Visma attracts new Nordic and international investors as part of a strategic expansion of the shareholder base, valuing the business at €16 billion

HG Capital

Leading institutional investors Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind, and GIC to invest in Visma.

Oslo, Norway. September 10th, 2021.

Visma, a leading provider of business-critical software to private and public companies in Europe, today announces that it has expanded its shareholder base through a secondary sale to leading institutional investors: Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind, and GIC, valuing Visma at €16 billion (~NOK 165 billion). The new investors will support Visma’s further success and expansion in Europe.

Following completion of the transaction, Hg, a leading global investor in software and services, will continue to own a majority stake in Visma, alongside a group of co-investors comprising GIC, ICG, CPP Investments, General Atlantic, TPG, Warburg Pincus, Visma management, and the new investors.

Visma’s core strategy will remain unchanged, providing high-quality products and services, best-in-class customer care, and innovation within cloud services to achieve business efficiency – these will remain top priorities. This strategy has so far taken the company from an initial Nordic focus, to becoming one of Europe’s most business-critical software providers for the private and public sectors. Visma has achieved uninterrupted, year-on-year revenue growth for 20 years, by focusing on building world-class cloud solutions that help customers improve efficiency and competitiveness.

“It is thanks to Visma’s dedicated and talented employees, with their entrepreneurial mindset and local expertise, that we have achieved our position in Europe today. Visma has also long benefited from a supportive and knowledgeable investor base, which has been incredibly valuable to the growth of the business”.

“We warmly welcome the new investors as we continue to develop our world-class cloud technology. The future looks bright for the growth of digital services, as businesses increasingly see the value of cloud solutions to handle their most important business processes. Visma is uniquely positioned to foster this growth thanks to our wonderful employees, international presence and network, and ever-growing support from world-class investors.”

Merete Hverven, CEO, Visma

ABG Sundal Collier and Goldman Sachs International acted as joint placement agents in the transaction, with Ropes & Gray, Skadden and Wiersholm acting as legal advisers.

About Visma
Visma is a leading provider of mission-critical business software for a more efficient and resilient society. By simplifying and automating the work of companies and organisations of all sizes, we improve people’s everyday lives. With 13,600 employees, 1,100,000 private and public sector customers across the Nordics, Benelux, Central and Eastern Europe and Latin America, and net revenue of €1,741 million in 2020, we are committed to making tomorrow better than today. Visit us at visma.com.

About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 50,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

About Aeternum Capital 
Aeternum is an alternative investment manager with a strategy to invest in public and private companies across the Nordic region. The main focus of the investment strategy is to apply an active ownership model to drive sustainable value creation in quality companies in the Nordics. Aeternum Capital AS is independently managed by Aeternum Management AS. Visit www.aeternumcapital.no for more information.

About GIC
GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, we take a long-term, disciplined approach to investing, and are uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Our long-term approach, multi-asset capabilities, and global connectivity enable us to be an investor of choice. We seek to add meaningful value to our investments. Headquartered in Singapore, we have a global talent force of over 1,800 people in 10 key financial cities and have investments in over 40 countries. Visit www.gic.com.sg or follow us on LinkedIn.

About Government Pension Fund Norway (Folketrygdfondet)
Folketrygdfondet is a professional investment manager whose main task is to manage the Government Pension Fund Norway on behalf of the Ministry of Finance. Folketrygdfondet is a responsible, active investor with a long investment horizon with the aim to achieve high financial returns over time. Its investment mandate has a benchmark allocation of 60 % in equities and 40 % in fixed income, with 85 % in Norway and 15 % in the other Nordic countries. Folketrygdfondet is the largest institutional investor on the Oslo Stock Exchange, owning around 5 % of the market capitalization corresponding to approximately 10 % of the free float. Visit www.folketrygdfondet.no for more information.

About Vind
Vind is a private owner company specializing in software for professionals, laboratory science and niche technology. Investments are made in private and listed companies across Europe. At present, Vind is the majority owner in seven companies and has a concentrated portfolio of minority positions in listed and large private companies. Vind has an eternal perspective and seeks to partner with exceptional businesses with the potential for creating value in the longest term.

Categories: News

Tags:

Montagu agrees sale of Servelec

Montagu

Montagu, a leading European private equity firm, is pleased to announce that it has reached an agreement to sell Servelec , a leading software provider to healthcare and local authorities based in the UK, to The Access Group.

 

Headquartered in Sheffield, Servelec has over 40 years’ experience in developing mission-critical software solutions to deliver better care. The company is a trusted supplier to more than 45 NHS trusts and over 150 local authorities, providing an integrated approach across social care, healthcare, and education.

 

Servelec’s extensive product portfolio, including systems for electronic patient records, social care case management, schools’ admissions, youth services reporting and patient flow and bed management, is designed with the sole purpose to support effective decision-making and to maximise time spent providing efficient, patient-focused care.

 

Montagu acquired the Servelec Group via a public-to-private transaction in 2018, and since then has worked with the Company to increase its strategic focus on its core health and social care software products. This involved successfully divesting two non-core divisions, completing two complementary acquisitions, and driving significant investment in the business to further strengthen the management team, to scale-up its operating processes, and to accelerate and enhance the development of Servelec’s software products. This has resulted in significant revenue and profit growth, and enabled the business to improve and extend the digital care products it provides to its customers to help support their vital work in the community.

