Cinven to acquire TaxAct

Cinven

Cinven will bring TaxAct and Drake Software, a Cinven portfolio company, together over time under a new holding company, creating a leading, full-service tax solutions provider for professionals and consumers

LONDON, November 1, 2022 – International private equity firm, Cinven, today announces that it has reached an agreement to acquire TaxAct for approximately $720 million. Following closing of the transaction, Cinven will bring the business together with existing portfolio company Drake Software (“Drake” or the “Company”) under a single holding company. This will create a full-service tax ecosystem provider with the scope to use the resources and shared principles of the combined businesses to innovate and support their complementary professional tax preparer and individual tax filer customer bases.

TaxAct is one of the leading providers of digital, do-it-yourself (“DIY”) tax filing assistance software and services, operating in a fast growing subset of the U.S. tax preparation services market. Since it was founded in 1998, TaxAct has grown rapidly, providing DIY tax filing services to more than 85 million individual filers to date, and was the first online software provider to offer free tax filing services.

With a 45-year track record of best-in-class products and services, Drake Software is a leading provider of comprehensive professional tax preparation software, servicing more than 70,000 tax offices throughout the U.S. In 2021, Cinven made a significant investment in Drake to support the next stage of the Company’s growth.

 

Chris Good, Partner at Cinven, commented:

“Since investing in Drake in 2021, Cinven has set out to support the Company’s growth plans, including expanding its presence in the professional tax preparation market, renewing its technology platform and enhancing its product offerings for the benefit of Drake’s tax professional customers. The addition of TaxAct’s consumer tax preparation platform will further strengthen Drake’s capabilities to anticipate and serve the needs of all types of customers as today’s tax landscape becomes increasingly sophisticated. This transaction exemplifies Cinven’s track record of working with companies to support their growth and capability expansion strategies, creating better products for customers and increasing opportunities for employees.”

 

Daniel Garin, Senior Principal at Cinven, added:

“Cinven has followed TaxAct for many years. This acquisition allows Cinven to back two leading management teams, building a stronger combined company that can win in an attractive market with substantial potential for future growth. We are excited to bring together two industry-leading, complementary businesses with shared values and a collective vision for delighting customers through product innovation and exceptional customer service. This investment builds on Cinven’s strong track record in the TMT sector in North America and is continued evidence of Cinven successfully deploying its sector-country matrix to originate attractive investment opportunities.”

Upon the close of the transaction, Dom Morea will remain President and Chief Executive Officer of Drake Software and Curtis Campbell will continue to lead the TaxAct business. The businesses will continue to operate under their own brands within the holding company.

The transaction is expected to close before the end of 2022, subject to regulatory approvals and other customary closing conditions.

Advisers to Cinven on the transaction included: Evercore, J.P. Morgan, and Ropes & Gray LLP.

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Emerson to Sell Majority Stake in Climate Technologies to Blackstone in Transaction Valuing the Busin

Blackstone

Blackstone to Help Power Next Phase of Growth for Climate Technologies

ST. LOUIS and NEW YORK – October 31, 2022 – Emerson (NYSE: EMR) today announced a definitive agreement under which it will sell a majority stake in its Climate Technologies1 business to private equity funds managed by Blackstone (“Blackstone”) in a transaction valuing Climate Technologies at $14.0 billion. Emerson will receive upfront, pre-tax cash proceeds of approximately $9.5 billion while retaining a non-controlling ownership interest in a new standalone joint venture.

The standalone Climate Technologies business includes the market-leading Copeland compressor business and the entire portfolio of products and services across all HVAC and refrigeration end-markets, representing approximately $5.0 billion of fiscal 2022 sales.

