Partners Group to acquire a significant minority stake in VelocityEHS

CVC Capital Partners
  • Partners Group will join existing owner CVC Growth Funds on VelocityEHS’ board
  • The Company’s SaaS products help customers comply with environmental, health, and safety laws and regulations, power sustainability initiatives, and drive operational excellence
  • The EHS and ESG software markets continue to benefit from strong thematic trends such as growing pressure on companies to decarbonise

Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to acquire a significant minority stake in VelocityEHS (“the Company”), a leading environmental, health, and safety (“EHS”) and environmental, social and governance (“ESG”) software platform based in the US, from CVC Growth Funds (“CVC Growth”). Following the transaction, Partners Group will join CVC Growth on the Company’s board.

Founded in 1996 and headquartered in Chicago, VelocityEHS is a Software-as-a-Service (“SaaS”) platform offering products that help customers comply with a wide range of EHS laws and regulations, manage and reduce risk, and improve operational efficiency. VelocityEHS offers EHS software solutions that help customers across various use cases, including ESG management, Environmental Compliance, Safety, Ergonomics, Control of Work, Operational Risk, and Health. The Company has over 18,000 customers, with a focus on serving the manufacturing, food & beverage, pharmaceuticals, and chemicals sectors. The EHS/ESG software market is benefitting from strong thematic trends such as growing pressure on companies to decarbonise and disclose environmental sustainability information, as well as an increasingly complex regulatory environment. CVC Growth acquired VelocityEHS in 2017.

Following the investment, Partners Group and CVC Growth will work with the Company’s management team to continue to drive growth at VelocityEHS and cement its position as a leading player in the EHS and ESG software market worldwide. Key transformational value creation initiatives will include accelerating the growth of the Company’s ESG product, expanding into international markets, developing new products, and pursuing strategic acquisitions.

John Damgaard, Chief Executive Officer, VelocityEHS, comments: “EHS/ESG software adoption in the US and around the world is rising as organisations seek operational excellence and sustainable operations. Our massive customer base includes some of the world’s most admired companies. Our enterprise-grade VelocityEHS Accelerate® platform with embedded ActiveEHS® technology, and our award-winning solution set, allow us to have a very real impact in making workplaces safer and more sustainable up and down supply chains worldwide. We are very excited to continue our journey to establish the global category leader in EHS/ESG software with two world-class global financial sponsors in CVC Growth and Partners Group.”

Chris Russell, Managing Director, Private Equity, Technology Industry Vertical, Partners Group, says: “Our thematic research identified EHS as an attractive sub-sector of the US software market due to its large size, strong secular growth trends, and fragmented landscape. VelocityEHS is a market-leading SaaS platform in this space, with a comprehensive product portfolio, and we have strong conviction in its future prospects. We look forward to working with management and our partners at CVC on scaling VelocityEHS further and executing on the value creation plan.”

Aaron Dupuis, Partner at CVC, adds: “We are proud of the fantastic progress VelocityEHS has made since we invested in 2017. Working in close partnership with John and his team, we have been able to significantly accelerate the Company’s development both organically and through acquisition. We have enhanced the Company’s leading market position and expanded its addressable markets through new product launches and geographic expansion. We know Partners Group well and are very pleased to bring them on board and look forward to working closely with them to realise this next stage of growth for VelocityEHS.”

Partners Group was advised by Ropes & Gray LLP and Price WaterhouseCoopers LLP; CVC Growth by Weil, Gotshal & Manges LLP and William Blair; and VelocityEHS by Burns & Levinson, LLP.

Quotes

We know Partners Group well and are very pleased to bring them on board and look forward to working closely with them to realise this next stage of growth for VelocityEHS.

Aaron Dupuis Partner, CVC Growth

Aaron Dupuis, Partner at CVC, adds: “We are proud of the fantastic progress VelocityEHS has made since we invested in 2017. Working in close partnership with John and his team, we have been able to significantly accelerate the Company’s development both organically and through acquisition. We have enhanced the Company’s leading market position and expanded its addressable markets through new product launches and geographic expansion. We know Partners Group well and are very pleased to bring them on board and look forward to working closely with them to realise this next stage of growth for VelocityEHS.”

Partners Group was advised by Ropes & Gray LLP and Price WaterhouseCoopers LLP; CVC Growth by Weil, Gotshal & Manges LLP and William Blair; and VelocityEHS by Burns & Levinson, LLP.

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Partners Group to acquire a significant minority stake in VelocityEHS, a leading environmental, health, safety, and sustainability software platform

Partners Group

Denver, US; 16 August 2022

  • Partners Group will join existing owner CVC Growth Funds on VelocityEHS’ board
  • The Company’s SaaS products help customers comply with environmental, health, and safety laws and regulations, power sustainability initiatives, and drive operational excellence
  • The EHS and ESG software markets continue to benefit from strong thematic trends such as growing pressure on companies to decarbonize

Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to acquire a significant minority stake in VelocityEHS (“the Company”), a leading environmental, health, and safety (“EHS”) and environmental, social and governance (“ESG “) software platform based in the US, from CVC Growth Funds (“CVC Growth”). Following the transaction, Partners Group will join CVC Growth on the Company’s board.

