17 May 2022

Growth

France, Paris

Ardian, a world-leading private investment house, announces today it has acquired a minority stake in Taxually, a leading cloud-native tax compliance software company. This investment, made by the Growth team at Ardian, will enable the company to accelerate growth globally, including through build-up opportunities and investment in its market leading indirect tax technology platform.

Founded in 2018 in Budapest, Taxually provides international businesses with a solution to manage and automate their VAT returns via its best-in-class platform, and is available in more than 40 countries. The company was founded by three former KPMG executives with extensive sector experience (Michael Glover, Stefan Mladenovic and Fergal Garvey).

Taxually works with key marketplaces, E-commerce aggregators, E-commerce sellers and enterprise customers around the world. The company has also successfully launched partnerships with some of the largest marketplaces globally, empowering their end customers to unleash their full potential thanks to a completely automated VAT management solution. The business nearly tripled in size over the course of 2021.

The Growth team at Ardian, with its strong track-record in scaling-up high-growth companies, will support Taxually’s management team in their next development phase. Through this investment, the company will be able to pursue product innovation and accelerate international expansion, strengthen its teams, and seize external growth opportunities.

“We welcome the Ardian Growth team as our partner for the further development of our company. The excellent cultural fit between our teams and their deep understanding of our industry have been the key ingredients of our decision to broaden the shareholder base of Taxually with a financial sponsor. With Ardian we have a highly reputable growth investor on our side with a seasoned team and a clear commitment to support the ambitious targets we have set for ourselves.” Michael Glover, Co-Founder and Chairman of Taxually

“We are delighted to accompany Taxually on its journey to scale up and become a global category leader. We have identified a software product with a strong value proposition for its end customers and a talented and highly experienced team. We look forward to this strategic partnership and believe this investment highlights our ambition and our strategy to support the scale-up of high-growth companies across Europe and worldwide. Romain Chiudini, Managing Director in the Ardian Growth team

“Organizations of all sizes anywhere in the world must turn to automation to control accurately indirect tax calculation, filing and tax registration. Taxually has built a highly differentiated cloud-native solution that addresses the key pain points faced by sellers that operate globally and can unlock significant growth for them. We are thrilled to partner with Taxually’s team to address these challenges.” Olivier Roy, Senior Investment Manager in the Ardian Growth team
Parties to the transaction

Ardian
Ardian Growth: Romain Chiudini, Olivier Roy, Solène Hamouda
Legal advisor: McDermott Will & Emery (Diana Hund)
Financial advisor: KPMG (Philippe Bladanet, Benjamin Patte, Cyril Darcq)
Strategic advisor: Singulier (Remi Pesseguier, Kitson Synes, Christian Nikodem, Charles Lacroux, Marie-Sophie Dieter)

Taxually
Management: Michael Glover, Stefan Mladenovic, Fergal Garvey
M&A advisor: Credit Suisse
Legal advisor: Allen & Overy
Financial advisor: PWC

ABOUT TAXUALLY

Taxually was founded in 2018 and delivers VAT compliance solutions that cater for all business types, from online retailers to those with complex tax requirements. Taxually’s strength lies in its ability to not only understand the world of taxes but also translate it into technology solutions that help organisations reduce their administrative burden, improve the quality of their VAT compliance activities and mitigate the risk that non- compliance poses. Today, the company employs more than 65 employees and is headquartered in Budapest, with subsidiaries in the U.K., Ireland, France, China, Italy, Poland and Serbia.
www.taxually.com
ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$130bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 880 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

Media contacts

TAXUALLY

media@taxually.com

ARDIAN

HEADLAND
ardian@headlandconsultancy.co.uk

Software investor Main Capital Partners (“Main”) today announces four acquisitions of majority shareholdings in business software companies Nissen & Velten (ERP), texdata (ERP), aruba BI (BI) and Litreca (financial solutions). The four companies will now be combined to form a new comprehensive business software group that will be known as enventa.

These four businesses all have significant and well-established track records as market leaders within their own sectors, operating across the business software landscape. They focus on enterprise resource planning (“ERP”), business intelligence (“BI”), as well operational financial solutions such as receivables and treasury management. enventa now has a strong footprint in the DACH region, serving the German SME and corporate market.