Management Comments

“Today’s announcement is a definitive step in the portfolio journey we embarked on when I became CEO in early 2021,” said Lal Karsanbhai, President and Chief Executive Officer of Emerson. “Over the past 18 months, the Emerson team has accelerated our portfolio transformation, divesting non-core businesses including InSinkErator and Therm-O-Disc, while investing in organic growth opportunities and important transactions including AspenTech. Our journey has been with clear purpose – to drive growth and significant value creation for our shareholders by creating a leading global automation company. Our differentiated capabilities in intelligent devices and software, and the focus, cohesiveness and operating agility of a pure-play company, will allow Emerson to bring our comprehensive automation products and solutions to a diverse set of end markets.”

“This transaction enables Emerson to partially monetize our Climate Technologies business at an attractive valuation and provides significant upfront cash proceeds to invest in growth, while at the same time enabling Emerson to participate in Climate Technologies’ upside potential upon exit of our non-controlling position,” continued Mr. Karsanbhai. “We are excited to partner with Blackstone given its successful history of value creation in collaboration with corporate partners. We look forward to working closely with Blackstone to ensure a smooth transition for Climate Technologies’ employees and customers.”

Joe Baratta, Global Head of Blackstone Private Equity, commented, “Blackstone has a long and successful track record of large-scale corporate partnerships, a key pillar of our investment strategy. This is a marquee transaction for our private equity business and a testament to our ability to deliver solutions to our partners even in difficult economic and market environments. We are proud to be partnered with Emerson to help drive the next stage of growth for this great business. Copeland is the market leader in supplying critical components for residential, commercial and refrigeration climate control systems. The business is poised for accelerated growth as it leads the way in helping consumers and businesses shift to more energy-efficient heating and cooling products as part of their carbon reduction efforts. We are thrilled to back the business’ dedicated team as they continue to innovate and deliver energy-efficient solutions to their customers.”

Transaction Details

Climate Technologies had fiscal 2022 net sales of $5.0 billion, pre-tax earnings of $1.0 billion and EBITDA2, including standalone costs, of $1.1 billion. The transaction values Climate Technologies at $14.0 billion, representing a multiple of 12.7x fiscal 2022 EBITDA2, including standalone costs. Emerson will receive upfront, pre-tax cash proceeds of approximately $9.5 billion and a note of $2.25 billion at close and retain 45% common equity ownership of the standalone Climate Technologies business, which will be structured as a joint venture between Emerson and Blackstone, until its potential sale or IPO. The cash consideration will be funded by $5.5 billion of fully committed debt financing ($6.2 billion inclusive of an unfunded ABL facility) and $4.4 billion of equity contribution from Blackstone. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and GIC will invest alongside Blackstone as part of the transaction.

Timing and Other Details

The transaction has been unanimously approved by Emerson’s Board of Directors and is expected to close in the first half of the calendar year 2023, subject to regulatory approvals and customary closing conditions.

Operating results for Climate Technologies, and previously announced divestitures, InSinkErator, which is expected to close later today, and Therm-O-Disc, will be reported in discontinued operations in the first fiscal quarter of 2023. Included in Emerson’s continuing operations will be Automation Solutions, Safety & Productivity, and AspenTech.

As part of the transaction, Emerson will be right sizing its corporate and platform cost structure and will sell ownership of its St. Louis, Missouri campus to the joint venture. Emerson will enter a three-year lease on the headquarters with an option to extend a further two years. During that time, Emerson will undertake a comprehensive assessment of potential headquarters locations.

Advisors

Centerview Partners LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Emerson, and Davis Polk & Wardwell LLP is serving as legal counsel. Barclays served as lead financial advisor to Blackstone. Guggenheim Securities, LLC and Evercore also provided financial advisory services to Blackstone. The ABL revolver and TLA portion of the debt financing related to the transaction is led by RBC Capital Markets, LLC, Wells Fargo and SMBC. Additional financing is provided in the form of a private Term Loan by a consortium of lenders. Simpson Thacher & Bartlett LLP is acting as legal counsel to Blackstone.