 

 

 

Edward Shuckburgh, Director at Montagu commented: “We first came into contact with Servelec ten years ago, and we immediately knew that the business was a strong fit for Montagu’s approach, spanning our core competencies in both healthcare and technology and addressing growing market needs for innovative digital tools to support care delivery. We are extremely proud of what we have achieved together – Ian and the team have delivered a step change in the professionalisation of the business and have significantly advanced both their products and customer service, which has contributed to Servelec’s very strong growth. As a leading provider of business management software to mid-sized organisations, The Access Group represents a clear strategic fit for Servelec, and we wish them well for the future.”

 

Ian Crichton, CEO at Servelec, said: “Our partnership with Montagu, a firm who shares our values, has been terrific. Technology provides us with endless opportunities to improve people’s lives and with Montagu’s backing we’ve invested heavily to accelerate growth and build a better business that’s ready to help UK society at a time of need. I’m delighted we have secured a great new home. The Access Group are culturally and strategically the best possible fit for the business, and I have no doubt that all of our stakeholders will benefit greatly from the new partnership.”

 

Arma Partners acted as corporate financial advisors to Montagu on the transaction.

EQT Private Equity to sell Zemax

eqt

EQT Private Equity to sell Zemax, a leading optical product design and simulation software provider, to Ansys

• EQT supported Zemax’s transformation into a leading optical design software provider through investments in new product development and refined go-to-market capabilities

EQT is pleased to announce that EQT Private Equity, through the EQT Mid Market US fund, has agreed to sell Zemax (“the Company”) to Ansys (NASDAQ: ANSS).

Founded in 1990, Zemax helps the world’s leading brands and institutions design optical systems for a broad range of applications by streamlining the workflow and communication among optical, mechanical and manufacturing engineers. Zemax virtual prototyping tools include OpticStudio®, the industry-leading optical design software suite that enables customers to improve optical performance, get to market faster and reduce both production and development costs. Zemax’s software is used to develop a range of products including space telescopes, augmented reality glasses, LIDAR in autonomous vehicles, smartphone cameras, biomedical imaging devices, and many more. The Company is headquartered in Kirkland, Washington and employs more than 100 people worldwide.

With the support of EQT, Zemax expanded its management team and focused on broadening the Company’s product portfolio through substantial R&D investment focused on the fastest growing segments in the optics space. Zemax also revamped its go-to-market sales approach and successfully transitioned the business model toward recurring subscription revenue.

Arvindh Kumar, Partner and Investment Advisor to EQT Private Equity, said: “EQT’s investment in Zemax exemplifies our goal of investing in companies that provide mission-critical products underpinned by strong market growth. By focusing on the Company’s growth and investing in future-proofing initiatives, the management team, together with EQT, has positioned Zemax for success and we are confident that Ansys will be a good long-term home for the Company.”

S. Subbiah, Chief Executive Officer at Zemax, said: “Zemax has been a leader in optical design simulation with a mission to enable our customers to design sophisticated optical products and bring them to market since our founding 30 years ago. With the support of EQT, we have successfully expanded our value proposition by upskilling our salesforce, introducing new products, supporting more design workflow and simulating interactions within the whole product. We thank EQT for their guidance and partnership and look forward to joining forces with Ansys to build on our strong momentum going forward.”

The transaction is subject to customary conditions and approvals and is expected to close in the fourth quarter of 2021.

William Blair acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to EQT Private Equity and Zemax.

Contact
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com

International inquiries: EQT Press Office, +46 8 506 55 334,
press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with more than EUR 71 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Zemax
Zemax’s industry-leading optical product design and simulation software, OpticStudio®, OpticsBuilder™, STAR and OpticsViewer™, helps optical, mechanical, and manufacturing engineering teams turn their ideas into reality. Standardizing on Zemax software reduces design iterations and repeated prototypes, speeding time to market and reducing development costs. Zemax is headquartered in Kirkland, Washington and has offices in the UK, Germany, Japan, Taiwan, and China.

More info: www.zemax.com

Categories: News

Tags:

The deal-by-deal team enters a partnership with management of 99x

(Oslo, 16 August 2021) A company funded by a group of reputable tech investors and managed by Fredrik Bysveen and Fredrik Kongsli, has entered into an agreement to acquire a majority stake in 99x, a fast-growing software engineering company, to satisfy the growing demand for software developers in Scandinavia and Europe.
99x employs more than 350 software engineers in Sri Lanka and specializes in building high-quality, digital products on behalf of clients in Scandinavia and Europe. 99x has grown steadily since its inception and accelerated its growth with an average annual growth rate of 30 percent in the past three years. The company reported revenues of NOK 106m in 2020.

“99x is a rapidly growing business with extremely high customer satisfaction. Until now, the company’s growth has been organic, without substantial business development presence in Scandinavia. The company’s next step is to build up a stronger presence in Norway, including initiating an active M&A strategy. We are proud of the reputable tech investors we have brought onboard to help 99x accelerate its already strong development,” says Fredrik Bysveen, partner and board member of 99x.