Combined 2022 revenues for enventa are forecast to reach approximately EUR25 million and are predicted to increase further at a double-digit growth rate. This will make enventa a “Rule of 40” company with a combined growth rate and profit margin of >40%. The Group will now employ approximately 200 people to drive and support this growth trajectory deploying a cross and upsell strategy.

Nissen & Velten is headquartered in Stockach, offering comprehensive, flexible and integrated ERP software solutions in wholesale markets for technical, steel, sanitary, building materials and electrical products. This covers a broad spectrum of solutions, ranging from ERP, CRM and e-commerce modules to WMS, PMS and analytics solutions.

Established in 1983 and based in Karlsruhe, texdata offers standardised ERP business software for companies in the apparel, footwear and home textiles sectors. The product portfolio of texdata comprises a fully modularised ERP solution covering business processes ranging from product development, production and sales to logistics. texdata also has a comprehensive warehouse management system that delivers everything for intralogistics from chaotic storage, mobile picking solutions through to the integration of robotic picking solutions.

aruba BI, which works closely with texdata through customer integration (serving around 20 clients together to-date), is a leading provider of business intelligence solutions for extracting, structuring, analysing and visualising data from well-positioned corporate software for all layers of information technology and operational technology. The product portfolio of aruba comprises an enterprise BI solution including reporting, analytics and business intelligence, as well as an enterprise scorecard, enterprise query and an event-driven dashboard. texdata serves more than 180 customers across the apparel, footwear and textile industries while aruba has more than 400 industrial SME customers.

Litreca, with headquarters in Stuttgart, is a provider of modular financial solutions for CFOs, financial decision makers, treasurers and employees from finance departments. It specialises in mid-to-large sized companies, within SAP as well as other ERP systems. As part of the enventa Group, Litreca will focus on providing financial business software.

enventa is now well positioned to benefit from the advantages of consolidation, economies of scale, technological integration and aligning with like-minded, highly skilled professionals across the region.

Customers for enventa through the umbrella of these four operating companies now include Lufthansa, Leica Camera and KYOCERA Fineceramics Precision among others.

Sven van Berge, Head of DACH activities at Main Capital Partners, commented:
“The ERP market offers significant growth opportunities for the DACH region. These acquisitions give Main a strong stable of holistic software providers to better serve the German SME market. We will capitalise on our existing, extensive experience within the ERP software sector and implement it to further grow and develop these exciting business synergies to drive enventa forward. We will look to achieve sustainable growth through solid business models and initiatives such as further buy-and-build execution in the fragmented ERP market as well as diversification through cross-selling. There will also be a key focus on cloud readiness and tech stack operations giving strong  modernisation. We are very excited for this next chapter, working together with the respective existing management structures as a part of the wider succession plan.

Daniel Plohnke, CEO at textdata, and newly appointed CEO of enventa, commented:

“We are really looking forward to joining forces with Main. We chose Main as a partner for their extensive know-how and strategic support in building large, cross-border software groups. With the current combination of companies, we have set up a strong foundation for the next phase of the enventa group to enable further expansion into the DACH market.”

Stephanie Kliner, CEO at Litreca and newly appointed CFO for enventa, commented:

“The strategic combination of these companies under the enventa umbrella is an essential part of our growth journey for the group. We are adding unique competences to the teams as well as providing new and more holistic software solutions. These are neatly interlinked and will deliver higher customer value to our existing and future customers.”

Joerg Nissen and Günther Velten, Founders of Nissen & Velten, commented:

“We are ready to begin the next chapter of our growth journey. With our strong software proposal in the group and organic growth, we will now partner with Main and implement a successful buy-and-build strategy. This will enable us to compete for the top positions in our industry.”

All the senior management and founders referenced will remain with the Group as part of the new strategic direction for the companies. They also share a strong belief in the future growth prospects having all either invested or reinvested in enventa following this integration process.