About Emerson

Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world’s most essential industries. Emerson is an automation leader that helps process, hybrid and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals through its unmatched automation portfolio, including its majority stake in AspenTech. For more information, visit Emerson.com.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $951 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedInTwitter, and Instagram.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the Company’s ability to successfully complete on the terms and conditions contemplated, and the financial impact of, the proposed Climate Technologies transaction, the proposed sale of its InSinkErator food waste disposal business, the scope, duration and ultimate impacts of the COVID-19 pandemic and the Russia-Ukraine conflict, as well as economic and currency conditions, market demand, including related to the pandemic and oil and gas price declines and volatility, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.

1Climate Technologies refers to the reported segment excluding Therm-O-Disc, divestiture closed May 2022.

2EBITDA, including standalone costs, of $1.1 billion was adjusted by the following: $0.15 billion of depreciation and amortization expense and $0.05 billion of standalone costs to arrive at pretax earnings of $1.0 billion.

Contacts

For Emerson:

Investors:

Colleen Mettler

(314) 553-2197

Media:

Joseph Sala / Tanner Kaufman
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

Charlotte Boyd

(952) 994-8607

For Blackstone:

Matt Anderson

Matthew.Anderson@blackstone.com

(212) 390-2472

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KKR to Acquire Ness Digital Engineering

KKR

October 27, 2022 – KKR, a leading global investment firm, today announced the signing of definitive agreements under which KKR will acquire 100% of Ness Digital Engineering (“Ness” or “the “Company”), a global full-lifecycle digital services transformation company, from The Rohatyn Group (“TRG”).

Founded in 1998 and headquartered in Teaneck, New Jersey, Ness is a leading provider of end-to-end digital transformation services that specializes in building digital software products and platforms. Ness helps organizations envision, build, and continually evolve their digital platforms to enter new markets, capture new revenue, and gain operational efficiencies. The Company offers a wide range of digital practices that include cloud engineering, data and analytics, experience design, intelligence engineering, and salesforce for businesses across sectors. Today, Ness has a presence in North America, Europe, the Middle East, and Asia, with a globally diversified talent pool across India, Eastern Europe, and the United States.

Gaurav Trehan, Partner and CEO of KKR India, said, “Digital transformation and adoption is a critical strategy for businesses of all sizes worldwide. Against this backdrop, KKR believes that Ness is well-positioned for growth, supported by its exceptional, experience-led product engineering heritage. KKR is pleased to invest in Ness’ capabilities and looks forward to working alongside its talented team to further scale Ness’ digital-first platform, achieve its global ambitions, and better enable its customers to compete in the digital economy.”

Ranjit Tinaikar, CEO of Ness, said, “We are thrilled to welcome an investor of KKR’s caliber in Ness. We believe this transaction will help us turbocharge our growth plans and further strengthen our competitive market position. We look forward to leveraging KKR’s global platform and strong investment and operational expertise to deliver more innovative solutions to help our customers keep up with the pace of digitalization required by the accelerated online economy. I want to thank TRG for their consistent stewardship throughout the years. They have been great strategic partners to the management team and helped us to execute our growth strategy.”

Nicolas Rohatyn, chief executive officer and founder of The Rohatyn Group, said, “We are proud to have tapped into TRG’s technology services expertise and extensive global experience to help Ness become a unique, global leader in the digital space. We wish the Company the best in its next chapter.” Tom Kucera, Managing Director at TRG, added “I am grateful to Ranjit, the management team and Ness’ more than 4,000 employees for their partnership, dedication and support over the years. It has been a privilege working closely with them to build Ness into a premier digital transformation platform and I wish them continued success.”

Ness adds to KKR’s global portfolio of technology investments, which includes, but is not limited to, Cloudera, a leading provider of enterprise-grade, hybrid data management software in the United States; Yayoi, a software developer, distributor, and support service provider for small-and-medium-sized enterprises in Japan; Probe CX, a provider of outsourced customer experience and business process outsourcing solutions in Australia; MYOB, a leading Australian online business management company; and Jio, a next-generation technology platform that provides digital services across India.