Among the investors that are part of the consortium is Northzone founder Karl Christian Agerup; former CEO of Get, Gunnar Evensen; founder of StartupLab and Founders Fund, Alexander Woxen; and Norwegian investment firm Watrium.

Investor and chairman of 99x, Dag Honningsvåg, reduces his ownership from 20 to 10 percent in the transaction and continues as chairman of the company he has been instrumental in developing in recent years.

“After exploring multiple approaches, we determined the best way forward was to establish a European office and raise additional capital to grow through acquisitions, both in terms of access to markets as well as to add capacity. We already have a large software engineering team, but our objective is to grow this further to offer even greater software development capacity to our customers in Norway and Europe,” says Dag Honningsvåg, chairman of 99x.
99x’s founder and CEO, Mano Sekaram, continues as CEO, board member and shareholder of the company.

“This is a significant milestone for all our employees and for the Sri Lankan IT industry. We can take pride in a Sri Lankan company being able to win the confidence and trust of such reputed Scandinavian investors,” says Mano Sekaram.

Contact:
Fredrik Bysveen, Partner and board member of 99x
Telephone: +47 98 22 85 68

Dag Honningsvåg, Chairman 99x
Telephone: +47 90 74 48 10

The buyer was advised by DLA Piper and PwC.

Categories: News

Tags:

insightsoftware attracts c.$1bn strategic investment from Hg

HG Capital

insightsoftware attracts c.$1bn strategic investment from Hg to continue to scale as a platform and leader in financial reporting and EPM software

insightsoftware will continue to be supported by existing shareholders TA Associates, Genstar and ST6 in a transaction valuing the business at an Enterprise Value of around $4 billion

Raleigh, NC, USA and London, United Kingdom. 13 July 2021 – insightsoftware, a global provider of enterprise software solutions for the ‘Office of the CFO’, today announced that it has secured an investment from Hg, a leading global software and services investor.

The Hg Saturn 2 Fund will make a c.$1 billion equity investment in insightsoftware to become a significant minority shareholder alongside TA Associates (“TA”) in a transaction valuing the business at an Enterprise Value of around $4 billion. TA and Hg will share joint control. As part of the transaction, insightsoftware will also continue to be supported by minority shareholders Genstar and ST6.

insightsoftware is a leading provider of financial reporting and enterprise performance management (EPM) software, enabling the ‘Office of the CFO’ to connect to and make sense of enterprise data in real time so they can proactively drive greater financial intelligence.

insightsoftware was formed in 2018 by TA and ST6. Since then, the business has grown rapidly, building a suite of software products across reporting, budgeting & planning, close & consolidation, tax, disclosure and equity management. Today, more than 28,000 customers worldwide rely on these products to provide them with increased productivity, visibility, accuracy and compliance across their organizations. Headquartered in Raleigh, NC, with offices around the world, insightsoftware has more than 1,000 employees serving over 600,000 global users.

“In insightsoftware we have brought together some of the best investors and most experienced operators in enterprise software. This alignment and focus, after multiple years of working together to build businesses, has resulted in value creation of significant velocity after just a few years, starting with a business with $35 million in revenues to one with revenues almost 10 times that today. There is still more to do to reach the full potential of insightsoftware. We’re just getting started and we’re thrilled to be partnering with Hg again on this journey.”

Mark Friedman, Executive Chairman of insightsoftware and Managing Director of ST6

“insightsoftware is a great example of a best-in-class team of software experts coming together to create a cloud platform that drives better business outcomes for thousands of customers around the world. The business sits right at the heart of a cluster – tax and accounting software – that we have been investing in for almost two decades and we look forward to bringing this experience to the rest of team.”

Nic Humphries, Senior Partner and Head of the Hg Saturn team, and Thorsten Toepfer, Partner at Hg

“insightsoftware has been a rocket ship of growth since TA and ST6 created the business just over three years ago. Hg’s expertise with ERP providers and presence in Europe will add additional fuel to our growth. Together we will be able to give companies around the world the financial confidence to pursue their missions.”

Jim Triandiflou, CEO of insightsoftware

“We are very pleased to welcome Hg as an investor in insightsoftware. Since TA’s founding of the company in 2018, insightsoftware has realized significant and sustained organic and acquisitive growth, expanding its geographic and product footprint and becoming a recognized leader in financial reporting software. We are excited to continue our partnership with insightsoftware and look forward to working closely with management and our fellow investors to support the company’s continued growth.”

Hythem El-Nazer, Managing Director at TA

“We saw an opportunity to partner with TA and ST6 to help accelerate the company’s global leadership both organically and via M&A.  Since our investment in 2019, insightsoftware has completed 12 acquisitions and we believe the company is still in the early innings of change.”

Eli Weiss, Managing Director of Genstar

The terms of the transaction have not been disclosed and completion is subject to customary closing conditions.