Main Capital Partners

Main Capital Partners (“Main”) is a leading software investor in the Benelux, DACH and Nordics. Main has almost 20 years of experience in developing software companies and works closely together with management teams of its portfolio companies as a strategic partner, in order to realise sustainable growth and build excellent software groups. Main has over 45 employees and has offices in The Hague, Stockholm and Düsseldorf. As of October 2021, Main has over 2.2 billion euros under management. Main has invested in more than 120 software companies. These companies create jobs for approximately 4,000 employees.

Nissen & Velten Software GmbH

Nissen & Velten Software GmbH supports its customers in seizing the opportunities of digital transformation. For more than 30 years, the software house has been producing innovative business solutions for small and medium-sized companies. The software enventa ERP offers solutions for ERP, CRM, logistics, e-commerce and master data management. A portfolio of industry solutions for the technical wholesale, the SHK trade, the steel trade and for the electrical wholesale completes the offer. The 90 employees of Nissen & Velten and the 15 sales partners in Germany, Austria and Switzerland together support more than 350 companies.

Litreca AG

Litreca AG offers software for optimal financial processes. For more than 25 years, Litreca AG has had its finger on the pulse, closely observing market situations and the needs of companies in Germany, Austria and Switzerland. Whether treasury management, secure payment transactions, automated bank statement processing or financial planning – Litreca AG’s passion is to provide high-quality financial solutions within SAP and for independent ERP systems. The results are practice-oriented software solutions, which are designed together with more than 600 customers.

texdata software gmbh

texdata software gmbh is one of the leading providers of business software for the fashion and lifestyle industry. With offices in Karlsruhe, Bielefeld and Lustenau (Austria), texdata serves approximately 180 customers in German-speaking countries, including successful brands such as Seidensticker, bruno banani, Luisa Cerano and Burda create. The ERP system DIAMOD enables companies to connect all areas from design, sales, production, procurement, logistics to the end user to a continuous and transparent process. With the WMS software DIALOG, companies and logistics service providers optimize their intralogistics and ensure inventory security and maximum performance.

aruba informatik GmbH

aruba informatik GmbH supports companies in making optimal use of their data. aruba BI includes easy-to-use and practical products for data extraction and provision (ETL) as well as for reporting, analysis and planning. In addition, the solution portfolio includes reporting portals, enterprise cockpits and dashboards, and real-time monitoring. Around 600 companies use BI solutions from aruba as the basis for secure business decisions.

EQT VIII to sell a large part of its stake in cloud software vendors IFS and WorkWave to Hg, in a transaction valuing the Companies at USD 10bn. EQT Private Equity to remain majority shareholder alongside Hg, TA and the management teams

Since the acquisition by EQT VIII and EQT IX, IFS has grown Cash EBITDA by 51 percent p.a. and established a global leadership position within cloud software for companies which want to differentiate on service

Since separating WorkWave from IFS in 2021, WorkWave has more than tripled revenues by combining a compelling organic growth strategy and three transformational add-ons, cementing a leadership position within cloud software for recurrent Field Service verticals

EQT Private Equity, Hg and TA to support IFS’s and WorkWave’s continued value creation journeys, including investments in their organizations and product capabilities, while pursuing further growth, both organically and through add-on acquisitions

EQT is pleased to announce that the EQT VIII fund has agreed to sell most of its stake in IFS and WorkWave (the “Companies”) to Hg in a transaction valuing the Companies at USD 10 billion. Existing minority shareholder TA will also divest a portion of its stake to Hg. The EQT VIII and EQT IX funds (together, “EQT Private Equity”) remain in voting control as the largest shareholder in IFS and WorkWave alongside Hg, TA and the Companies’ respective management teams following the closing of the transaction.

Founded in 1983, IFS is a globally recognized leader in developing and delivering cloud-based enterprise software. IFS provides a single unified platform delivering best-in-class Field Service Management (FSM), Enterprise Asset Management (EAM), Enterprise Resource Planning (ERP) and Enterprise Service Management (ESM) solutions. IFS is a key enabler for customers digitizing their core operations while contributing to more efficient use of resources and assets across its customers’ value chain. IFS has over 4,500 employees in more than 50 countries, serving thousands of customers worldwide.