KKR makes its investment from its Asian Fund IV. Additional terms of the transaction, which is subject to customary closing conditions, were not disclosed.

 

****


About Ness Digital Engineering

Ness is a full lifecycle digital engineering firm offering digital advisory through scaled engineering services. Combining our core competence in engineering with the latest in digital strategy and technology, we seamlessly manage Digital Transformation journeys from strategy through execution to help businesses thrive in the digital economy. As your tech partner, we help engineer your company’s future with cloud and data. For more information, visit ness.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 world-class 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 KKR’s website at www.kkr.com and on Twitter @KKR_Co.

 

About TRG

Founded in 2002, The Rohatyn Group is an asset management firm focused on emerging markets and real assets, headquartered in New York, with a global presence in 16 cities across the US, Latin America, Europe, the Middle East, India and Southeast Asia. For more information, please visit www.rohatyngroup.com.

 

Media Contacts

For KKR:

KKR Asia Pacific

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

For Ness:

Vivek Kangath

+91 9742565583
Vivek.Kangath@ness.com

For TRG:

Julia-Ambra Verlaine

+1 212 984 3539
Julia.Verlaine@rohatyngroup.com

 

KKR Americas
Julia Kosygina and Miles Radcliffe-Trenner
+1 212 750 8300
Media@kkr.com

AdFactors (for KKR India)

George Smith Alexander

+91 98213 56867

George.Smith@adfactorspr.com

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CapMan Growth invests in fast growing financial management software company Fennoa

Capman

CapMan Growth invests in fast growing financial management software company Fennoa

CapMan Growth invests in fast growing software company Fennoa which develops and provides cloud-based financial management software. During the last few years, the company’s revenue and profitability has increased tenfold.

In addition to CapMan Growth, Finnish pension insurance company Ilmarinen also invests in the company. The company’s current CEO and founding partner Mikko Kalliovaara as well as the company’s CTO and founding partner Lasse Elfving continue in their current positions and as significant majority shareholders.

Fennoa develops and sells cloud-based financial administration solution used by accounting firms and their customers. The company, founded in 2014, employs 32 people and serves about 500 accounting firms including tens of thousands of their customer companies.

Since its foundation, Fennoa has grown at an exponential pace; throughout the last three years the company has grown at a compound annual growth rate exceeding 100%. The growth has first and foremost been driven by the high quality solution which the company develops continuously. The solution offers, amongst other things, the most highly developed automation of financial administration workflow and processes. In a survey conducted by the Finnish Financial Administration Association, Fennoa consistently received top scores, including the highest NPS-score.

”We are very excited about the opportunity to partner up with the Fennoa team and continue building the company’s future growth. The team has already built a first-class solution by focusing on the customer and end-user. This is reflected in customer feedback as well as in the company’s fast growth,” says Heikki Juntti, Partner at CapMan Growth.

”We are happy to have CapMan and Ilmarinen join us on the next stages of our growth journey. They are strong Finnish investment partners who support Fennoa’s growth towards a market leader positioning in the ongoing digital disruption of the financial administration industry. For us and our customers it is especially important that we can continue our growth as an independent company in line with our values,” comments Mikko Kalliovaara, CEO at Fennoa.

For more information, please contact:

Heikki Juntti, Partner, CapMan Growth, +358 40 556 8899

Mikko Kalliovaara, Founder and CEO, Fennoa Oy, +358 40 763 6347

CapMan Growth is a leading Nordic growth investor making significant minority investments in companies targeting strong growth and internationalisation. CapMan Growth is part of CapMan, a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over 4.8 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. CapMan has been listed on the Nasdaq Helsinki since 2001. Read more at growth.capman.com and www.capman.com.

Fennoa is a Finnish company founded in 2014 that develops and sells cloud based financial administration software for accounting firms and their customers. Over 500 accounting firms already use Fennoa and tens of thousands of companies and communities around Finland utilise their services through them. For more information go to  www.fennoa.com

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Ideagen and ProcessMAP to combine their strengths to create a world-leading health and safety software solution

HG Capital

Ideagen, a trusted name in software solutions for regulated industries, has today announced it has entered into a definitive agreement to acquire ProcessMAP.

“Both organisations share a common purpose, and this provides a compelling opportunity to do more to support the safe hands and quiet voices that protect the world. Adding ProcessMAP into Ideagen’s existing suite of solutions builds on our combined strengths and enhances the ways we support organisations to manage their quality, health, safety and environmental needs.”

Ben Dorks, CEO of Ideagen

Today’s announcement will see ProcessMAP become “ProcessMAP – an Ideagen solution” with customers benefiting from Ideagen’s expertise as a leading regulatory software provider and access to a wider portfolio of solutions including quality, collaboration audit, and risk management. It also provides an opportunity for Ideagen to enhance its health and safety offering to the 10,000 organisations it already supports worldwide.

“The increased importance of strong corporate ESG strategies has prompted our customers to think and act responsibly to ensure safe and ethical practices for employees and customers. By combining with Ideagen, we will create a category leading EHSQ software business, sharing talent, technology, innovation, and geographical reach to expand globally, leveraging each other’s infrastructure and customer base.”

Dave Rath, CEO of ProcessMAP

ProcessMAP’s existing customers are in good company, Ideagen helps the world’s top seven aerospace and defence companies, 15 of the top 20 pharmaceutical companies, nine of the top 10 accounting firms, over 250 hospitals in the UK and US and over 300 aviation organisations globally, to protect their businesses.

“We have, within our global footprint, a diverse mix of large corporations, small, and mid-market customers, whose need for software solutions increase as they grow in size, geographic spread, or place increasing importance on ESG reporting. This combination provides us with an exciting opportunity to support existing and new customers with a best-in-class health and safety solution that is appropriate to their needs and flexible enough to scale as they evolve.”

Ben Dorks, CEO of Ideagen

This will be Ideagen’s second acquisition of 2022 and the fifth since the summer of 2021, as it continues to strengthen its portfolio of software solutions for regulated industries.

Hg, a leading software and services investor, will remain as majority investor in the combined business.

“This is a significant milestone for both businesses and it’s exciting to see such strategic progress so early in our work together. Both Ideagen and ProcessMAP are high quality businesses, with complementary product suites and diversified regional cover across Europe, North America and APAC. Together the business will be better positioned to serve its customers and take advantage of the numerous tailwinds in regulation, compliance and ESG. We are looking forward to further expansion in the coming months.”

Christopher Fielding, Joris Van Gool and Jean-Baptiste Brian, Partners at Hg

The transaction is expected to close in 2022 and is subject to customary closing conditions.


NOTES TO EDITORS

For more information contact Rebecca Watson – Global PR Manager
Rebecca.Watson@ideagen.com or +44 (0)7899 755 636

About Ideagen

Ideagen is a leading provider of global regulatory and compliance software, serving highly regulated industries such as life sciences, healthcare, banking and finance and insurance. Its award-winning portfolio of software solutions support the safe hands that protect organisations, helping to minimise risk, strengthen compliance and keep people safe.

Over 10,000 companies use our solutions to help protect their organisations including over 300 global aviation organisations, nine of the top ten UK accounting firms, seven of the top global aerospace and defence companies and 15 of the top 20 global pharmaceutical companies.

Ideagen is headquartered in the UK, with key hubs in the UK, USA, Australia, Middle East and South East Asia.

About ProcessMAP

ProcessMAP Corporation, a leader in data-intelligence-driven smart environmental, health, and safety (EHS) software solutions, empowers global customers to make informed decisions today for a better tomorrow. Our platform gives customers the ability to automate, aggregate, track, and analyze their business operations to drive their EHS and ESG commitments.  ProcessMAP headquarters are located in Ft. Lauderdale, Florida, with innovation centers across the globe. The company supports customers in over 140 countries.  Visit https://www.processmap.com/ to learn more.

About Hg

Hg is a platform for software and services champions, 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 $55 billion, with an investment team of over 160 professionals, including a portfolio team of almost 50 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich, New York, Paris and San Francisco, Hg has a portfolio of over 46 software and technology businesses, worth over $100 billion aggregate enterprise value, with over 80,000 employees globally, growing at over 20% per year.

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Ideagen and ProcessMAP to combine their strengths to create a world-leading health and safety software solution

HG Capital

Ideagen, a trusted name in software solutions for regulated industries, has today announced it has entered into a definitive agreement to acquire ProcessMAP.

“Both organisations share a common purpose, and this provides a compelling opportunity to do more to support the safe hands and quiet voices that protect the world. Adding ProcessMAP into Ideagen’s existing suite of solutions builds on our combined strengths and enhances the ways we support organisations to manage their quality, health, safety and environmental needs.”

Ben Dorks, CEO of Ideagen

Today’s announcement will see ProcessMAP become “ProcessMAP – an Ideagen solution” with customers benefiting from Ideagen’s expertise as a leading regulatory software provider and access to a wider portfolio of solutions including quality, collaboration audit, and risk management. It also provides an opportunity for Ideagen to enhance its health and safety offering to the 10,000 organisations it already supports worldwide.

“The increased importance of strong corporate ESG strategies has prompted our customers to think and act responsibly to ensure safe and ethical practices for employees and customers. By combining with Ideagen, we will create a category leading EHSQ software business, sharing talent, technology, innovation, and geographical reach to expand globally, leveraging each other’s infrastructure and customer base.”

Dave Rath, CEO of ProcessMAP

ProcessMAP’s existing customers are in good company, Ideagen helps the world’s top seven aerospace and defence companies, 15 of the top 20 pharmaceutical companies, nine of the top 10 accounting firms, over 250 hospitals in the UK and US and over 300 aviation organisations globally, to protect their businesses.

“We have, within our global footprint, a diverse mix of large corporations, small, and mid-market customers, whose need for software solutions increase as they grow in size, geographic spread, or place increasing importance on ESG reporting. This combination provides us with an exciting opportunity to support existing and new customers with a best-in-class health and safety solution that is appropriate to their needs and flexible enough to scale as they evolve.”

Ben Dorks, CEO of Ideagen

This will be Ideagen’s second acquisition of 2022 and the fifth since the summer of 2021, as it continues to strengthen its portfolio of software solutions for regulated industries.

Hg, a leading software and services investor, will remain as majority investor in the combined business.

“This is a significant milestone for both businesses and it’s exciting to see such strategic progress so early in our work together. Both Ideagen and ProcessMAP are high quality businesses, with complementary product suites and diversified regional cover across Europe, North America and APAC. Together the business will be better positioned to serve its customers and take advantage of the numerous tailwinds in regulation, compliance and ESG. We are looking forward to further expansion in the coming months.”

Christopher FieldingJoris Van Gool and Jean-Baptiste Brian, Partners at Hg

The transaction is expected to close in 2022 and is subject to customary closing conditions.


NOTES TO EDITORS

For more information contact Rebecca Watson – Global PR Manager
Rebecca.Watson@ideagen.com or +44 (0)7899 755 636

About Ideagen

Ideagen is a leading provider of global regulatory and compliance software, serving highly regulated industries such as life sciences, healthcare, banking and finance and insurance. Its award-winning portfolio of software solutions support the safe hands that protect organisations, helping to minimise risk, strengthen compliance and keep people safe.

Over 10,000 companies use our solutions to help protect their organisations including over 300 global aviation organisations, nine of the top ten UK accounting firms, seven of the top global aerospace and defence companies and 15 of the top 20 global pharmaceutical companies.

Ideagen is headquartered in the UK, with key hubs in the UK, USA, Australia, Middle East and South East Asia.

About ProcessMAP

ProcessMAP Corporation, a leader in data-intelligence-driven smart environmental, health, and safety (EHS) software solutions, empowers global customers to make informed decisions today for a better tomorrow. Our platform gives customers the ability to automate, aggregate, track, and analyze their business operations to drive their EHS and ESG commitments.  ProcessMAP headquarters are located in Ft. Lauderdale, Florida, with innovation centers across the globe. The company supports customers in over 140 countries.  Visit https://www.processmap.com/ to learn more.

About Hg

Hg is a platform for software and services champions, 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 $55 billion, with an investment team of over 160 professionals, including a portfolio team of almost 50 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich, New York, Paris and San Francisco, Hg has a portfolio of over 46 software and technology businesses, worth over $100 billion aggregate enterprise value, with over 80,000 employees globally, growing at over 20% per year.

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IK Partners invests in Remazing

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has acquired a significant minority stake in Remazing GmbH (“Remazing” or “the Company”), a leading marketing services and software provider focussing on the Amazon marketplace. IK is investing from its dedicated pool of Development Capital, acquiring its stake from the founders who are reinvesting alongside IK.

Remazing was founded in 2016 by Hannes Detjen and Emil Beck and was developed to serve the growing demand from consumer brands to market their products directly on Amazon. Today, the Company is the largest independent provider in the market, serving over 100 corporate clients globally and employing over 100 e-commerce experts who are based in its headquarters in Hamburg and across local hubs in Barcelona, London, Paris and Turin.

With Amazon broadening its market reach across product segments and geographies in recent years, Remazing developed a full-service offering around content creation, management and monitoring supported by Remdash, its own proprietary software. The Company supports a range of brands selling products across the Beauty & Health, Household & DIY, Sports and Baby segments, counting leading companies such as Henkel, Under Armour and Tonies among its clients.

IK has acquired a significant minority stake in Remazing with Hannes, Emil and Managing Director Filip Egert and Chief Technology Officer Timo Helken reinvesting alongside. With IK’s support, Remazing plans to grow through: strengthening partnerships with existing clients and acquiring new ones, increasing market penetration, developing its technology offering further and expanding into other marketplaces. Additionally, the Company aims to build its presence globally through the execution of a selective M&A strategy.

Hannes Detjen and Emil Beck, Co-Founders and Managing Directors of Remazing, commented: “We are excited to embark on a new stage of development with IK. For the last six years we have been on an incredible journey as we turned our ideas into reality and developed a compelling proposition which helps our clients increase their sales online. The time has now come to welcome external investment to help us turbocharge our own growth and cement our position globally.”

Ingmar Bär, Director at IK Partners and Advisor to the IK Small Cap III Fund, said: “Hannes and Emil have achieved a huge amount in building Remazing with their ambitious team and establishing it as one of Europe’s leading Amazon-focused, tech-enabled marketing services firms. With the ongoing growth of the Amazon ecosystem and growing professionalisation of marketing across online platforms, we see huge potential in partnering with the Remazing team to develop the Company into a leading global player.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

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Tesi becomes a shareholder in software startup Rentle

Tesi

Tesi has converted its convertible loan, made under the Venture Bridge special investment programme that closed for initial investments in March 2022,  into shares of Rentle. Tesi thus became an owner in the company.

Rentle is a Finnish startup that provides the digital infrastructure for consumer rental businesses to set up and run their business.

In the recent seed funding round, the company raised some EUR 4 million in growth funding. Tesi  participated in the round by converting its convertible loan into Rentle’s shares per previously agreed conditions under the Venture Bridge programme.

Additional information:

Samppa Sirviö, Investment Manager, Venture Capital Investments
samppa.sirvio@tesi.fi
+358 50 518 6063

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 2.4 billion euros.  www.tesi.fi | @TesiFII

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Latour acquires MAXAGV

Latour logo
2022-09-01 15:00

Investment AB Latour has, through its wholly-owned subsidiary Latour Industries AB, acquired MAXAGV from the founders and management.