Founded in 1996 and headquartered in Chicago, VelocityEHS is a Software-as-a-Service (“SaaS”) platform offering products that help customers comply with a wide range of EHS laws and regulations, manage and reduce risk, and improve operational efficiency. VelocityEHS offers EHS software solutions that help customers across various use cases, including ESG management, Environmental Compliance, Safety, Ergonomics, Control of Work, Operational Risk, and Health. The Company has over 18,000 customers, with a focus on serving the manufacturing, food & beverage, pharmaceuticals, and chemicals sectors. The EHS/ESG software market is benefitting from strong thematic trends such as growing pressure on companies to decarbonize and disclose environmental sustainability information, as well as an increasingly complex regulatory environment. CVC Growth acquired VelocityEHS in 2017.

Following the investment, Partners Group and CVC Growth will work with the Company’s management team to continue to drive growth at VelocityEHS and cement its position as a leading player in the EHS and ESG software market worldwide. Key transformational value creation initiatives will include accelerating the growth of the Company’s ESG product, expanding into international markets, developing new products, and pursuing strategic acquisitions.

John Damgaard, Chief Executive Officer, VelocityEHS, comments: “EHS/ESG software adoption in the US and around the world is rising as organizations seek operational excellence and sustainable operations. Our massive customer base includes some of the world’s most admired companies. Our enterprise-grade VelocityEHS Accelerate® platform with embedded ActiveEHS® technology, and our award-winning solution set, allow us to have a very real impact in making workplaces safer and more sustainable up and down supply chains worldwide. We are very excited to continue our journey to establish the global category leader in EHS/ESG software with two world-class global financial sponsors in CVC Growth and Partners Group.”

Chris Russell, Managing Director, Private Equity, Technology Industry Vertical, Partners Group, says: “Our thematic research identified EHS as an attractive sub-sector of the US software market due to its large size, strong secular growth trends, and fragmented landscape. VelocityEHS is a market-leading SaaS platform in this space, with a comprehensive product portfolio, and we have strong conviction in its future prospects. We look forward to working with management and our partners at CVC on scaling VelocityEHS further and executing on the value creation plan.”

Aaron Dupuis, Partner at CVC, adds: “We are proud of the fantastic progress VelocityEHS has made since we invested in 2017. Working in close partnership with John and his team, we have been able to significantly accelerate the Company’s development both organically and through acquisition. We have enhanced the Company’s leading market position and expanded its addressable markets through new product launches and geographic expansion. We know Partners Group well and are very pleased to bring them on board and look forward to working closely with them to realize this next stage of growth for VelocityEHS.”

Partners Group was advised by Ropes & Gray LLP and Price WaterhouseCoopers LLP; CVC Growth by Weil, Gotshal & Manges LLP and William Blair; and VelocityEHS by Burns & Levinson, LLP.

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Oakley Capital agrees strategic combination of Grupo Primavera with Cegid

Oakley

Oakley Capital (“Oakley”) is pleased to announce that Oakley Capital Fund III (“Fund III”) has agreed the strategic combination of Grupo Primavera, the leading business software provider in Iberia, with Cegid, a leading provider of cloud-based management solutions.

Grupo Primavera News 2

As part of the transaction, Fund III will increase its stake in Grupo Primavera and roll over its equity into Cegid. The all-share transaction values the combined company at approximately €6.8 billion.

Oakley acquired Ekon as a standalone platform in 2019, and assembled a group management team to lead an intensive buy and build strategy. With that team Oakley acquired 11 further companies, including the transformative acquisition of Primavera in 2021, to form the newly enlarged Grupo Primavera.

Through acquisitions as well as investment in product innovation and talent, Grupo Primavera has performed well ahead of its business plan, becoming Iberia’s largest software platform in just three years.

Icons8 User Groups

Grupo Primavera has 800 employees based in five countries

Icons8 Receive Cash

Serves 165k paying customers

Icons8 Sales Performance

Delivered €76 million of revenue in 2021

Grupo Primavera

Today, Grupo Primavera has 800 employees based in five countries, serves 165,000 paying customers, and delivered €76 million of revenue in 2021.

The company offers a wide range of cloud-based software solutions covering Invoicing, Accounting, and Enterprise Resource Planning (ERP). These offerings serve small businesses and mid-market segments across Spain, Portugal, and Africa, with a particularly strong footprint among accounting professionals. Together, Grupo Primavera and Cegid will have pro forma revenue in the Iberia region of more than €150 million this year.

Quote Santiago Solanas

We are strongly aligned with Cegid’s vision and ambition and have long admired the company. Like Cegid, we have an entrepreneurial and passionate culture with a focus on product excellence, a commitment to customers, and an exciting vision for growth. This is a powerful partnership that will allow us to combine resources and expertise, bringing customers new products and continued innovation, as well as building on our proven track record to expand and integrate new talent and approaches to market needs. Both Cegid and Grupo Primavera share a mission to grow our ecosystem and to offer our combined customers, channel partners, colleagues, and communities renewed value.