Since EQT Private Equity and TA acquired IFS from the EQT VII fund in 2020, the company has continued its transformation journey into a global enterprise software champion. Several strategic initiatives have contributed to this success, including the launch of IFS Cloud, the “Moment of Service” rebranding, the establishment of a fourth product segment in ESM (through IFS Assysts) and completion of three add-on acquisitions. Between FY19A and FY21A, IFS grew Cash EBITDA by 51 percent per annum and Software Revenues by 22 percent per annum, with 70 percent of revenues this year being recurring.

Founded in 1984, WorkWave is a leading provider of software and related digital solutions to recurrent service verticals within field service management (FSM). WorkWave’s solutions empower companies in their target verticals to reach their full potential through scalable, cloud-based software solutions that support every stage of their business life cycle, including marketing, sales, service delivery, customer interaction and financial transactions.

Following the 2021 decision to separate WorkWave from IFS and operate it as a standalone portfolio company, WorkWave has grown revenues three-fold through rapid organic growth combined with three transformational add-on acquisitions. In less than 12 months, WorkWave has grown from being the leading software provider in one vertical to having the clear leadership position across four main vertical segments within recurrent Field Services. The company has also expanded its digital offerings including continued success with its payments solution.

EQT, Hg and TA will support IFS’s and WorkWave’s continued standalone growth journeys, cementing and strengthening their respective leadership positions. Further investments will be made in the companies’ organizations and product capabilities, both organically and through strategic add-on acquisitions.

Johannes Reichel, Partner within EQT Private Equity’s Advisory team, and Naveen Wadhera, Managing Director at TA, said, “The continued push of industries and enterprises to digitize and streamline their core operations presents a great opportunity for innovative software leaders like IFS and Workwave. Both companies have undergone significant transformation journeys to date and are now well positioned to take advantage of several global thematic trends, including customers increasingly relying on cloud-based software to deliver even better service to their customers as well as more sustainable usage of their resources and assets. We would also like to thank the high-performing teams at IFS and WorkWave, led by Darren Roos and David Giannetto respectively.”

Darren Roos, CEO of IFS and Chairperson of WorkWave, said, “We’re proud to have built two amazing software brands – and we continue to go from strength-to-strength. We are structured to scale, we have class-leading technology, and our people and partners remain obsessed with customer satisfaction. These have been the foundations of our success at both IFS and WorkWave, and now with the additional backing and software expertise of Hg alongside EQT and TA, we have the ability to accelerate our growth even faster.”

Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, said, “We have spent well over 20 years with a strong focus on enterprise software. As a result we have followed IFS’s success for several years and recognise it as a very high-quality cloud business. Its consistent performance and growth is a result of a compelling and differentiated proposition, built by a strong management team led by Darren. Both IFS and WorkWave offer very strong cloud products in verticals which are growing rapidly and we therefore see a clear runway for sustained growth for the businesses.”

Per Franzén, Partner and Head of EQT Private Capital, said, “Having led EQT VII’s buyout of IFS from Nasdaq Stockholm back in 2015, I am truly impressed by the strong positions the Companies hold today. IFS has transformed from a Northern European-focused software vendor into a global provider of cloud-based software solutions with a clear leadership position within its segments. I believe we have only seen the beginning of IFS’s and WorkWave’s growth trajectories, and I am pleased to welcome Hg as a new co-investor as the Companies enter a new chapter in their exciting journeys.”

The transaction is subject to customary conditions and approvals and is expected to close during Q3 2022.

Arma Partners acted as exclusive financial adviser to the sellers on this transaction alongside White & Case (legal), Kirkland & Ellis (legal) and PwC (financial and tax).

Contact

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

About

About EQT
EQT is a purpose-driven global investment organization with EUR 73.4 billion in assets under management across 28 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within IFS’s single platform, the industry specific products are innately connected to a single data model and use embedded digital innovation so that IFS’s customers can be their best when it really matters to their customers—at the Moment of Service™. The industry expertise of the people in the organization and of IFS’ growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in the sector. The team of 4,500 employees every day live the IFS values of agility, trustworthiness and collaboration in how IFS supports its thousands of customers.

