Stockholm, 8 May 2024 – A consortium consisting of Stirling Square, TA Associates (“TA”), and Macquarie Capital has completed the acquisition of Byggfakta, a leading information and software provider within the construction industry. The acquisition follows a public offer to the shareholders of Byggfakta, unanimously recommended by the Independent Bid Committee of Byggfakta’s Board of Directors.

Byggfakta is a leading provider of data, insights, and software solutions for the global construction industry, serving over 50,000 customers. The company, headquartered in Ljusdal, Sweden, was founded in 1936 and has more than 2,000 employees spanning more than 20 countries. Byggfakta’s core operations encompass five areas: Project Information, Specification, Market Intelligence, Product Information, and E-tendering.

Stirling Square has been the largest shareholder in Byggfakta since 2017, with its relationship to senior management dating back to 2014. TA acquired a significant minority stake in Byggfakta in September 2020, joining Stirling Square. Since their initial investments, Stirling Square and TA have enabled value creation by supporting Byggfakta’s efforts to improve its commercial and operational capabilities, and in executing on its acquisition strategy to broaden the company’s service offering and expand internationally. Stirling Square and TA have now formed a partnership with Macquarie Capital, to support Byggfakta’s future journey.

Stirling Square, TA, and Macquarie Capital see great opportunities for Byggfakta to become a global champion within the construction technology industry with a central role in the ongoing development of the sector. By facilitating operational and financial resources and leveraging the consortium’s combined track record from similar growth stories, Byggfakta will be positioned to accelerate delivery of continued organic growth and strategic M&A.

Ben Hopper, Managing Director, Stirling Square,commented:

“The return to a private markets environment is an important moment for Byggfakta as we continue supporting the company to achieve its ambition to become a global leader in data and software solutions for the construction industry. We believe this transition from the public markets will enable the company to accelerate its long-term growth potential through further international M&A supported by long-term shareholders providing additional capital and deep domain expertise. We are delighted to be working alongside Dario and the talented team at Byggfakta together with our longstanding partner TA and to welcome an investor we have long admired in Macquarie Capital.”

Naveen Wadhera, Managing Director, TA, comments:

“Since partnering with Byggfakta in 2020, we have witnessed significant progress and are optimistic about the substantial opportunities that lie ahead with the acceleration of the company’s M&A strategy. We look forward to working with the Byggfakta team, Stirling Square and Macquarie in the execution of our new joint strategy.”

Adam Joseph, Head of Private Equity for Macquarie Capital Principal Finance Europe, comments:

“We have been following the development of Byggfakta for some time and are impressed with its achievements to date that have positioned the company as a leader within the construction software and data industry. We are looking forward to joining forces with Stirling Square and TA in supporting Byggfakta’s continued growth journey.”

Dario Aganovic, CEO, Byggfakta:

“Over the years, Byggfakta has successfully established unique database content, market leading software, and strong customer engagement. Looking ahead, we have a clear strategy to become an even stronger global player and a world-leading company in our industry. I am excited to deepen our partnership with Stirling Square and TA and to join forces with Macquarie Capital in the years to come,enabling an acceleration of our strategy.”

On 6 May 2024, the offer was closed with Stirling Square, TA, and Macquarie Capital, through Giant BidCo, controlling 99.8 per cent of the shares in Byggfakta.

About Byggfakta

Byggfakta Group is a global data and software company with roots stretching back to 1936, more than 2,000 employees and operations in 26 countries. The Company offers services that connect the construction sector, thereby increasing total growth and promoting better construction. Its unique data, insights and software solutions help customers to maximise sales, increase efficiency and build more sustainably. The core operations encompass five areas: Project Information, Specification, Market Intelligence, Product Information, and E-tendering. Byggfakta mainly generates subscription revenue, which currently exceeds SEK 2 billion annually. Byggfakta’s goal is to grow organically by 10% per year and to grow an additional 5–15 percent per year through acquisitions. Byggfakta Group has been listed on Nasdaq Stockholm since 2021.