Santiago Solanas

CEO — Grupo Primavera

Quote Peter Dubens

In partnership with Oakley, Grupo Primavera has grown to become a leading player in the Iberian market for business software. Now under the stewardship of both highly experienced management teams and committed shareholders, Cegid and Grupo Primavera are poised to accelerate a global growth strategy with a focus on market expansion and cross sell opportunities. We look forward to being a part of this new chapter for both companies and the significant potential that lies ahead.

Peter Dubens

Managing Partner — Oakley Capital

Cegid

Cegid is a global leading provider of cloud business management solutions for finance (treasury, tax, ERP), human resources (payroll, talent management), CPAs, retail and entrepreneurial sectors.

With 350,000 clients, the business is focused on large and SMB customers, operating in 130 countries across the globe and its installed base is already close to fully migrated to Cloud. Cegid has a strong track record of double-digit organic growth with a high proportion of recurring revenues, underpinned by the SaaS transition of its customer base and new client acquisitions in the Cloud, and investments in next-generation cloud products.

Joining forces with Grupo Primavera is an immense opportunity for both companies and our respective clients. Like Cegid, Grupo Primavera offers useful and innovative solutions to partners and customers in the cloud, and has achieved impressive growth specifically across Spain, Portugal, and Africa. We share an inspiring vision for the future driven by continuous product and technology innovation, and Cegid is fully committed to investing in the combined company’s continued growth. We look forward to working closely with Santiago and the talented team at Grupo Primavera to bring value to a more global customer base.

Pascal Houillon

CEO — Cegid

The combination of Cegid and Grupo Primavera underscores Cegid’s position as a leading provider of cloud-based management solutions.

The addition of Grupo Primavera firmly establishes Cegid’s leadership in Iberia and offers exciting expansion opportunities for Grupo Primavera by leveraging Cegid’s presence in Latin America.

Upon close, Silver Lake will remain the majority shareholder of the combined company. Oakley Capital will join KKR and AltaOne as minority shareholders in the combined company. Together, these shareholders will partner with Cegid CEO Pascal Houillon, Grupo Primavera CEO Santiago Solanas, and the rest of the management team in Cegid’s next phase of growth.

Through our investment and strategic development executed since 2016, Cegid has become a pan European and global player with strong positions in multiple geographies including France, Spain, and Portugal, with important market presence in 12 other countries and selling in more than 130 countries. We are excited about the growth prospects of the combined group and by the creation of the Iberian market leader in the business software space, reinforcing Cegid’s existing position on a broader global scale. The market for digitisation solutions in the European mid-market, namely through financial management software, is large and growing meaningfully, and the combined company will be uniquely positioned to capitalize on this opportunity as it continues to expand.

Christian Lucas

Co-head — Silver Lake EMEA / Vice-Chairman of the Board of Directors — Cegid

Upon closing of the transaction, Mr. Solanas and his entire management team will join Cegid, with Mr. Solanas reporting directly to Mr. Houillon.

The transaction is expected to close in Q3 2022, and as is customary, remains subject to the information and consultation processes of the relevant employee representative bodies in accordance with applicable laws.

Oakley was advised by Evercore (M&A), PWC (financial & tax), Paul Hastings and Uría Menéndez (legal).

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Novature launches a new worldwide Microsoft Dynamics partner platform

Leusden, The Netherlands, 21 July 2022 – Novature is a new international platform of Microsoft Dynamics Partners that launched in July 2022. With 350 employees, Novature has an expected turnover of more than 150 million euros. Novature is an initiative of two established Microsoft Dynamics parties: Companial with offices across Europe and DycoTrade in Aalsmeer.

image

Novature

Novature concentrates on Microsoft Dynamics Business Applications and Power Platform. Novature is ambitious in its growth plans and wants to join forces internationally with other Dynamics Independent Software Vendors (ISVs) to support partners and customers in their digital transformation. “Digital transformation is the core of the growth for companies all over the world,” says Novature’s Louis Rustenhoven, CEO. “Our vision is that we will only be able to manage this when we act as a collective platform together with specialized Dynamics partners. The focus is on IP, but the platform also supports resourcing, technical and business services as well as training. It is the perfect starting point for partners and their customers to benefit from the advantages of a modern, scalable and specialized Microsoft-based business application platform.”

Novature offers Dynamics ISVs access to a pool of knowledge and resources, which is difficult for individual companies to gain access to. “Novature will attract innovative business leaders who are happy to share their knowledge and experience with other businesses,” says Arie Willem van de Plas, CEO of DycoTrade. “Novature offers literally hundreds of years of Microsoft Dynamics experience. Our partners and their customers benefit from expertise in the area of Business Applications which is second to none. This is how to stay relevant as a partner and customer in this rapidly changing world.”

Pioneers

Companial is one of the companies which partnered with Novature at the launch. Companial is a leading Microsoft distributor of Cloud platforms for more than 1,000 Dynamics implementation partners worldwide. In the past few years Companial has expanded its services in areas such as training, outsourced development, migration and upgrade services and more recently to provide an ISV Marketplace. Within Novature, Companial is able to take its partners’ services to the next level by opening up horizontal and vertical IP on the Dynamics platform for these partners.