More info: www.ifs.com

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

More info: www.workwave.com

Main Capital Partners (“Main”) today announces the roll-out of an international software group that specialises in solutions for Governance, Risk and Compliance (“GRC”) processes. This strategic development comes after the acquisition of a majority stake in Swedish Blika Solutions (“Blika”) and the immediate addition of audimex in Germany as its first add-on portfolio company.  The financial details for these transactions were not disclosed.

Blika, headquartered in Stockholm, represents the first Nordic platform investment from the Main Foundation I fund, which was launched in October 2021 targeting innovative, high-growth software companies.

Main will support the Group with further strengthening its position in Europe through a combination of organic growth, focused initially on partnerships as well as a selective buy-and-build strategy.

The acquisition of audimex marks the first strategic step of strengthening Blika’s international market footing as well as further expanding its product suite with complementary GRC functionalities. Blika is well known for its SaaS platform that focuses on legal, entity and tax management activities. audimex provides extensive audit and compliance management software.

In partnership, these companies will offer a comprehensive GRC-suite to both the DACH and Nordic markets.  Blika already has a large client base comprising European and global multinationals including Fortune 500 companies. audimex services over 200 customers across the globe with a strong focus on the DACH region.

Blika has developed a modular, best-of-breed SaaS system which allows companies to monitor complex legal entity structures ensuring proper governance and compliance. This platform helps enterprises to comply with complex tax, legal and transfer pricing regulations such as DAC6 and IFRIC 23.

Peter Öhling, CEO at Blika, commented:
“We are very excited to enter this next phase of growth as we look to develop our company together with support from both Main and audimex. Our best-of-breed platform is internationally scalable and brings strong benefits to companies across the DACH region. With the support of Main, we aim to accelerate our growth internationally, starting with the German market. Through the addition of complementary services offered by audimex to our platform, we can add real value for our existing and future clients.”

Dr. Stefan Berchtold, Managing Director at audimex, added:
“We are delighted to partner with Blika and Main. After 20 years growing the company, this is a big strategic step  for audimex. Having strong partners on our side means we now have the capability to grow and scale much faster, especially in Northern Europe. By partnering with Blika we can support our customers with a much broader portfolio offering.”

Increasing pressure to comply with complex international regulations

The GRC software sector faces an increasing pressure from companies to comply with complex international regulations and protocols. The entity management software market is predicted to grow by at least 17% per year until 2026. In tandem, the audit management software market, which automates and simplifies the auditing process is influenced by similar regulatory market trends and is expected to expand annually by 12% through to 2027.

Wessel Ploegmakers, Partner and co-Head of Nordic activity at Main, concludes:
“New market regulations such as country-to-country reporting and DAC6 have caused an increased demand for entity management systems to centralise their data and assist corporations throughout the entire compliance and reporting process. Main therefore views this market as a great playing field for Blika to establish a true European market leadership” 

Blika Solutions

Since 1989 Blika has been a leading partner in supporting the digitalization of tax and legal departments of large multinationals, providing the digital infrastructure to achieve efficiency, increase quality and automate workflows. Blika is dedicated to supporting large and medium-sized groups with solutions for collecting, sorting, storing, analyzing, and presenting tax, legal, financial, and related information in a structured and searchable way. This knowledge is built into the solutions providing Blika’s customers with a unique value. Blika is headquartered in Stockholm with additional offices in Kalmar and Oskarshamn and employs 20 FTEs.

audimex

As a supplier and developer of complex business solutions for internal audit and compliance, audimex provides its customers all services from a single source.  Within the last twenty years, audimex has become a global company that has been successfully maintaining its position on the market as a developer and provider of high-quality software solutions for internal audit. At its locations in Augsburg and Langen, audimexservices customers of all sizes and across all industries worldwide. audimex’s activities range from the development of software solutions for internal audit and compliance, support of the end user, and technical support after implementation to the complete hosting of the applications. audimex employs 45 FTEs.