Media Contacts:

Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401

Alex Yankus and Harry Mayfield (Brunswick, USA)
+1 917 818 5204

TA Associates
Marcia O’Carroll
mocarroll@ta.com
+ 1-617-574-6796

Philip Nunes (BackBay Communications)
phil.nunes@backbaycommunications.com
+ 1-617-391-0792


About insightsoftware

insightsoftware is a leading provider of financial reporting and enterprise performance management software. We enable the Office of the CFO to connect to and make sense of their enterprise data in real time so they can proactively drive greater financial intelligence across their organization, which is how best-in-class finance teams operate. Over 28,000 organizations worldwide rely on insightsoftware’s portfolio of best-in-class reporting, analytics, budgeting, forecasting, consolidation, and tax solutions to provide them with increased productivity, visibility, accuracy, and compliance. Visit insightsoftware.com for more information.

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $30 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 50,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

About TA Associates

TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 535 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar X and all active funds, Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries.

About ST6

ST6 is an elite team of software operating executives that partner with private equity sponsors to transform software companies and accelerate value creation.

Categories: News

Tags:

Main Capital backs Swedish financial software player Björn Lundén

Main Capital

Stockholm, July 7, 2021- Software investor Main Capital backs Björn Lundén. Björn Lundén is one of the leading players offering financial software for SME and accountancy customers in the Swedish market. With a team of 120 employees headquartered in Hudiksvall, Sweden, the company serves over 30.000 customers with a comprehensive portfolio of solutions. Main Capital will acquire a majority stake in Björn Lundén.

Building on its heritage as accountancy and bookkeeping publisher and course provider, Björn Lundén shifted towards delivering modern software solutions in the early 2000’s. This in-depth heritage of knowledge combined with a suite of modern cloud solutions creates a unique value proposition for accountancy firms and SME’s in the Swedish market. Björn Lundén’s products provide customers with intuitive solutions in accounting, billing, reporting, consolidation, payrolling, legal and tax administration to optimize workflows, provide actionable insight and follow latest regulations.

With the support of Main Capital, Björn Lundén will initially focus on further strengthening its market position in Sweden through a combination of organic growth and a buy-and-build strategy, focused on acquiring complementary solutions to provide additional value for its customers. Main Capital has significant experience in the financial software market through successful investments in companies such as KING Software, Cleversoft and Onguard.

Charly Zwemstra (Managing Partner Main Capital Partners): “Björn Lundén is a strong household name for accountancy software in Sweden and has been very successful in its transformation towards becoming a modern SaaS vendor. We see good opportunity to leverage Main’s previous experience in this market and together with the management team we will focus on building out Björn Lundén’s already strong market position, through further product development and a selective buy-and-build strategy.”

Ulf Svensson (CEO Björn Lundén): “We are ready to begin the next chapter in our journey and doing so while maintaining our independence, in an increasingly consolidating industry, is particularly exciting. With our strong proposal including both software and content and organic growth we now add Main´s successful “Buy and build”-strategy. This will enable us to compete for the top positions of our industry.”

About Björn Lundén
Björn Lundén founded in 1987, provides accounting and financial software solutions targeted at accountancies and SMEs. From its office in Hudiksvall, the company serves over 30.000 companies in the Swedish market. The company has developed a comprehensive portfolio of solutions and tools for administration, finance, accounting, tax, legal and personnel administration and in addition offers knowledge tools, books and courses in the aforementioned areas.

About Main Capital
Main Capital is a strategic investor with an exclusive focus on the software sector in the Benelux, DACH and Nordics. Main has a long-term horizon around successful partnerships with management teams, with the aim of building larger software groups together. Main has approximately € 1 billion in assets under management for investments in mature and growing software companies. Within the software sector, Main is the most specialized player in management buyouts and later-stage growth capital for acquisitions. An experienced team of professionals manages these strategic investment funds from offices in The Hague, Düsseldorf and Stockholm.

Main Capital’s current portfolio includes fast growing software and SaaS-software companies such as SIVIS (DACH, SAP), Paragin (NL, Learning software), FOCONIS (DACH, financial services software), Relyon (NL, fieldservice management), Perbility (DACH, HR software), Pointsharp (SE, Security Software) MACH AG (DACH, government software), Textkernel (NL, HR software), Exxellence (NL, government software), WoodWing (NL, ECM/DAM software), Alfa (SE, healthcare/government software), Optimizers (NL, SCM software), Assessio (SE, HR software), GBTEC (DACH, BPM/GRC software), Onventis (DACH, procurement software), HYPE Innovation (DACH, innovation management software), cleversoft (DACH, RegTech), Enovation (NL, healthcare software), SDB Group (NL, healthcare HR software), Jobrouter (DACH, BPM/WFM software), GOconnectIT (NL, GIS/FSM software), Inergy (NL, BI software), KING Software (NL, ERP/accounting software), Artegic (DACH, marketing software), OBI4wan (NL, social media monitoring software), b + m Informatik (DACH financial services software) and ChainPoint (NL, SCM software).

Successful former companies that grew significantly under Main’s leadership include RVC (NL, healthcare software), Connexys (HR software), Roxit (NL, government software), Axxerion (NL, facilities management software), Ymor (NL, APM software), Onguard (NL, credit management software), Sofon (NL, CRM/CPQ software) and TPSC (NL, healthcare GRC software).

