Tag Archives: Software

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

Seedcamp

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

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

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

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

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

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

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

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

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

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

For more information, visit light.inc.

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FleetGO Group strengthens its position with the addition of Data2Track

Main Capital Partners

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

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

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

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

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

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

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

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

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

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

About

FleetGO Group

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

Data2Track

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

Fenne Bijl

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KKR to Acquire Majority Ownership in Agiloft

FTV Capital

NEW YORK & REDWOOD CITY, Calif.–(BUSINESS WIRE)–KKR, a leading global investment firm, today announced that a fund managed by KKR has entered into an agreement to acquire a majority stake in Agiloft (“the Company”), a trusted global leader in data-first contract lifecycle management (“CLM”). As part of the transaction FTV Capital, a sector-focused growth equity firm and an existing investor in Agiloft, will make an additional investment in the Company, and JMI Equity, a growth equity firm focused on investing in leading software companies, will join as a new investor in the Company. The investment will help the Company continue to expand as it grows market share, acquires new customers, further innovates product solutions, and extends its world-class standard of customer success.

Agiloft is a leading provider of data-first CLM software, enabling legal, procurement, sales and other departments to streamline and leverage their contracting efforts. Agiloft acts as a system of record and provides its customers a global view of all their contracts across all phases, including contract approval, storage, and pre- and post-signature processes and performance. The Company’s flexible platform allows Agiloft to handle significant complexity, serve a wide range of business needs, and integrate with other software systems, resulting in increased efficiencies and improved operational outcomes.

“I am enormously proud and humbled by what we have been able to accomplish at Agiloft. While the business has grown significantly, we have always focused on and maintained our number one differentiator: customer satisfaction and retention, which is predicated on our uniquely agile solution, reliable implementation success, and human-centric approach to contracting,” said Eric Laughlin, CEO of Agiloft. “This new investment from KKR and JMI Equity and continued support from FTV Capital serve as a testament to the caliber of our team’s ability to provide and deliver differentiated world-class products and services to our customers.”

“As businesses increasingly look for efficient ways to ensure regulatory compliance, realize cost efficiencies and manage complex workflows, Agiloft has differentiated itself by providing a simple, one-stop solution to meet its customers’ needs,” said Jimmy Miele, Director, Tech Growth at KKR. “We are deeply impressed by Eric’s leadership and the rest of the Agiloft team, and we look forward to working together to capture additional opportunities in the market.”

“Since FTV’s initial investment in 2020, Agiloft has driven impressive growth by delivering a truly unique no-code platform to a quickly growing customer base globally,” said Alex Mason, Partner at FTV Capital. “The CLM market, while still young, represents a multi-billion dollar opportunity, and we look forward to working with KKR as we continue to support Agiloft in fueling expansion and sustaining its notable leadership in workflow automation.”

As part of the transaction, KKR, JMI Equity and FTV Capital will support Agiloft in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars in equity to over 100,000 non-senior management employees across more than 40 portfolio companies.

KKR is making the investment through its Next Generation Technology III Fund. Agiloft adds to KKR’s global portfolio of technology and software investments, which includes OneStream, o9, OutSystems, ReliaQuest (also an FTV Capital portfolio company), RainFocus and Restaurant365.

Moelis & Company LLC served as exclusive financial advisor to Agiloft. Baker McKenzie served as legal advisor to Agiloft. Gibson, Dunn & Crutcher LLP served as legal advisor to KKR.

About Agiloft
As the most trusted global leader in data-first contract lifecycle management (CLM) software, Agiloft connects contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, customers quickly and collaboratively reach agreement and leverage contract visibility to thrive with competitive advantage. Employing powerful, pragmatic artificial intelligence as a legal force multiplier, and robust integration capabilities as a data liberator, organizations around the world trust Agiloft’s certified implementers to deliver connected, intelligent, and autonomous solutions across the entire contract lifecycle. With a 99.6% implementation success rate, it’s clear why some of the largest companies choose Agiloft to unlock the value of contract data and accelerate business. Learn more at www.Agiloft.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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in enterprise technology and services and financial technology and services. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies, including EBANX, Kore.ai, Lean Solutions Group, LogicSource, Luma, Patra, ReliaQuest and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Tango Card (acquired by Blackhawk Network) and VPay (acquired by Optum). FTV has offices in New York, San Francisco, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

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

Contacts

Media

For Agiloft:
Jeffrey Miesbauer
650-459-5637 ext 4003
news@agiloft.com

For KKR:
Emily Cummings or Liidia Liuksila
212 230-9722
media@kkr.com

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

Ardian

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

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

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

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

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

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

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

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

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

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

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

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

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

ABOUT ARDIAN

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

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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Main announces strategic exit of Optimizers to Orisha after successful partnership

Main Capital Partners

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

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

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

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

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

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

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

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

– Ivo van Deudekom, Investment Director at Main Capital Partners

About

Optimizers

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

Orisha

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

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4impact capital invests in Coolgradient AI data center optimisation software

4Impact

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

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

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

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

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

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

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

About Coolgradient 

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

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

About 4Impact 

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

Contact: connect@4impact.vc

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

Stirling Square

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

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

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

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

Ben Hopper, Managing Director, Stirling Square,commented:

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

Naveen Wadhera, Managing Director, TA, comments:

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

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

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

Dario Aganovic, CEO, Byggfakta:

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

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

About Byggfakta

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

About Stirling Square

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

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

About TA Associates

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

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries—technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. TA acquired a significant minority stake in Byggfakta in September 2020, alongside existing investor Stirling Square.

About Macquarie Capital

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

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

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Blackstone Completes Acquisition of Civica

Blackstone

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

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

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

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

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

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

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

Media Contacts

Civica
Amanda Newman
press@civica.co.uk

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

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Trovo Health Announces $15 Million Seed Funding Round Led by Oak HC/FT

Oak HC FT

Trovo’s specialty-trained AI software and expert care teams deliver new capabilities for patients, improve outcomes and operate with efficiency

Trovo Health announced today that it is launching with a $15 million fundraise led by Oak HC/FT. Trovo uses an AI-powered platform backed by a multidisciplinary care team to help providers extend their capabilities. As part of the news, Andrew Adams, co-founder and managing partner at Oak HC/FT, will join the board of directors at Trovo Health.

The company was co-founded by Niren Gandra, M.D., and Aditya Pandyaram and is based in New York City. Trovo’s platform helps physician groups add new capabilities, including those that involve complex tasks requiring specialty-specific expertise. Providers can use the platform to improve outcomes, deliver a better patient experience and improve their own operations.

“Adding new practice capabilities, both internal and patient facing, has always been a challenge for practices,” says Niren Gandra, M.D., CEO and co-founder of Trovo Health. “By combining specialty-specific AI with expert clinical team members, we can help providers tackle historically difficult problems with a click of a button.”

The company has built a team of clinicians and technologists to deliver on its vision. It plans to use the funding to further build out its technology platform, clinical operations and leadership team.

“Trovo’s platform introduces an innovative solution for the most challenging problems in care delivery and operations,” says Andrew Adams, co-founder and managing partner at Oak HC/FT. “We are proud to partner with Niren, Aditya and the Trovo team on their journey to making healthcare services more straightforward for patients and physicians alike.”

“Trovo’s approach is exciting because they are combining cutting edge technology with the expertise of a medical group,” says Vig Chandramouli, partner at Oak HC/FT. “Trovo has the ability to support customers across multiple use cases with a singular platform and completely handle complicated workflows, rather than offer a piecemeal solution.”

About Trovo Health

Trovo Health uses an AI-powered platform backed by a multidisciplinary care team to allow health care providers to extend their capabilities seamlessly. Leveraging specialty-specific AI workflow technology and expert care team members, providers can deliver new capabilities for patients, improve outcomes and operate more efficiently. Co-founded by Niren Gandra, M.D. and Aditya Pandyaram in 2024 to transform patient care, the company is headquartered in New York, NY. Learn more at www.trovohealth.com.

About Oak HC/FT

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare, two sectors that consistently evolve and carry extensive responsibility to serve a multitude of populations. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact on these two vital industries. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on Twitter and LinkedIn and learn more at https://www.oakhcft.com/.

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Anaplan Announces Agreement to Acquire Fluence Technologies

Thomabravo
Integrating Fluence will enhance market-leading connected planning solution by adding best-in-class financial consolidation capabilities to the Anaplan cloud platform

MIAMI, FL—Today, Anaplan, a market-leading platform for connected planning that enables better business decision-making, announced that it has entered into a definitive agreement to acquire Fluence Technologies, a leading cloud native solution leveraged by enterprises across the globe for financial close, consolidation, disclosure management and reporting.  The acquisition is expected to close in early May.  More specifically, the integration of Fluence into the Anaplan platform will provide:

  • Consolidations – Out-of-the box software for financial consolidation. Quick to roll out and easy for the finance team to operate, with intuitive workflow automation, consolidation models with built-in intercompany eliminations, account reconciliation, cash flow management and the use of Word, PowerPoint, Excel and Power BI for financial and management reporting.
  • Disclosure Management – Designed for evolving reporting demands, enabling finance teams with complete control (no IT required), with familiar Office authoring and publishing in Word and PowerPoint with document setup in minutes.
  • Excel Reporting – Insightful, interactive reports on company-wide metrics for any business audience in Excel (i.e. a data-connected Excel add-in for enterprise reporting needs), with over 30 built-in connectors to report on real-time metrics.

Anaplan is the leader in finance planning, transforming how FP&A organizations across the globe enable real-time scenario analysis.   With the addition of consolidation and disclosure management, Anaplan is strengthening its leadership position and enabling organizations to make better decisions faster.  Through seamlessly integrating consolidation with connected planning on a unified platform, finance organizations can reduce system and process complexity, lower costs and improve compliance by navigating statutory audits to GAAP requirements, down to the local entity level.  Moreover, such local entity granularity enhances the robustness of Anaplan’s scenario analysis capability, which is already a distinctive capability of the platform.

“As a chief financial officer, I know the value of merging financial consolidation with cross functional connected planning on a unified platform.  By connecting consolidated actuals to forecasts on a unified connected planning platform, critical financial workstreams including local country/region accountability, transfer pricing studies, tax planning, local cash balance management among others are accelerated with increased fidelity”, said Hemant Kapadia, Anaplan CFO.

“Traditional planning is yesterday’s paradigm,” said Charlie Gottdiener, CEO of Anaplan.  “Today’s model is real-time financial and operational decision-making, and the unification of financial consolidation and connected planning on a common platform facilitates the agility needed to address the collapsing decision cycles associated with planning and scenario analysis.  The same finance team that utilizes the power of Anaplan to dynamically plan their business in real-time will now be able to leverage a familiar, user-friendly UX and UI to control and execute consolidation and disclosure management, and in the process reduce automation costs, accelerate time to decision-making, improve compliance posture and optimize finance capacity for higher-value work.”

After closing, the integration of Fluence into the Anaplan platform, along with accelerated innovation targeting the office of the CFO, will be led by two financial consolidation industry pioneers, Adam Thier, Anaplan Chief Product and Technology Officer and Hervé Capo, Vice President of Product at Fluence, “A key tenet of both companies’ software development philosophy is that the user interface should be simple, but powerful, intuitive and easy to use – our Excel add-in, FluenceXL is a great example of this principle.  It is this software tenet that will guide the integration of Fluence into the Anaplan platform, extending the benefits of Anaplan’s market-leading finance planning solution to financial consolidation”, said Michael Morrison, CEO at Fluence.

About Anaplan

Anaplan provides a market-leading platform for connected business planning that enables better decision-making.  By dynamically connecting financial, strategic, and operational plans in real time, Anaplan’s connected planning platform facilitates the agility needed to address the accelerated decision cycles associated with planning and scenario analysis. Anaplan helps more than 2,400 market-leading customers in over 50 countries navigate their daily planning and decision-making challenges with confidence.   To learn more, visit www.anaplan.com.

Read the release on the Anaplan website here.

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