About Stirling Square

Stirling Square is a private limited liability company (société à responsabilité limitée) governed by the laws of the Grand Duchy of Luxembourg, having its registered office at 8, rue Lou Hemmer, L-1748 Senningerberg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B 259546.

Stirling Square is a leading pan-European mid-market private equity firm based in London. Stirling Square has extensive experience investing in the Nordics. Its current portfolio includes Infobric, Assist24, Logent and SAR. Founded in 2002, Stirling Square is a partner to leading European mid-market businesses, with over 20-year track record of investing with conviction in market-leading platforms in the EUR 100 million to EUR 500 million enterprise value range. Since inception, Stirling Square has invested in 30+ platform companies and 100+ add-on acquisitions globally, helping to create regional and global champions. The firm has raised four funds and manages over EUR 3 billion on behalf of a global and diverse investor base. The investment team consists of more than 20 investment professionals, who have in aggregate committed 16 per cent of the total capital of the fourth fund ensuring full alignment with the success of its portfolio companies and their management teams. Stirling Square has been the largest shareholder in Byggfakta since 2017, with its relationship to senior management dating back to 2014.

About TA Associates

TA is a private limited liability company (société à responsabilité limitée) governed by the laws of the Grand Duchy of Luxembourg, having its registered office at 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B 259878.

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. TA acquired a significant minority stake in Byggfakta in September 2020, alongside existing investor Stirling Square.

About Macquarie Capital

Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. It encompasses corporate advisory, a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s balance sheet. Macquarie Capital has deep sector expertise in the aerospace, defense and government services, consumer, gaming and leisure, critical minerals, energy, financial institutions, healthcare, industrials, infrastructure, services, software, technology, telecommunications and media sectors.

Macquarie Capital Principal Finance, the financing and principal investing arm of Macquarie Capital makes investments from Macquarie’s balance sheet, provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe and Australasia.

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Blackstone Completes Acquisition of Civica

Blackstone

LONDON, UK – May 2, 2024 – Blackstone (NYSE:BX), the world’s largest alternative asset manager, announced today that private equity funds managed by affiliates of Blackstone (“Blackstone”) have completed its acquisition of Civica, a global leader in public sector software solutions, from Partners Group, a leading global private markets firm, acting on behalf of its clients. Financial terms of the transaction were not disclosed.

The transaction was previously announced on November 22, 2023, and has fulfilled all regulatory approvals. Civica was founded in 2001 and has since grown into one of the UK’s largest software companies and a global leader in software for the public sector, providing mission-critical automating and streamlining technology services to over 6,000 customers around the world.

Jonathan Murphy, Senior Managing Director, and Miguel García Gómez, Principal at Blackstone, said: “Civica has established itself as a leader in the ‘GovTech’ space, helping public bodies globally embrace technology and improve their services. We’re thrilled to partner with Lee and the management team and support Civica’s continued growth and global expansion.”

Lee Perkins, Chief Executive Officer at Civica, said: “With digitalization transforming the expectation of public services around the world, Civica creates the software that helps public servants deliver for citizens every day. Blackstone has a long track record of investing in technology and in the UK, and we look forward to partnering with them as we build on two decades of growth and innovation.”

Blackstone was advised by Barclays as lead financial advisor, Shea & Company and DC Advisory as secondary financial advisors, and Simpson Thacher & Bartlett and Kirkland & Ellis as legal advisors. Partners Group was advised by Clifford Chance and Arma Partners. Arma Partners acted as exclusive financial advisor to Civica and Management was advised by Travers Smith and Wyvern Partners.

About Blackstone  
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram

About Civica Group 
We’re Civica and we make software that helps deliver critical services for citizens all around the world. From local government to central government, to education, to health and care, over 5,000 public bodies across the globe use our software to help provide critical services to over 100 million citizens. Our aspiration is to be a GovTech champion everywhere we work around the globe, supporting the needs of citizens and those that serve them every day. www.civica.com

Media Contacts

Civica
Amanda Newman
press@civica.co.uk

Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

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