MAXAGV is a leading mobile robotics and software company providing automation technology for goods handling solutions with headquarter in Mölndal, Sweden, and 67 employees. Net sales amounts to approximately SEK 160 m, of which the vast majority is exported.

“We are pleased with the acquisition and convinced that MAXAGV is well positioned for continued global growth, driven by the strong growth in industry automatization. We are very happy to welcome MAXAGV to Latour”, says Björn Lenander, CEO of Latour Industries.

“I am delighted to see Latour Industries as our new owner. Latour is a long-term industrial owner that can support MAXAGV’s plan for continued international expansion”, says Erling Wessberg, CEO of MAXAGV.

As an effect of the acquisition the net debt of the Latour Group increases with about SEK 0.2 billion.

Göteborg, September 1, 2022

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Björn Lenander, CEO Latour Industries AB, +46 708 19 47 36
Gustav Samuelsson, Investment Director Investment AB Latour, +46 735 52 55 59

Latour Industries consists of a number of operating areas, each with its own business concept and business model. The ambition is to develop independent entities within the business area which can eventually become new business areas within the Latour Group. Latour Industries has an annual turnover of SEK 3 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 66 billion. The wholly-owned industrial operations has an annual turnover of SEK 20 billion.

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Sigmax chooses for growth acceleration with investor Quadrum Capital

Quadrum Capital

Enschede, June 25th – Sigmax has been providing successful software solutions for 24 years with a strong focus in recent years on safe and livable cities, public transport and service organisations. With a leading market position in various domains, Sigmax wants to continue to develop at the highest level. From June 2022, the organisation has chosen to cooperate with Quadrum Capital, an independent investment company that helps companies grow responsibly by contributing its network, capital and management experience.

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Sigmax, Enschede

Leo van den Ende, CEO and co-founder of Sigmax: “The strength of this partnership allows us to make our solutions functionally broader and richer. By further investing in our knowledge and people, we are responding to the increasing demand for digitisation and growing scarcity of tech professionals”.

Potential for strong international position

Ingeborg Schepers, investment director at Quadrum Capital: “Sigmax creates complex software solutions for social issues and has the potential to take up a strong international position. From a solid basis, we are continuing to build an extremely reliable technology organisation that can continue to provide its European customers with high-quality software products and services thanks to highly motivated and experienced professionals”.

Confidence for the future

In 2019, Sigmax and Quadrum Capital successfully worked together on the corporatisation of Exite ICT, Sigmax’s former ICT division. From this positive experience, they look to the future with confidence. Van den Ende: “Quadrum Capital shares our entrepreneurial mentality, commitment and Twente roots. We are excited to work with them in this next phase of international growth”.

Building further from Kennispark Enschede

Sigmax will realise its international growth ambitions from its headquarters at Kennispark in Enschede. According to Van den Ende, the Kennispark is an important location for attracting highly skilled employees: “Thanks to good connections with Saxion University and the University of Twente, combined with a very attractive residential, working and living environment, Kennispark Enschede offers the best possible basis for further growth for Sigmax”.

About Sigmax Sigmax is an internationally operating software organisation with a focus on safe and liveable cities, public transport and service organisations. Sigmax makes the work of thousands of professionals in these areas easier and processes more efficient on a daily basis. Sigmax’s customer portfolio includes the municipalities of Amsterdam and Antwerp, Dutch Railways and Carglass.

More information: www.sigmax.nl

About Quadrum Capital Quadrum Capital is a nationally operating investment company with an entrepreneurial mindset and strong roots in the Eastern Netherlands. In recent years Quadrum Capital has built up a broad portfolio of participations in various industries, including ICT & Software. As a committed partner, Quadrum Capital focuses on the responsible growth of companies by contributing its network, financial strength and management experience.

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