Note for editors:
The sender of this press release is Main Capital. For more information you can contact:

Sonja Hartgring (Manager Marketing & Communications)
Main Capital Partners B.V., Paleisstraat 6, 2514 JA, The Hague
+31 (0) 70 324 3433 / +31 (0) 6 24 22 71 06
sonja@main.nl
www.main.nl

Press in the Nordics:
Wessel Ploegmakers (Partner & Co-head Nordics)
Artillerigatan 6, 114 51, Stockholm, Sweden
+46 (0) 73 261 1700
wessel@maincapital.se
www.maincapital.se

Ulf Svensson (CEO Björn Lundén)
Näsviksvägen 23, 820 64, Näsviken, Sweden
+46 (0) 70 444 9043
ulf.svensson@bjornlunden.se
www.bjornlunden.se

Categories: News

Tags:

cleversoft group and CDDS Join Forces with the Support of Main Capital

No Comments
Main Capital

Luxembourg/Munich, July 6, 2021 – cleversoft group, the Munich-based RegTech provider for the financial services sector, together with software investor Main Capital, announces the 100% acquisition of CDDS Luxembourg S.A. and CDDS International S.A. (together “CDDS”), a software and data provider group, based in Luxembourg, that specializes in Know your Customer (KYC) and Anti-Money Laundering (AML) solutions.

Customer Due Diligence Solutions (CDDS), founded in 2009 by Philippe Lassine, has developed into a market-leading provider in the Luxembourg GRC (Governance, Risk & Compliance) sector. CDDS provides Anti-Money-Laundering (AML) software that can automatically carry out checks for official sanctions, Politically Exposed Persons (PEP) lists, and adverse media for single client names and large databases — something unique in the industry. The automation of these types of checks ensure adherence to various AML and KYC compliance regulations while providing risk classifications for each individual.

In addition to the software solution, CDDS also maintains and updates a comprehensive database to perform the name checks and is therefore not dependent on a third-party vendor. The company currently serves over 700 clients in the financial services industry and adjacent verticals (e.g. banks, asset managers, trust service providers), which are located in 42 countries especially in Luxembourg, Monaco, Switzerland, France and the Netherlands.

CDDS marks the third step in cleversoft’s buy and build strategy after the combination with the risk and regulatory reporting expert SecondFloor in 2019 and the Financial Crime Risk Surveillance solution provider BusinessForensics in 2020. The product portfolio of CDDS is complementary to cleversoft’s current AML offering and fits well into the group’s path to establish its Financial Crime Suite as the one-stop-shop solution in the market for the increasing AML/KYC obligations that financial institutions are facing under the 6th European AML directive. Together, cleversoft group and CDDS create an organization with more than 180 employees and a strong footprint in the DACH, Benelux, Nordics and French regulatory compliance markets. Over the last years both companies grew organically with ca. 20% p.a. and are on track to jointly reach over EUR 20M in revenues in 2021.

Partnership cleversoft – CDDS – Main Capital

René Blaschke, Managing Director of cleversoft, explains the strategic rationale of the acquisition: “We are very excited to welcome Philippe and his team to the cleversoft family. By joining forces with CDDS, cleversoft strengthens its footprint in the French-speaking part of Europe and further enriches its product portfolio, thus being able to extend its AML/KYC platform offering for all its clients. The merger opens new opportunities for both companies to jointly grow in the GRC market and beyond.”  

Philippe Lassine, CEO of CDDS, adds: “We are really looking forward to work with cleversoft and their international ecosystem to provide our clients with a broader offering to comply with their regulatory obligations. Over the last 12 years, CDDS evolved into a leading player in the European AML market. With cleversoft, we found the right partner for the next growth phase of our company. We are therefore happy to contribute to the further development of CDDS and the new group, and look ahead with great confidence.”

Sven van Berge Henegouwen (Partner Main Capital DACH): “Main Capital and cleversoft follow a joint buy and build strategy since 2018 in order to complement the group’s product offering and strengthen its leading position in the European RegTech market. We are very impressed by CDDS’ development and how the team positioned the company in the GRC market. With their specialized KYC and AML solutions, the offering is highly complementary to the current ForensicCloud solutions from BusinessForensics, thus providing further value for all customers.”  

About cleversoft
Founded in 2004, the cleversoft group is a leading cloud-based RegTech provider for financial services. The company is headquartered in Munich with offices in Amsterdam, The Hague, Frankfurt, Nuremberg, Luxembourg and Sofia. cleversoft provides digital solutions to more than 300 financial institutions around the globe to support business processes for regulatory documents, marketing materials, as well as commission payments including regulations like MIFID II, 6AMLD, PIFI2, Solvency II, IFRS 17, PRIIPs, IORP.

About CDDS
Founded in 2009 in Luxembourg, CDDS is a holistic software developer and data provider specialized in Anti-Money-Laundering (AML) solutions for banks, asset managers, and other financial institutions. With a strong experience in GRC (Governance, Risk & Compliance), CDDS’ solutions help their clients to be compliant with regards to their AML obligations throughout Europe.

 About Main Capital Partners
Main Capital is a strategic investor with an exclusive focus on the software sector in the Benelux, DACH and Nordics. Main has a long term horizon around successful partnerships with management teams, with the aim of building larger software groups together. Main has approximately € 1 billion in assets under management for investments in mature and growing software companies. Within the software sector, Main is the most specialized player in management buyouts and later-stage growth capital for acquisitions. An experienced team of professionals manages these strategic investment funds from offices in The Hague, Düsseldorf and Stockholm.