Novature’s goal is to add Dynamics ISVs with (horizontal) IP to its platform by means of a buy-and-build strategy in the coming years. DycoTrade is the first ISV on the platform. DycoTrade has been providing Dynamics software solutions since 2001 with applications in commodity trading for the worldwide supply chains of the food, feed and metal sectors. In addition, DycoTrade also supplies horizontal applications such as currency exchange and tax calculation. All DycoTrade solutions are based on Dynamics 365, making DycoTrade one of the leading Microsoft ISVs in the Microsoft Dynamics ecosystem.

Both Companial and DycoTrade remain independent companies within the platform, operating under their own brand. Novature was established thanks to an investment of the investment company Quadrum Capital.

About Novature

Novature is the new holding company of Dynamics businesses that share a similar ambition: to digitally transform business of all sizes through business applications based on Microsoft Dynamics and Power Platform. Novature is founded in July of 2022 with the merger of Companial and Dycotrade. www.novature.com

About Companial

Companial is a service provider and Microsoft distributor for all Cloud platforms and solutions for more than 1,000 Dynamics partners worldwide. Companial has 8 offices in 7 European countries. The company arose from intensive cooperation between 1ClickFactory, an experienced provider of automated technical services to Microsoft partners, and QBS Group, a SMB Value Added Distributor for the international network of Microsoft Partners. Companial’s mission is to enable every Dynamics partner to exceed the expectations of its customers in relation to the four C’s: Community, Competency, Capacity and Capability. www.companial.com

About DycoTrade

DycoTrade has been providing software solutions and services since 2001. It wants to become the industry standard solution for commodity trading companies in the worldwide supply chains of food, feed, and metals, with the goal of increasing revenue, reducing costs, improving business processes and reducing risks. With various developed applications, based on Dynamics 365, DycoTrade is a Microsoft ISV partner with many Microsoft Gold (6) and Silver (2) certificates. DycoTrade is based in the Netherlands and has (large) international customers and partners worldwide in more than 40 countries. www.dycotrade.com

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Intelerad announces significant investment from TA to accelerate growth

HG Capital

TA joins Hg and ST6 in supporting Intelerad to advance clinical efficiency and patient care through innovative medical imaging technology.

RALEIGH, NC and MONTREAL, CANADA, July 14, 2022 Intelerad, a leading global provider of enterprise medical imaging solutions, today announced that TA Associates (“TA”), a leading global growth private equity firm, has signed a definitive agreement to make a growth investment in the company. TA joins Intelerad’s majority investor, Hg, a leading software and services investor, and ST6, a highly experienced team of software operating executives and minority investor. The transaction is expected to close in the third quarter of 2022 pending customary regulatory approval.

“We’re excited to welcome TA as a partner on our continued journey to improve healthcare through innovative technology. With their deep industry knowledge and experience scaling healthcare technology companies, the addition of TA and continued support from Hg will help Intelerad to significantly advance our growth strategy and value to customers.”

Mike Lipps, CEO of Intelerad

Founded in 1999, Intelerad provides medical imaging software and enterprise workflow solutions to healthcare providers worldwide. Headquartered in Raleigh, NC and Montreal, Canada, the company serves nearly 2,000 customers around the world, including radiology groups, outpatient imaging centers, hospitals and healthcare systems, managing over 50 billion medical images and empowering more than 300,000 clinicians, who collectively read over 140 million exams on Intelerad’s platform each year.

“We have followed Intelerad for several years and continue to be impressed by its differentiated solutions, strong growth and leadership position.”

Mark Carter, a Managing Director at TA.

“Building on its momentum in the sector, we believe Intelerad is well positioned to further strengthen and expand its suite of solutions. We are supportive of Intelerad’s vision and excited to join the team as it enters the next phase of its growth journey,”

Ethan Liebermann, a Managing Director at TA

“Intelerad has built a platform that is making a difference in patient care by enabling significant efficiencies and speed-to-results for healthcare organizations. We’re proud to have supported the Intelerad team, who have achieved significant progress in such a short period, doubling the size of the business in two years.”

Hector Guinness and JB Brian, Partners at Hg

Globally, demand for scalable imaging and workflow solutions continues to increase as imaging sites consolidate and the volume of procedures grows, placing greater pressure on productivity. Intelerad’s growth strategy is to provide customers with one of the most scalable imaging platforms in the world, and as a result, Intelerad customers are already benefiting from an expanded suite of solutions, best-in-class flexibility, and increased support which will enable them to drive clinical efficiency and focus on providing enhanced patient care.

“The COVID-19 pandemic has intensified the challenges facing this industry and accelerated the demand to improve patient care. Intelerad has recognized this need and is actively working to make its customers more productive, more agile, and more responsive. We look forward to partnering with TA to promote organic development and pursue strategic growth opportunities. The new investment from TA will help Intelerad further deliver the critical value that our customers need right now.”

Mark Friedman, Intelerad Executive Chairman and Managing Director at ST6.

Kirkland & Ellis is providing legal counsel to TA. Skadden, Arps, Slate, Meagher & Flom LLP, DLA and McCarthy Tétrault LLP are providing legal counsel to Hg and Intelerad.