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 realise sustainable growth and build excellent software groups. Main counts over 45 employees and has offices in The Hague, Stockholm and Düsseldorf. As of October 2021, Main has over EUR2.2 billion of assets under management. Main has invested in more than 130 software companies to date. These companies have created jobs for approximately 4,000 employees.

Bonterra supports social good organizations with software solutions that make their work easier, more efficient, and more effective

The technology and people behind CyberGrants®, EveryAction™, Network for Good®, Social Solutions®, and their respective entities, are coming together as Bonterra™.

Bonterra is creating a landscape-defining software platform to power those who power social impact. By bringing together its intuitive technology and expertise, Bonterra will enable unprecedented connectivity between social good organizations and their community of supporters and constituents. This collaboration will unlock potential for the doers behind the scenes across nonprofits, public agencies, corporations, philanthropic organizations, and foundations—ultimately creating more ways for social good organizations to maximize their impact in the communities they serve.

“We are passionate about serving the people who make social good possible—the dedicated changemakers who work tirelessly to make a difference—and supporting them with proven technology that makes their jobs easier,” said Erin Mulligan Nelson, CEO of Bonterra. “Joining these organizations together offers limitless possibilities to help the doers reach their most ambitious goals. This collaboration has the power to reshape philanthropic giving, empower digital transformation, and bring the social good sector the technology it needs to accelerate lasting social change.”

About Bonterra’s technology solutions:

• Case management: Social Solutions’ Apricot®, ETO®, and Penelope™ products provide actionable, data-driven insights to help nonprofit and public sector leaders better coordinate the delivery of essential services, measure impact, and improve outcomes for those in need.
  
  
• Corporate social good and philanthropy: CyberGrants’ Grants Management, Employee Giving, and Volunteerism products provide corporate social responsibility, employee giving, grants management, and volunteerism solutions coupled with deep analytics that power corporate philanthropy impact.
  
  
• Nonprofit fundraising and relationships management: EveryAction, GiveGab®, Network for Good, and SalsaLabs™ provide omni-channel engagement platforms to help nonprofits of every size cultivate donor relationships, optimize stakeholder interactions, raise more money, and advocate for positive change.

Based on internal company data, Bonterra helps over 15,000 nonprofit customers manage cases, fundraise, and receive funds. In 2021 alone, Bonterra’s technology solutions were used by its more than 19,000 customers (across all segments) to direct giving of over $7.4 billion to more than 225,000 nonprofit organizations.

Going forward, CyberGrants, EveryAction, Network for Good, Social Solutions, and their respective entities will operate as Bonterra. NGP VAN, the political fundraising, organizing, advocacy, and email solution, will continue to operate as NGP VAN. ActionKit™ and Mobilize™ will roll up to NGP VAN.

Cathay Capital, Eurazeo via its Small-Mid Buyout1 team and Sagard NewGen have signed an
exclusivity agreement with a view to investing in DiliTrust alongside its management team led by
Yves Garagnon and Nadim Baklouti.

Under the agreement, the consortium of investors would become the group’s core
shareholder by investing more than €130 million, of which Eurazeo would invest €52 million.
Calcium Capital, which has been a financial investor in DiliTrust since 2017, is selling all of its stake.
With the DiliTrust Governance Suite, DiliTrust offers a unified and secure platform, composed of
different modules to meet the growing digitalization needs of legal departments and governance
bodies of large corporates, SMEs and public entities. The SaaS editor supports more than 2000
organizations in their efforts to automate processes, improve performance and protect their
strategic and sensitive data. DiliTrust enables them to achieve these objectives, notably through a
board portal for managing board meetings, as well as modules for managing legal entities and
managing contracts and litigations.

In 2021, the group, which employs more than 160 people worldwide, achieved a turnover of nearly
20 million euros, half of which was generated internationally, with an increase of around 30% per
year in recent years. Already present in France, Canada, Italy, the Middle East and Africa, DiliTrust
has also strengthened its presence in Spain and expanded its operations in Latin America following
the acquisition of Gobertia last year.
DiliTrust is continuing to expand by gaining new clients in France and abroad, and it intends to
complement this expansion with an active buy-and-build strategy, with the support of its new
financial partners. Cathay Capital, Eurazeo, Sagard NewGen and DiliTrust’s management team
intend to leverage the company’s best-in-class skillset, strong reputation and robust underlying
market growth in order to achieve their shared ambition of accelerating DiliTrust’s growth and
build a global leader in legal and governance solutions.

Yves Garagnon, CEO of DiliTrust, said:
“The need to digitize and secure the most sensitive corporate data is growing.
We have a robust suite that fully meets these challenges, particularly for boards
of directors and legal departments. We are recognized for the ease of use and
performance of our suite and are identified as one of the world’s leading
players by major analysts such as Gartner. We are delighted with the confidence
placed in us by this consortium of investors.”
2
Jérémie Falzone, Partner at Cathay Capital, Benjamin Hara, Member of Eurazeo Mid Cap’s
Executive Board and Guillaume Lefebvre, Partner at Sagard NewGen said:
“We are very happy to support DiliTrust and its management team led by Yves
Garagnon with the ambition of creating a global leader in governance solutions.
The Enterprise Legal Management software market is growing rapidly, in line
with the general acceleration in the take-up of LegalTech solutions. DiliTrust is a
leading player in this market with an integrated software suite that has won
over a number of top-tier clients. We are excited about the prospect of bringing
the international business networks, sector expertise and active support of
Cathay, Eurazeo and Sagard to help DiliTrust achieve its ambitious strategy,
based on a combination of organic growth and acquisitions.”

Cédric Duchamp, Managing Partner at Calcium Capital, said:
“We are proud of the achievements since 2017, working alongside DiliTrust and
its management team led by Yves Garagnon. The company has demonstrated
an outstanding ability to anticipate key market trends and to meet the needs of
the most demanding clients. We are delighted to see Cathay, Eurazeo and
Sagard team-up to continue the work with DiliTrust in the next phases of
acceleration of its development.”

PARTICIPANTS TO THE TRANSACTION:
 Cathay Capital: Jérémie Falzone, Felix Wang, Marion Prieur
 Eurazeo: Benjamin Hara, Clément Morin, Claire Berthoux, Bastien Estival, Cécile Gilliet
 Sagard NewGen: Guillaume Lefebvre, Agnès Huyghues Despointes, Martin Klotz
 Calcium Capital: Cédric Duchamp, Antoine Gravot
 Financial advisors: Bryan Garnier & Co (Thibaut de Smedt, Stanislas de Gmeline, Jonathan
Bohbot) and Natixis Partners (Nicolas Segretain, Romain Etienne)
 Legal advisors: Hogan Lovells (Stéphane Huten, Pierre-Marie Boya) and McDermott Will &
Emery (Grégoire Andrieux)
 Financial due diligence: Eight Advisory (Stéphane Vanbergue, Victor Heilweck) and Alvarez
& Marsal (Jonathan Gibbons, Samih Hajar)
 Strategic due diligence: Roland Berger (Cyrille Vincey, Mouhsine Aguedach) and Kearney
(Julien Vincent, Hadi Benkirane, Hugo Khelifa)
 Legal, fiscal and social due diligence : Hogan Lovells (Stéphane Huten, Pierre-Marie Boya)
 IT due diligence: Make it Work (Frédéric Thomas), EPAM (Philippe Trichet, Neil Holton) and
I-Tracing (Michel Vujicic)
 Seller financial advisors: Macquarie Capital (Fady Lahame, Guillaume Basini)
 Seller legal advisors: FTPA (Bruno Robin, Charles-Philippe Letellier) and Viguié Schmidt et
Associés (Fabrice Veverka)
 Seller financial due diligence: PwC (Philippe Serzec, Manil Bengana)
 Management advisor: Axance Finance & Development (Antoine Rimpot)