Main Capital’s current portfolio includes fast growing software and SaaS-software companies such as Sivis (DACH, identity management software) Paragin (NL, education software), FOCONIS (DACH, financial services software), Relyon (NL, fieldservice management), Perbility (DACH, HR software), Pointsharp (SE, Security Software) MACH AG (DACH, government software), Textkernel (NL, HR software), Exxellence (NL, government software), WoodWing (NL, ECM/DAM software), Alfa (SE, healthcare/government software), Optimizers (NL, SCM software), Assessio (SE, HR software), GBTEC (DACH, BPM/GRC software), Onventis (DACH, procurement software), HYPE Innovation (DACH, innovation management software), cleversoft (DACH, RegTech), Enovation (NL, healthcare software), SDB Group (NL, healthcare HR software), JobRouter (DACH, BPM/WFM software), GOconnectIT (NL, GIS/FSM software), Inergy (NL, BI software), KING Software (NL, ERP/accounting software), Artegic (DACH, marketing software), OBI4wan (NL, social media monitoring software), b+m Informatik (DACH financial services software) and ChainPoint (NL, SCM software).

Successful former companies that grew significantly under Main’s leadership include Sofon (NL, CRM/CPQ software), Connexys (HR software), Roxit (NL, government software), Axxerion (NL, facilities management software), Ymor (NL, APM software), Onguard (NL, credit management software), TPSC (NL, healthcare GRC software) and RVC (NL, healthcare software).

Note for the editor:

For more information, please contact:

Sonja Hartgring (Manager PR & Marketing)
Main Capital Partners
Tel: +31 6 24227106 / +31 (0)70 324 34 33
e-mail: sonja@main.nl

Sven van Berge Henegouwen (Partner)
Main Capital Partners
Tel: +49 173 4823712 / +49 211 731 49 339
e-mail: sven@mainsoftware.de

René Blaschke (Managing Director)
Contact cleversoft group
Tel: : +49 (0) 89 288 511 10
email: rene.blaschke@clever-soft.com

Philippe Lassine (CEO)
Contact CDDS Luxembourg S.A.
Tel: +352 20 21 16 20
e-mail: p.lassine@cdds.lu

 

Categories: News

Tags:

EQT Private Equity to acquire PRO Unlimited, a leader in contingent workforce management

No Comments
eqt
  • EQT Private Equity to acquire PRO Unlimited, a leading provider of integrated contingent workforce management solutions through its holistic platform which includes managed service program, vendor management software, direct sourcing and data and analytics capabilities
  • PRO Unlimited enables companies to effectively tap into the growing market for high-skilled contingent labor while providing workers more opportunities for flexible employment
  • EQT will support PRO Unlimited’s continued growth and ongoing development of new products to further expand its integrated platform offering

EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to acquire PRO Unlimited Global Solutions Inc. (“PRO Unlimited” or the “Company”), a leader in contingent workforce management solutions, from funds managed by Harvest Partners, LP and its affiliates (“Harvest Partners”) and Investcorp. Following the close of the transaction, EQT Private Equity will be the majority shareholder and the existing PRO Unlimited management team will continue to operate the business.

PRO Unlimited was established in 1991 to assist large companies in managing their contingent workforce to better attract specialist talent seeking a more flexible work solution. Today, the Company’s integrated solutions have grown to incorporate a managed service program, vendor management software, direct sourcing and data and analytics capabilities. The platform handles the significant complexities of running an effective contingent workforce program on behalf of enterprise clients, fulfilling a multitude of tasks including discovering a client’s staffing needs, finding and evaluating candidates, hiring, onboarding, providing payroll and offboarding the contingent workers. PRO Unlimited is differentiated through its focus on high-skilled labor, its staffing agency-neutral approach, and its unique integrated solutions of services, software, and proprietary market data. The Company is headquartered in San Francisco with global capabilities and has approximately 1,400 total employees.

EQT will leverage its extensive experience partnering with technology-enabled services businesses, in-house digital expertise and network of global EQT advisors to support PRO Unlimited in its next phase of development as the Company continues to invest in technology and innovation to expand its integrated platform capabilities.

Kasper Knokgaard, Partner within EQT Private Equity’s Advisory Team, said, “EQT is excited to invest in PRO Unlimited and partner with CEO Kevin Akeroyd and the full PRO Unlimited team as the Company embarks on the next phase of continued growth. PRO Unlimited has been at the forefront of developing a fulsome suite of integrated solutions for companies to manage their contingent workforce through a combination of services, software, and data. We look forward to supporting the continued expansion of the platform to enable more flexible work solutions for the evolving contingent industry.”

Andrew Schoenthal, Partner at Harvest Partners, said, “Through multi-year investments in people, technology and data, PRO Unlimited has developed among the most comprehensive contingent workforce platforms for large and global companies. We are excited to watch Kevin and his team build upon the enormous success that the Company has achieved to date and continue to bring new innovations to the market.” Harvest’s PRO Unlimited investment team is led by Ira Kleinman, Andrew Schoenthal and David Schwartz.