For further details:

Hg
Tom Eckersley
+44 (0)208 148 5401

Brunswick
Azadeh Varzi
+44 (0)207 404 5959

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Ideagen secures partnership with Hg to support further growth as a regulatory and compliance software leader

HG Capital
  • Following support from the shareholder meeting on 23 June 2022, Ideagen has today delisted from the London Stock Exchange’s Alternative Investment Market.
  • New partnership with Hg will enable support and capital required to propel future growth, including investments in product, technology, talent and further acquisitions.
  • Ideagen also announces that Chris Bayne intends to join the Board.

Nottingham, United Kingdom. 8 July 2022. Ideagen, a leader in compliance software for regulated industries, today announces that it has secured an investment from Hg, a leading software and services investor.

Following a positive shareholder meeting on 23 June 2022, which showed support for Hg’s offer for the business, Ideagen has today delisted from on the London Stock Exchange’s Alternative Investment Market.

Established in 1993 and headquartered in Nottingham, UK, Ideagen’s software helps companies comply with regulation and manage risk. It is a leader in the +$30 billion regulatory and compliance software sector, serving highly regulated industries such as life sciences, healthcare, banking and finance and insurance.

“We are on an exciting journey of growth and progression, one that continues to deliver solutions to help improve operational efficiency, maintain compliance, manage risk and keep people safe. This new relationship with Hg will give us the ability to accelerate even faster, serve our customers better and scale our business further across the globe.”

Ben Dorks, Ideagen CEO

The Ideagen Board selected Hg as a recommended partner due to a strong cultural alignment, as well as recognising Hg’s over 20 years’ industry leading experience in building and rapidly growing innovative software businesses, including across the legal and regulatory compliance software sector. Ideagen represents Hg’s 15th investment in this specific sector, having invested over c.$3 billion of capital to date.

Ideagen is also pleased to announce that Chris Bayne will join the Board. Chris currently serves as CEO on the management team of Access Group, one of the largest UK headquartered software businesses. Chris brings a host of relevant experience within the software sector, having overseen Access Group’s uninterrupted and profitable revenue growth for over 15 years.

“We are excited to work with Ben and the team. They have been responsible for building a high-quality business that will now have greater flexibility to execute and accelerate longer term growth plans, including investments in product, technology, talent and large scale, accretive acquisitions. We are also delighted to welcome Chris Bayne, a proven leader with a history of significantly scaling UK software businesses alongside Hg.  Together we are in a great position and remain committed to ensuring that Ideagen maintains and grows as a leader in the sector.”

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

Ben added:

“I’m looking forward to working with Chris and I know he will bring valuable sector knowledge to the table. I’m delighted to be able to continue to work with Richard Longdon, who has agreed to remain on the Board – and thank those Non-Executive Directors who are subsequently stepping down, including Julian Clough, Alan Carroll and Tony Rodriguez. Your support and guidance has been invaluable, helping to get us to this point in our growth journey and I know I personally have benefitted from your challenge and counsel. It has been a pleasure to work alongside you.”

Today Ideagen has a global footprint with hubs across UK, US, Middle East, Australia and Southeast Asia, and its wide portfolio of solutions are used by over 10,000 customers globally.  Ideagen has a diversified customer base including blue chip, global brands such as Heineken, British Airways, Aggreko, Bank of New York and Johnson Matthey.

To view any documents related to offer and related announcements, visit https://investors.ideagen.com/announcements/


Media Contacts

For Hg
Tom Eckersley, Hg
+44 (0)20 8396 0930
tom.eckersley@hgcapital.com

Azadeh Varzi, Brunswick Group
+44 (0)207 404 5959
hg@brunswickgroup.com

For Ideagen
Rebecca Watson
+44 (0)7899 755 636
Rebecca.watson@ideagen.com

Jamie Ricketts,  FTI Consulting
+44 (0) 20 3727 1000
ideagen@fticonsulting.com

About Ideagen plc
Ideagen’s software helps companies comply with regulation and manage risk. Ideagen is a leader in the +$30 billion regulatory and compliance software market, serving highly regulated industries such as life sciences, healthcare, banking and finance and insurance. Ideagen has acquired over 20 companies since 2013. More than 10,000 organisations use Ideagen’s software, including 9 of the top 10 accounting firms, all of the top aerospace and defence companies and 75% of leading pharmaceutical firms. Ideagen has a diversified customer base including blue chip, global brands such as Heineken, British Airways, Aggreko, Bank of New York and Johnson Matthey. Ideagen is headquartered in the UK and has key hubs in the UK, US, Middle East, Australia and Southeast Asia.

For further information please visit www.ideagen.com.

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 $40 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 and New York, Hg has a portfolio of over 45 software and technology businesses, worth over $100 billion aggregate enterprise value, with over 65,000 employees globally, growing at over 20% per year.

Visit www.hgcapital.com for more information and sign up for the Hg Newsletter to stay updated with Hg and portfolio news.

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Headwall Makes Strategic Growth Investment in Industry-Leading Hyperspectral Interpretation Software

Arsenal Capital Partners

Accelerates Machine Vision strategy with perClass BV, leader in intuitive machine-learning spectral analysis software

July 7, 2022

Bolton, MA- Headwall Photonics, a world-leader in high-performance hyperspectral imaging systems and OEM devices for applications in remote sensing and industrial machine vision including food quality/safety inspection, precision agriculture, and environmental monitoring, amongst others, announced today its strategic growth investment in perClass BV. perClass is the developer of the industry leading perClass Mira spectral analysis software package, which integrates with various spectral sensors and enables intuitive spectral imaging analysis for advanced machine vision applications in research, industrial, and various commercial deployments.

“Spectral imaging has been used in research for decades to help answer a variety of complex questions. Until recently, this involved a time-consuming process of data acquisition, model development, and lengthy data analysis typically performed by a senior level scientist,” noted Don Battistoni, President of Headwall. “perClass Mira eliminates those complexities through an intuitive interface backed up by advanced machine learning algorithms, in the process dramatically expanding the addressable use cases for spectral imaging across numerous industrial markets.”

“perClass’ mission remains to simplify interpretation of spectral imaging data to expand deployment for industrial applications,” Dr. Pavel Paclik, perClass Founder and General Manager adds. “We remain dedicated to and will continue to support and work with our many loyal and new spectral sensor manufacturer partners. This growth investment and our extended partnership with Headwall will facilitate our ability to provide best in class solutions to the market for any sensor, and our deeper integration with a leading sensor provider accelerates our goal of advancing widespread adoption of spectral imaging in real-world applications.”

Headwall’s award-winning Hyperspec® MV.X already utilizes perClass Mira to both create spectral classification models and deploy them in applications such as the detection of food contamination, material sorting in recycling, and grading of fruit and nuts, amongst other applications. Both Headwall and perClass are focused on bringing hyperspectral imaging to more industries and researchers globally by introducing more intuitive yet powerful spectral analysis workflows and by eliminating the data interpretation complexities that have historically limited broader hyperspectral imaging adoption.

About Headwall
Headwall, headquartered in Bolton, MA, designs and manufactures hyperspectral solutions and technologies for the industrial, government, academic, and research end markets. The company’s products operate across the spectral range to analyze complex hyperspectral images and provide actionable insights to its customers. For more information, please visit www.headwallphotonics.com

About perClass BV
perClass BV was founded in 2006 to bring state-of-the-art machine learning to industrial practitioners and researchers via a powerful suite of perClass software tools. Following continued software development and an evolving understanding of the needs of the industrial market, in 2018 perClass released perClass Mira, a sensor agnostic software package which dramatically simplifies interpretation of images collected from all the world’s leading spectral imaging sensors. perClass focuses on addressing real-world work-flows and on enabling professionals around the world to develop highly innovative solutions. The company has organized dozens of practical training courses for a worldwide audience. With this investment, perClass becomes part of the Headwall Group, of which the perClass shareholders are now partial owners. For more information, please visit https://www.perclass.com

For more information, please contact:
Ross Nakatsuji
Headwall Marketing Communications Manager
580 Main Street
Bolton, Massachusetts 01740
Tel: +1-978-353-4051
E-Mail: rnakatsuji@headwallphotonics.com

Dr.Pavel Paclik
perClass BV
Molengraaffsingel 12
2629JD, Delft, The Netherlands
Tel: +31 648060368
E-Mail: pavel.paclik@perclass.com

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CLEARLAKE CAPITAL TO SELL BRIGHTLY SOFTWARE TO SIEMENS

Clearlake

Under Clearlake’s ownership, Brightly transformed into a leading cloud-based asset management software platform with a broad suite of products solving operational and planning needs

 

Santa Monica, CA and Cary, NC – June 27, 2022 – Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”) today announced it has entered into a definitive agreement to sell Brightly Software, Inc. (“Brightly Software”, “Brightly” or the “Company”) to Siemens AG (“Siemens”) (FRA:SIE) for $1.575 billion of upfront cash consideration, along with $300 million in cash earn-out payments, for a total of $1.875 billion. The transaction is expected to close in the second half of 2022 and is subject to customary closing conditions and regulatory approvals.

 

Brightly is a leading software-as-a-service (“SaaS”) provider of cloud-based enterprise asset management and facility operations management. Clearlake acquired Brightly, formerly known as “Dude Solutions,” in June 2019 and subsequently executed on its O.P.S.® strategy by partnering with management to support the Company through multiple organic and inorganic strategic initiatives.

 

“We are thrilled by the progress made by Kevin and the Brightly team as the Company has expanded to become a leading provider of enterprise asset management SaaS solutions across a broad range of applications, end-markets, and geographies,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner and Managing Director, at Clearlake. “Over the past three years, we have transformed the operating expense structure of the business to enable efficient growth and significant profitability, while improving the quality of the Company’s revenue streams. We are particularly pleased with Brightly’s progress leveraging the best practices from the Clearlake software portfolio to become a high performing SaaS platform, and we believe the foundation Kevin and the management team have established positions the Company for continued growth under Siemens’ ownership.”

 

Kevin Kemmerer, Chief Executive Officer at Brightly Software, said, “This is a very exciting day for Brightly as it represents an important milestone in the Company’s history after going through a strategic transformation over the past few years under Clearlake’s guidance. Siemens’ acquisition of Brightly represents confidence in our ongoing plans to scale across end-markets and geographies, our ability to accelerate our market leadership position in enterprise asset management, and our goal to help our clients create more sustainable communities. We are proud and grateful to Clearlake of the work we have done together.”

 

Over the course of Clearlake’s investment, Brightly expanded into new end-markets and additional geographies, while enhancing its product suite in existing markets by developing and investing in new product offerings, including solutions with a focus on ESG and sustainability management. Leveraging Clearlake’s best practices from its software investment portfolio, Brightly reconfigured its go-to-market motion and transitioned many customers to a longer-term partnership model, all while maintaining the platform innovation that has differentiated Brightly in the past. These efforts were supplemented by executing on four strategic acquisitions, including Assetic, Confirm, Energy Profiles, and Facility Health.

 

These initiatives under Clearlake’s three-year ownership resulted in an approximately 100% increase in annual recurring revenue and a significant expansion in the Company’s EBITDA margins. Today, Brightly has a global customer base with over 12,000 clients across Education, Public Infrastructure, Manufacturing, Healthcare, Commercial Real Estate, and other end-markets, and was recently recognized as a “Leader in Enterprise Asset Management Software” from Verdantix, an award-winning independent research firm.

 

“Brightly will enable us to leapfrog to the next level of performance for buildings. With seamless data exchange between our offerings, our customers can expect enhanced efficiency, lower downtimes and maintenance costs, shorter lifecycles, better data-driven decisions and more satisfied tenants,” added Matthias Rebellius, Member of the Managing Board of Siemens and CEO of Siemens Smart Infrastructure. “The acquisition will speed up our target of becoming a leading software company also in infrastructure and support our vision of creating fully autonomous buildings that continuously learn from and adapt to the needs of their tenants.”

 

William Blair & Company LLC and SVB Securities LLC acted as financial advisors to Brightly. Sidley Austin LLP provided legal counsel to Brightly and Clearlake.

 

About Clearlake

 

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has over $72 billion of assets under management and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.

 

About Brightly Software

 

Brightly, the global leader in intelligent asset management solutions, enables organizations to transform the performance of their assets. Brightly’s sophisticated cloud-based platform leverages more than 20 years of data to deliver predictive insights that help users through the key phases of the entire asset lifecycle. More than 12,000 clients of every size worldwide depend on Brightly’s complete suite of intuitive software – including CMMS, EAM, Strategic Asset Management, IoT Remote Monitoring, Sustainability and Community Engagement. Paired with award-winning training, support and consulting services, Brightly helps light the way to a bright future with smarter assets and sustainable communities. For more information, visit www.brightlysoftware.com.

 

About Siemens

 

Siemens is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power. In fiscal 2021, which ended on September 30, 2021, the Siemens Group generated revenue of €62.3 billion and net income of €6.7 billion. As of September 30, 2021, the company had around 303,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

 

 

Media Contacts

 

For Brightly Software:

Adam Novak

PAN Communications

brightly@pancomm.com

 

For Clearlake:

Jennifer Hurson

Lambert & Co.

jhurson@lambert.com

(845) 507-0571

 

For Siemens:

Florian Martens

florian.martens@siemens.com

+49 162 2306627

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UniSea partners with Adelis to accelerate growth and global expansion

Adelis Equity
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UniSea has delivered maritime software since 1997 and is today the leading provider of HSEQ SaaS, supporting maritime customers worldwide. To accelerate international growth and support the company’s continued development, Unisea is now partnering with Adelis as new majority owner.

With over 25 years of experience as a global maritime software provider, UniSea supports its customers with regulatory compliance and optimising internal work processes through a modern and user friendly HSEQ SaaS. Moreover, UniSea is also an IT services partner for key customers. The company has a world leading position in its niche. Today, UniSea serves over 90 customers with 1 500 vessels across the Nordics, Europe, and North America, including some of the largest shipping companies in the world.

”We have made a thorough assessment of the broader maritime software market, where we see multiple secular trends driving future growth. UniSea stands out as a clear market leader within its niche, and is a strong platform for further global expansion within the fast-growing maritime software market. We are impressed by UniSea’s experienced management team and approach to customer-driven product development, and we look forward to partnering with the management team to support the continued growth journey,” says Jørgen Møinichen and Lene Stern from Adelis.

”UniSea is seeking a partner to help accelerate our international growth and support the company’s continued development. We know that Adelis has extensive experience in developing software companies globally and are excited to partner with them to further improve our value proposition towards our customers and create a leading global maritime software company,” says UniSea’s CEO Kurt Roar Vilhelmsen.

For further information:

Kurt Roar Vilhelmsen, UniSea AS, krv@unisea.no, +47 915 75 915

Len Lene Sandvoll Stern, Adelis Equity Partners, lene.stern@adelisequity.com. +46 702 81 34 24

Jørgen Møinichen, Adelis Equity Partners, jorgen.moinichen@adelisequity.com, +46 790 77 0221

About Unisea

UniSea is a software and consultancy house with a dedicated shipping and offshore focus. Since 1997, UniSea has delivered market leading HSEQ and operations support software to a large number of vessels and companies worldwide. The strategy is to specialize in optimizing customers’ internal work processes through user-friendly and industry-specific solutions. Today, UniSea has around 90 customers, including some of the world’s largest shipping companies, who use UniSea software modules on almost 1 500 vessels worldwide. For more information, please visit www.unisea.no

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 34 platform investments and more than 150 add-on acquisitions. Adelis today manages approximately €2 billion in capital. For more information, please visitwww.adelisequity.com.

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Main enters growth partnership with Enterprise Architecture (EA) leader Bizzdesign

Main Capital Partners

Main Capital Partners today announces the acquisition of a majority stake in Bizzdesign, a global Enterprise Architecture software company. Bizzdesign’s Enterprise Architecture cloud platform helps customers with complex digital business changes by giving them insights to increase the success rate of business transformation and drive strategic execution. The partnership with Main strengthens Bizzdesign’s market-leadership position and fuels its growth strategy by further expanding its global footprint and executing strategic add-on acquisitions.

Bizzdesign, headquartered in The Netherlands, was founded in 2000 by a team of Dutch innovators as the commercial spin-off of a Research and Development institute. The company’s growth has accelerated significantly over the years, fuelled by its inspiring customer-centric vision, relevant and innovative product offerings, talented employees, and a dedicated global partner system. Bizzdesign has local international operating offices in Boston (USA), London (UK), and Gronau (Germany).

In 2021, Bizzdesign was recognised as a leader in Gartner’s Magic Quadrant for Enterprise Architecture for the 6th consecutive time. Bizzdesign Horizzon, its flagship Enterprise Architecture SaaS platform, brings together strategy, IT architecture, operating models, data, capabilities, change portfolios and ideas into a single, intuitive, collaborative business design platform. Real-time visibility of key metrics and trends allows customers to take action quickly.

Bizzdesign has more than 350 customers globally with a strong customer presence in the financial services and public sectors. The company counts many blue-chip giants amongst its global base, including Desjardins Technology Group, Maersk, T-Mobile and ASML. Bizzdesign has direct operations in EMEA and North America, and it has recently expanded to the Asia-Pacific region with a presence in Australia.

International growth acceleration
Supported by Main’s international software expertise, Bizzdesign will now look to further develop its product portfolio offering to enable customers to achieve rapid time to value of their business transformation initiatives. In addition, Bizzdesign and Main will jointly aim to accelerate its already impressive growth trajectory. This strategy will include the expansion and delivery of its innovative product offering and roadmap, and strategic add-on acquisitions with a prerequisite for geographical expansion.

Hugo Ehrnreich, Chief Executive Officer of BiZZdesign, commented:
“We’re proud of how we’ve consolidated and expanded our global leadership position over the last five years. We’ve done so thanks to our growing world-class customer base, uniquely powerful Enterprise Architecture cloud platform, and above all, our unique culture and the unrivalled expertise, passion and dedication of our team. But this is only the beginning. We see immense untapped potential to ‘take our company to the next level’ and unleash the full value and power of Enterprise Architecture for our customers’ businesses and the broader enterprise, business, solution and security architect community. We’re therefore delighted to partner with Main to accelerate this path to ‘next-level value’ and strengthen our product offering and innovation, geographic footprint and global strategic partner network through selected strategic add-on acquisitions.”

Dr. Harmen van den Berg, co-founder of Bizzdesign, said:
“Over the past 22 years, Bizzdesign has grown from a small Dutch R&D start-up to a Global Leader in Enterprise Architecture and we’re partnering with some of the largest private and public organizations in the world. As founders, we’re proud to welcome Main as co-investors to the Bizzdesign family. It was critical for us to find the right partner with the right cultural fit and a strong expert team to support us in scaling further while ensuring continuity for our customers and our team. With Main, we’re convinced that we’ve found this partner and we’re excited to write the next chapter of our company’s story together.’’

Pieter van Bodegraven, Managing Partner Benelux at Main Capital Partners, added:
We have known the founders and management team of Bizzdesign for several years and have been consistently impressed by their performance. Bizzdesign is a leading software provider in the Enterprise Architecture market, which has been rapidly expanding in recent years. The increasing need to align business strategy with IT and the complexity of these change projects is expected to continuously drive growth moving forward. We are therefore delighted to partner with the Bizzdesign team and combine forces to further strengthen and accelerate the company’s profitable growth track record through the combination of strong continued organic growth and strategic add-on acquisitions.

Bizzdesign
Founded in 2000, Bizzdesign is the trusted global SaaS Enterprise Architecture platform and recognized as a leader by major analyst firms. They help the world’s leading public and private organizations guarantee the success of investment prioritization, transformation initiatives, and risk management. Bizzdesign helps architects and executives to see a full multi-dimensional picture, find and design the right path and execute with confidence to their targeted future. The company believes that success should not be a matter of luck. It should be by design.

Main Capital Partners
Main Capital Partners is a leading software investor in the Benelux, DACH and the Nordics. Main has almost 20 years of experience in strengthening software companies and works closely together with management teams of its portfolio companies as a strategic partner, in order to realize sustainable growth and build excellent software groups. Main counts over 50 employees and has offices in The Hague, Stockholm and Düsseldorf. As of October 2021, Main has over EUR 2.2 billion of assets under management. Main has invested in more than 130 software companies to date, whom have created jobs for approximately 5,000 employees.

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