ABOUT DILITRUST
 As a SaaS solution provider for over 25 years, DiliTrust offers its DiliTrust Governance suite
dedicated to corporate governance and the secure sharing of sensitive and confidential data.
This unified and ultra-secure platform is designed for legal departments and governance
bodies. It includes various complementary modules, notably for the digitization of bodies, the
management of legal entities, contracts, litigation and disputes.
 DiliTrust has more than 2,000 customers in some 50 countries. Major groups in Europe, North
America, Africa and the Middle East trust DiliTrust, including: Almarai, AccorHotels, Ecobank,
Royal Bank of Canada, BNP Paribas, Bouygues, Caisse de Dépôt et de Gestion du Maroc,
Campari, Capgemini, Carraro, Commercial Bank of Dubai, Desjardins Capital, EDF, Engie,
Eutelsat, Geox, Ingenico, Koç, Loto-Quebec, LVMH, Luxempart, Renault, Groupe Robert, SNCF,
Société Générale, Transports de Montréal, Tereos, UNICEF, Veolia, City of Montreal and Vivendi
 https://www.dilitrust.com/a-propos-de-dilitrust/
 PRESS CONTACT: Tahiana Tissot (tahiana.tissot@dilitrust.com – +33 1 42 91 92 41)

ABOUT EURAZEO
 Eurazeo is a leading global investment company, with a diversified portfolio of €31 billion in
assets under management, including €22 billion on behalf of third parties, invested in over
450 companies. With its considerable private equity, private debt, real estate and
infrastructure expertise, Eurazeo accompanies businesses of all sizes, supporting their
development through the commitment of its nearly 360 professionals and offering in-depth
sector expertise, a gateway to global markets, and a responsible and stable foothold for
transformational growth. Its solid institutional and family shareholder base, robust financial
structure free of structural debt, and flexible investment horizon enable Eurazeo to support
its companies over the long term.
 Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg,
Shanghai, Seoul, Singapore and Sao Paulo.
 Eurazeo is listed on Euronext Paris.
 ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA
 www.eurazeo.com
 PRESS CONTACT: Maël Evin, Havas (mael.evin@havas.com – +33 6 44 12 14 91)

ABOUT CATHAY CAPITAL
 Cathay Capital Group is a global investment firm supporting companies at all stages
throughout North America, Asia, Europe and Africa. By helping navigate the opportunities of
globalization and sustainable transformation, Cathay is the partner of choice for companies
aspiring to lead markets and make a positive impact. Its global platform connects people –
from investors and entrepreneurs to management teams and leading corporations – across
continents to share knowledge, the tools to scale, and achieve the extraordinary. Founded in
2007 with a strong entrepreneurial heritage, Cathay Capital now manages more than $4.2
billion in assets, has completed over 220 investments with the global reach and local expertise
of its offices in Paris, Munich, New York, San Francisco, Shanghai, Shenzhen, Beijing and
Singapore.
 www.cathaycapital.com
 PRESS CONTACT: Yoann Besse, Citigate Dewe Rogerson
(yoann.besse@citigatedewerogerson.com – + 33 6 63 03 84 91)

ABOUT SAGARD NEWGEN
 Sagard NewGen aims to support the development of leaders in the healthcare and technology
sectors. The fund was established to make majority and minority equity investments,
financing the growth strategy of profitable European companies that share its commitment
to innovation and sustainability (revenues of up to €150 million).
 Sagard NewGen extends the international platform’s European base alongside Sagard MidCap
and Portage Venture. Sagard NewGen provides management teams with bespoke support
and a high value-added ecosystem that has truly international reach through its presence in
Europe, North America and Asia.
 Sagard has offices in Paris, Montreal, Toronto, New York, San Francisco and Singapore.
 www.sagard.eu
 PRESS CONTACT: Lucie Wallet, (lucie.wallet@sagard.com – +33 1 53 83 30 39)

ABOUT CALCIUM CAPITAL
 Calcium Capital brings together the capital of entrepreneurs, managers and families who wish
to invest in attractive SMEs while giving them the benefit of their experience and network.
Calcium Capital’s mission is to take equity stakes of between €5m and €20m in promising
companies for which it aims to be an active shareholder with high added value.
 Calcium Capital has a diverse and complementary team of investors and partners who are
committed to the long-term viability of companies, while respecting their culture and values.
 www.calciumcapital.com
 PRESS CONTACT: Cédric Duchamp (cd@calciumcapital.com)

10 Mar 2022