Kevin Akeroyd, CEO of PRO Unlimited, said, “We are proud of what PRO Unlimited has achieved in recent years in collaboration with Harvest Partners and Investcorp. The contingent labor industry is experiencing strong growth, fueled by workers desire for increased autonomy and flexibility. We are delighted to provide the solutions to enable enterprises and the contingent workforce to meet their needs. We look forward to partnering with EQT and leveraging their industry expertise, digital capabilities, and network of advisors.”

The transaction is subject to customary conditions and approvals. It is expected to close in the second half of 2021.

EQT Private Equity was advised by BofA Securities, Sidley Austin LLP, McKinsey & Company and Alvarez & Marsal.

PRO Unlimited, Harvest Partners and Investcorp were advised by William Blair and White & Case.

With this transaction, EQT IX is expected to be 50-55 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About PRO Unlimited
Servicing hundreds of the world’s most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence, and services to meet flexible workforce needs. PRO’s Modern Workforce Management Platform can adapt quickly to regional or industry economic shifts, and provides the speed, scale, flexibility, transparency, and expertise to serve as the holistic platform for the modern workforce. Headquartered in San Francisco, PRO has helped global brands and organizations achieve operational and financial success for more than 30 years.

More info: www.prounlimited.com

About Harvest Partners, LP
Founded in 1981, Harvest Partners, LP is an established New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & industrial services, consumer, healthcare, industrials and software industries. Harvest’s control strategy leverages the firm’s 40 years of experience in financing organic and acquisition-oriented growth.

More info: www.harvestpartners.com.

Contact
US inquiries:
Stephanie Greengarten,
+1 646 687 6810,
stephanie.greengarten@eqtpartners.com

International inquiries:
EQT Press Office,
​​​​​​​press@eqtpartners.com
+46 8 506 55 334

WorkWave launches as standalone portfolio company following separation from IFS and announces transformational add-ons

eqt
  • Previously part of IFS, WorkWave provides software solutions for field service management serving small-to-medium sized businesses with a particular stronghold in the US pest control industry
  • WorkWave announces the completion of two transformational add-on acquisitions in the US, Real Green and Slingshot, to further strengthen its leadership position in asset-light field service management software
  • EQT and TA Associates will leverage their strong sector experience, global platforms and extensive advisory networks to support WorkWave’s accelerated growth agenda as a standalone portfolio company

EQT is pleased to announce that WorkWave (the “Company”) will become a standalone portfolio company of the EQT VIII and EQT IX funds (“EQT Private Equity”) following its separation from IFS, a global provider of enterprise software focused on the moment of service.

Headquartered in Holmdel, New Jersey, WorkWave is a frontrunning software solutions provider for the field service management (FSM) industry and serves verticals including the green industry, cleaning & janitorial, and route management with a particular stronghold in the US pest control market. WorkWave was originally acquired by IFS, an EQT Private Equity and TA Associates portfolio company, in 2017 and since then, has completed several strategic initiatives, including strengthening its product platform and launching a highly appreciated payments offering.

With WorkWave and IFS performing exceptionally well (IFS growing cash EBITDA over 70 percent in 2020) and the two businesses serving increasingly different customer groups, it became clear over time that WorkWave’s full potential journey could be even further accelerated under a standalone ownership. As part of the full potential strategy, WorkWave is completing two transformational add-on acquisitions in the US, Real Green Systems (“Real Green”) and Slingshot.

The acquisition of Real Green, a Michigan-based provider of software and payment solutions for the FSM industry, further cements WorkWave’s strong position in asset-light FSM software. Moreover, the acquisition of Slingshot, a provider of customer call center software headquartered in Utah, demonstrates WorkWave’s commitment to building a company that is the best partner in the industry for its customers.

The two acquisitions are expected to add significant strategic value to WorkWave and its customers by further strengthening the multi-vertical software, payments and service offering for field service management. Moreover, the add-ons provide an exceptional platform to accelerate growth via organic initiatives and additional strategic M&A.

Johannes Reichel, Partner within EQT Private Equity’s Advisory Team, said, “Having followed WorkWave closely under IFS’ ownership, we are extremely impressed by the management team’s execution of transformative strategic initiatives. This has cemented WorkWave’s position as an industry leader helping to create the best service organizations possible and thereby generating superior growth. Further, we are very excited about the recent transformational acquisitions and the strategic value they will bring to the WorkWave platform and WorkWave’s customers.”

David F. Giannetto, CEO at WorkWave, further commented, “WorkWave is now entering a phase where our products will improve and expand rapidly as we increase what was already an industry-leading level of investment into our technology development and support capabilities. The acquisition of RealGreen represents two successful and fast-growing companies coming together to create something truly special. It marks the beginning of a new chapter where WorkWave will help our customers go beyond service to create effective, fast-growing, highly profitable service organizations that also deliver the best service experience possible.”

Darren Roos, CEO of IFS, who will now serve as WorkWave’s Chairman of the Board, concluded, “I am confident that, under David Giannetto’s leadership, WorkWave will continue to transform into something unique. WorkWave is expanding its position as a market leader to new verticals and continuing to solidify the deep connection with its customer base that it is known for.”

Existing IFS minority shareholder TA Associates will remain invested in WorkWave alongside EQT Private Equity and new partner Serent Capital, the former owner of RealGreen. WorkWave’s CEO, David F. Giannetto, will continue to lead the combined company, further supported by IFS CEO and WorkWave Chairman of the Board, Darren Roos.

The transactions, including the separation of WorkWave from IFS and the add-on acquisition of RealGreen, are expected to close by the end of June 2021. The acquisition of Slingshot was completed on 30 April 2021. The parties have agreed not to disclose the transaction value or financial details related to the deals.

Kirkland & Ellis and PwC served as advisors to EQT Private Equity.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About WorkWave
For nearly 40 years, WorkWave has been building best practices into its market-leading field service and last mile software solutions to allow best-in-class companies to grow their business, service their customers, and maximize their money. Its solutions empower service-oriented companies to reach their full potential through scalable, cloud-based software solutions that support every stage of a business life cycle, including marketing, sales, service delivery, customer interaction, and financial transactions. WorkWave is a trusted partner for thousands of customers across a wide variety of industries, including pest control, lawn care, cleaning, HVAC, plumbing and electrical, and last mile delivery. WorkWave’s award-winning culture and solutions have been recognized in the SaaS Awards, the Cloud Awards, the American Business Awards, the NJBIZ Best Places to Work Awards, and the Stevie Awards for Great Employers.

More info: www.workwave.com

About RealGreen
Walled Lake, MI-based Real Green Systems has more than 35 years of experience providing software and marketing solutions for the lawn care, landscaping, arbor care, and pest control industries. Its flagship solution, Service Assistant, is the premier customer relationship management software used by thousands of companies worldwide to streamline and grow their businesses. Along with offering a complete portfolio of integrated solutions, including: Automated Marketing Assistant, Customer Assistant Websites, Measurement Assistant, Mobile Live, Routing Assistant, and Real Green Payment Processing, Real Green Systems continues to partner with other industry innovators to provide leading-edge business operation software with the broadest range of features and the most advanced marketing tools.

More info: www.realgreen.com

Categories: News

Tags:

Apax Funds invest in CyberGrants

Apax

Funds advised by Apax (the “Apax Funds”) today announced that they have reached an agreement to acquire CyberGrants (or “the Company”), a leading provider of Software-as-a-Service (SaaS) solutions for corporate social responsibility (CSR), employee engagement, and volunteer management, from Waud Capital Partners. The transaction is expected to close in Q3 2021. Financial terms were not disclosed.

CyberGrants delivers market-leading CSR software solutions to some of the most respected companies and foundations in the world, helping them quickly activate their charitable causes to realize strategic, measurable outcomes. Its single platform solution enables customers, including more than half of the Fortune 100 companies, to easily scale their CSR programs and quickly transform grants and giving initiatives into impact that closely aligns with their corporate mission and values. CyberGrants’ network connects 10 million employees and their employers with 650,000 not-for-profit organizations.

Since its inception, Apax has been committed to creating a positive impact on the people and communities in which it operates. In 2006, the firm established the Apax Foundation to focus on grants and employee donations to enable social mobility in underserved communities. This experience, coupled with the Apax Tech team’s deep expertise in enterprise software, makes CyberGrants a unique platform investment for the firm. The Apax Funds will look to support CyberGrants as it continues to enhance its product suite, attract new customers, and pursue a broader impact-oriented growth strategy.

Mark Layden, CEO of CyberGrants, said: “The market for corporate social responsibility software is rapidly evolving as organizations look for enhanced agility to manage their expanding, and increasingly sophisticated, CSR programs to achieve social impact, and we’re excited to partner with Apax for the next phase of our journey. Their experience and know-how of both enterprise software and charitable giving markets will be of great value as we continue to enhance our platform to better support customers. I would like to thank Waud Capital Partners for their unwavering support over the past six years.”

Jason Wright, Partner at Apax, said: “We are thrilled to partner with CyberGrants and we look forward to supporting them in their mission to help organizations maximize their impact. For over a decade, Apax and the Apax Funds’ portfolio companies have strived to achieve measurable ESG and CSR objectives, and we continue to look for ways to increase our positive impact on society and the environment. These initiatives are made easier with the help of companies like CyberGrants.”

Adam Garson, Principal at Apax, added: “CyberGrants’ longstanding relationships with an extensive list of blue-chip customers is testament to the quality of their software platform. They have made significant investment in their product in recent years to drive customer satisfaction and impact outcomes, and we look forward to supporting Mark and the team as they look to improve their platform and grow their product into new markets.”

Matt Clary, Partner at Waud Capital Partners, commented: “Mark and his team have built a cloud leader in the emerging category of CSR, and have stayed focused on product excellence, customer commitment, and delivering on their social mission around the globe. We are very proud to have been their partner during this exciting period of growth and know they will continue to have success with their outstanding new partner, Apax.”

Apax was advised by Evercore (financial advisor) and Skadden, Arps, Slate, Meager & Flom (legal advisor). CyberGrants and Waud Capital Partners were advised by Raymond James (lead financial advisor), Shea &Co. (co-financial advisor), and Kirkland & Ellis LLP (legal advisor).

Categories: News

Tags: