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OneStream enters into definitive agreement to be acquired by Hg for $6.4 billion

HG Capital

 • 5 minute read

The full announcement can be found here.

BIRMINGHAM, Mich., January 6, 2026 – OneStream, Inc. (Nasdaq: OS) (“OneStream” or the “Company”), the leading enterprise Finance management platform that modernizes the Office of the CFO by unifying core Finance and operational functions – including financial close, consolidation, reporting, planning and forecasting – today announced that it has entered into a definitive agreement to be acquired by Hg, a leading investor in software, services and data businesses. The all-cash transaction values OneStream at approximately $6.4 billion in equity value. Hg will be OneStream’s majority voting shareholder. General Atlantic, a leading global investor, will also be a significant minority investor alongside Tidemark, a leading technology investment firm.

Under the terms of the agreement, OneStream shareholders will receive $24.00 per share in cash. The per-share purchase price represents a 31% premium to OneStream’s closing share price on January 5, 2026 and a 27% premium to its volume-weighted average share price over the 30-trading day period ending the same date. An entity controlled by Hg will acquire all outstanding shares, including those shares owned by investment funds managed by KKR, a leading global investment firm, which took OneStream public in 2024. The transaction is expected to close in the first half of 2026. Upon completion of the transaction, OneStream will become a privately held company. Hg will invest in OneStream from its Saturn Fund.

“Today marks a pivotal moment for OneStream and our vision to be the operating system for modern Finance,” said Tom Shea, CEO of OneStream. “The Office of the CFO is at a critical AI inflection point, and we believe OneStream is well positioned for this shift. As we build on our strong foundation of growth, we are thrilled to partner with the teams at Hg, General Atlantic and Tidemark. Through this partnership, we are able to significantly advance our AI-first go-to-market strategy and expand our Finance AI capabilities at a rapid pace. This transaction delivers immediate value to our shareholders and is a vote of confidence in our strategy, our talented employees and our partner ecosystem. We look forward to having the ability to move faster, think bigger and deliver more for our forward-thinking Finance customers”

“With over $4.5 billion invested in providers that serve the Office of the CFO to date, we understand the tremendous opportunity for OneStream, as technology and industry trends continue to place increasing demands on Finance teams,” said Alan Cline, Partner and Head of North America at Hg. “To meet this need, OneStream’s powerful AI differentiation, strong global customer base and clear vision for the future of modern Finance make it a leading enterprise provider in this space and exceptionally well positioned for the future.”

“We’re excited to support Tom and the OneStream team,” added Joe Jefferies, Partner at Hg. “We will seek to preserve the strong customer focus and entrepreneurial culture that have been central to their success, while bringing Hg’s deep expertise in scaling software businesses. This includes support from our AI team of over 100 specialists and supporting partnerships, as well as Hg Catalyst, our dedicated AI incubator designed to accelerate AI product innovation across Hg’s portfolio.”

“OneStream is reimagining enterprise Finance with an AI-focused, multi-product platform that provides immense value to the Office of the CFO,” added Jimmy Miele, Managing Director at General Atlantic. “We look forward to accelerating OneStream’s growth and innovation alongside Hg and Tidemark.”

Transaction Details

The transaction, which has been unanimously approved by OneStream’s Board of Directors, is expected to close in the first half of 2026, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions. KKR, in its capacity as the holder of a majority of OneStream’s voting power, has approved the transaction. No further approval of OneStream’s stockholders is required or will be sought.

Upon completion of the transaction, OneStream’s Class A common stock will no longer be listed or traded on any public stock exchange.

Mr. Shea will continue to serve as CEO, and the current leadership team will remain in place. OneStream will maintain its headquarters in Birmingham, Michigan.

Advisors

J.P. Morgan Securities LLC is acting as lead financial advisor and provided a fairness opinion to OneStream, and Centerview Partners LLC also provided financial advice to OneStream. Wilson Sonsini Goodrich & Rosati, Professional Corporation, is serving as legal advisor, and FGS Global is serving as strategic communications advisor to OneStream. Goldman Sachs & Co. LLC is serving as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Hg.

About OneStream

OneStream is how today’s Finance teams can go beyond just reporting on the past and Take Finance Further by steering the business to the future. It’s the leading enterprise Finance platform that unifies financial and operational data, embeds AI for better decisions and productivity and empowers the CFO to become a critical driver of business strategy and execution.

We deliver a comprehensive cloud-based platform to modernize the Office of the CFO. Our Digital Finance Cloud unifies core financial and broader operational data and processes and embeds AI for better planning and forecasting, with an extensible architecture, so customers can adopt and develop new solutions, achieving greater value as their business needs evolve.

With over 1,700 customers, including 18% of the Fortune 500, a strong ecosystem of go-to-market, implementation, and development partners and 1,600 employees, our vision is to be the operating system for modern Finance. To learn more, visit onestream.com.

About Hg

Hg is the leading investor in European and transatlantic software and services businesses. We help to build sector-leading enterprises that supply critical software applications or workflow services to deliver intelligent automation for their customers. We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to provide compelling support to entrepreneurial leaders looking to scale enduring businesses. With a vast European network and strong presence across North America, Hg has approximately $100 billion in assets under management and more than 400 employees. Our portfolio spans more than 55 companies worth over $185 billion in aggregate enterprise value, employing more than 130,000 people and consistently growing revenues at more than 20% annually.

About General Atlantic

General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $118 billion in assets under management, inclusive of all strategies, as of September 30, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

About Tidemark

Tidemark is a growth equity firm purpose-built to help companies win and scale. Tidemark is powered by a community of investors, entrepreneurs, and operators who are energized by ideas, a love of competition, and the drive to give back. We give 10% of our profits to our foundation, Tidemark10, to support the communities we serve. For more information, visit www.tidemarkcap.com

Contacts

OneStream

Investor Contact
Anne Leschin
VP, Investor Relations and Strategic Finance
OneStream
investors@onestreamsoftware.com

Media Contact
Victoria Borges
VP, Corporate Communications
OneStream
media@onestreamsoftware.com

Hg

Media Contact
Tom Eckersley
tom.eckersley@hgcapital.com

General Atlantic

Media Contact
Emily Japlon & Sara Widmann
media@generalatlantic.com

Forward-Looking Statements

Certain statements contained in this communication may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially.

Statements in this communication regarding OneStream that are forward-looking may include statements regarding: (i) the transaction; (ii) the expected timing of the closing of the transaction; (iii) considerations taken into account in approving and entering into the transaction; (iv) the anticipated benefits to, or impact of, the transaction on OneStream’s business; and (v) expectations for OneStream following the closing of the transaction. There can be no assurance that the transaction will be consummated.

Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the possibility that the conditions to the closing of the transaction are not satisfied, including the risk that required regulatory approvals to consummate the transaction are not obtained, on a timely basis or at all; (ii) the occurrence of any event, change or other circumstance that could give rise to a right to terminate the transaction, including in circumstances requiring OneStream to pay a termination fee to Hg; (iii) possible disruption related to the transaction to OneStream’s current plans, operations and business relationships, including through the loss of customers and employees; (iv) the amount of the costs, fees, expenses and other charges incurred by OneStream related to the transaction; (v) the risk that OneStream’s stock price may fluctuate during the pendency of the transaction and may decline if the transaction is not completed; (vi) the diversion of OneStream management’s time and attention from ongoing business operations and opportunities; (vii) the response of competitors and other market participants to the transaction; (viii) potential litigation relating to the transaction; (ix) uncertainty as to timing of completion of the transaction and the ability of each party to consummate the transaction; and (x) other risks and uncertainties detailed in the periodic reports that OneStream filed with the Securities and Exchange Commission, including OneStream’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

All forward-looking statements in this communication are based on information available to OneStream as of the date of this communication, and, except as required by law, OneStream does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

  

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AnywhereNow Announces the Sale of IQ Messenger to Main Capital Partners

Bregal Milestone

The sale to Main Capital Partners will enable accelerated international growth for IQ Messenger, while allowing AnywhereNow to focus on its core Customer Experience SaaS activities.

Anywhere365 Group B.V. (“AnywhereNow”), a global pioneer and innovator in AI-first customer experience solutions today announced the decision to sell IQ Messenger (“IQM”), a leading provider of a vendor-neutral critical communication platform for healthcare institutions, to Main Capital Partners (“Main”). Terms of the transaction were not disclosed and the acquisition is subject to customary approvals and completion of the consultation process with the works council of AnywhereNow.

AnywhereNow helps brands deliver exceptional customer experiences through enhanced engagement, efficient workforce collaboration, AI-driven insights, Agentic AI platforms, and a full omni-channel service experience, leveraging the power of Teams and Azure Communication Services as well as considerable integrations including with SAP, Salesforce and ServiceNow. AnywhereNow is backed by Bregal Milestone, a leading software growth private equity firm, since late 2019. As part of the partnership, AnywhereNow has completed 5 acquisitions in recent years, including IQM in late 2019.

The sale of IQM is aligned with AnywhereNow’s strategy, which is focused on its core corporate Customer Experience SaaS platform, and crystallises significant value of AnywhereNow whilst allowing IQM to accelerate its growth journey via the backing from Main, a leading software investment firm with extensive experience in healthcare software. Main will help IQM drive continued innovation to create value for its customers, while maintaining a strong emphasis on customer satisfaction. Main will also support an ambitious strategy to accelerate (international) expansion through both organic growth and a targeted buy-and-build approach.

“The sale of IQM is a key milestone for AnywhereNow and allows us to exclusively focus on our fast-growing corporate Customer Experience SaaS activities, customers and product roadmap. We’re very proud of the journey achieved with IQM in recent years and believe that Main is the best possible partner for IQM and will help unlock its full growth potential.”

Will Blench

CEO – AnywhereNow

Lazard is acting as sole financial advisor and NautaDutilh is acting as sole legal advisor to AnywhereNow in connection with the transaction.

About AnywhereNow 

Founded in 2010, AnywhereNow is a Netherlands-headquartered and fast-growing provider of Customer Experience SaaS solutions. AnywhereNow empowers voice and digital dialogues for organisations worldwide and brings to life Agentic AI platforms for increased productivity and effectiveness. AnywhereNow’s products are award-winning, recognised by industry analysts, and trusted by over 2,000 global customers, including Rabobank, DHL, Emirates, KPMG, Swarovski, Mazda, Deloitte, Aldi, Vodafone and Zeiss. For more information, please visit Anywhere.now. 

About Bregal Milestone 

Bregal Milestone is a leading software private equity firm with c.€1.7 billion of capital raised since inception. The firm provides growth capital and operational support to build market-leading software companies. Bregal Milestone is part of Bregal Investments, a leading global investment platform with assets under management of over €19 billion. Bregal Milestone was recognized by GrowthCap as one of the Top Private Equity Firms of 2025. For more information, please visit www.bregalmilestone.com.

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Flexera Acquires ProsperOps and Chaos Genius to Expand its FinOps Solution with Agentic and AI-Enabled Cost Optimization

Thomabravo

Itasca, IL—Flexera, the global leader in technology spend and risk intelligence, today announced two major moves in its continued expansion in FinOps. It has acquired ProsperOps, an AI-enabled FinOps automation solution for public cloud, and Chaos Genius, a fast-growing innovator in AI-driven cost optimization for Snowflake and Databricks.

These strategic additions augment Flexera’s capabilities to deliver the most comprehensive, intelligent, and autonomous FinOps solution on the market including cost reporting and allocation, workload optimization, and rate optimization. They also expand Flexera’s product reach into the emerging areas of FinOps for AI and FinOps for Data Clouds.

ProsperOps brings an autonomous approach to managing cloud commitments across AWS, Azure, and Google Cloud, helping enterprises move beyond passive recommendations and into active savings outcomes. ProsperOps extends Flexera’s FinOps for AI capabilities and supports finance, engineering, and procurement teams with intelligent automation that takes action without human intervention. As a Flexera company, ProsperOps, growing more than 90% with $6B of annual cloud usage under management, will continue operating under its own brand to ensure continuity for customers and partners while integrating complementary Flexera FinOps features.

“As enterprises adopt AI across their infrastructure, the need for intelligent, automated execution has never been greater,” said Jim Ryan, CEO of Flexera. “ProsperOps strengthens our ability to deliver on that promise, helping organizations govern cloud spend with precision and scale outcomes that were previously out of reach.”

“ProsperOps was founded on the belief that many of the critical cloud cost optimization use cases, particularly rate optimization, could be delivered through AI-enabled management. As the market matures, customers are asking for more than point solutions; they want unified rate optimization, workload optimization, and cost visibility,” said Chris Cochran, CEO and Co-Founder of ProsperOps. “Together, we are uniquely positioned to deliver the comprehensive FinOps platform organizations have been asking for.”

Another fast-growing challenge in cloud spend management is the runaway costs of Snowflake and Databricks, as data analytics and AI workloads scale rapidly. Chaos Genius delivers agentic-based FinOps for AI that autonomously optimizes inefficient usage across Snowflake and Databricks and has already helped Fortune 500 enterprises reduce costs by up to 30%.

“Chaos Genius brings the autonomous automation through agentic AI for Snowflake and Databricks optimization that our customers and partners need,” said Jim Ryan, CEO of Flexera. “It delivers real-time intelligence and control that puts them back in command of their cloud and AI investments.”

“Joining Flexera allows us to scale our impact globally and empower more organizations to govern data cloud costs amid exponential AI growth,” said Preeti Shrimal, CEO of Chaos Genius.

Flexera is accelerating toward a unified FinOps future as cloud costs surge and AI reshapes enterprise technology strategy. The additions of ProsperOps and Chaos Genius build on Flexera’s integration of Spot and Snow, reinforcing its position as the only provider with comprehensive capabilities across the entire FinOps Framework as defined by the FinOps Foundation.

“Organizations need more than dashboards. They need execution,” added Ryan. “With ProsperOps and Chaos Genius, Flexera delivers the AI-powered execution layer for modern FinOps.”

About Flexera

Flexera helps organizations understand and maximize the value of their technology, saving billions of dollars in wasted spend. Powered by the Flexera Technology Intelligence Platform, our award-winning IT asset management, FinOps and SaaS management solutions provide comprehensive visibility and actionable insights on an organization’s entire IT ecosystem. This intelligence enables IT, finance, procurement and cloud teams to address skyrocketing costs, optimize spend, mitigate risk and identify opportunities to create positive business outcomes. More than 50,000 global organizations rely on Flexera and its Technopedia reference library, the largest repository of technology asset data. Learn more at flexera.com.

About ProsperOps

ProsperOps is the leading FinOps Automation Platform for cloud cost optimization on Amazon Web Services (AWS), Google Cloud, and Microsoft Azure. Eliminating waste and achieving cost savings goals is challenging when cloud usage is dynamic but commitments are manual. Founded in 2018, ProsperOps automates and synchronizes rate optimization with workload optimization, eliminating waste, reducing costs and risk, and improving efficiency for FinOps teams. With ProsperOps, customers achieve world-class Effective Savings Rates, lower Commitment Lock-In Risk, and maximum flexibility. ProsperOps autonomously manages $6 billion of annual cloud usage and has generated over $3 billion of lifetime savings.

About Chaos Genius

Chaos Genius is a leading Data FinOps platform focused on optimizing costs across modern data clouds, including Snowflake and Databricks. The platform combines granular spend observability with intelligent recommendations and Autonomous Agents to optimize Data and AI costs. Trusted by Fortune 500 enterprises and fast-growing startups alike, Chaos Genius helps organizations reduce data cloud waste through instance right-sizing, workload optimization, and autonomous cost-saving agents—without compromising performance or innovation.

Read the release on the Flexera website here.

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IAS Announces Completion of Acquisition by Novacap

Novacap

Integral Ad Science, a leading global media measurement and optimization platform, announced the successful completion of its acquisition by Novacap, a leading North American private equity firm, in an all-cash transaction that values IAS at approximately $1.9 billion.

“We’re excited to officially enter IAS’s next chapter as a private company, with the support and resources to enhance our leadership in global media measurement and optimization and provide even greater value for our customers around the world,” said Lisa Utzschneider, CEO of IAS. “Our AI-powered platform is already setting the standard for trust and transparency in digital media quality and, with Novacap, we will be well positioned to move even faster to deliver breakthrough solutions that help brands succeed in a complex digital world.”

“IAS is a category leader with significant opportunity to build on their momentum, and we’re thrilled to fuel their continued growth on the path ahead,” said Samuel Nasso, Partner, Technologies, at Novacap. “We look forward to working closely with Lisa and the talented team of IAS employees, with a focus on investing in innovation, scaling globally, and creating transformative value for advertisers and publishers.”

Under the terms of the agreement, IAS shareholders will receive $10.30 in cash for each share of IAS common stock they own. With the completion of the transaction, IAS common stock has ceased trading and IAS will no longer be publicly listed on the Nasdaq Stock Market.

Advisors

Jefferies LLC is serving as exclusive financial advisor to IAS, and Kirkland & Ellis is serving as legal advisor to IAS.

Evercore is serving as financial advisor to Novacap, and Willkie Farr & Gallagher LLP is serving as legal advisor to Novacap.

About IAS

http://integralads.comIntegral Ad Science (IAS) is a leading global media measurement and optimization platform that delivers the industry’s most actionable data to drive superior results for the world’s largest advertisers, publishers, and media platforms. IAS’s software provides comprehensive and enriched data that ensures ads are seen by real people in safe and suitable environments, while improving return on ad spend for advertisers and yield for publishers. Our mission is to be the global benchmark for trust and transparency in digital media quality. For more information, visit integralads.com

About Novacap

Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on control buyouts of middle market and lower-middle market companies across four core strategies: Technologies, Digital Infrastructure, Industries and Financial Services. Novacap combines deep sector expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over US $10 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution.

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Empowering the Future of Energy: How exnaton is Leading Europe’s Electrification Shift

Elevator Ventures

Our portfolio company exnaton is driving electrification across Europe.

As Europe accelerates toward full-scale electrification, utilities are under increasing pressure to modernize their systems, launch innovative energy products, and meet rapidly evolving customer expectations. The rise of electric vehicles, rooftop solar and decentralized flexibility is transforming the energy market from a linear value chain into a dynamic ecosystem – one that demands smarter billing, transparent data andregulatory compliance at unprecedented scale.

Regulatory requirements are amplifying this shift. The EU Electricity Market Design law (Directive EU/2024/1711) has been transposed into national law, reshaping how Member States enable flexibility, consumer participation and dynamic pricing. This policy is underpinned by the continent-wide rollout of smart meters: Spain has reached 100% coverage, the Netherlands is above 95%, France is at 93%, and Austria has already surpassed roughly 95% of its meters by late 2024. Germany is targeting 95% by 2030 and Poland is moving toward 100% by 2031.

Utilities know change is unavoidable, and most recognize the challenge of moving fast enough in this new environment of electrification, flexibility and data-driven regulation.

This is where exnaton comes in.

A Real-World Challenge: Utilities Need Flexibility, not full IT Overhauls

Most utilities operate on legacy ERP systems built for a world of stable, predictable electricity flows. But dynamic tariffs, prosumer models, energy communities and smart electric vehicle charging require a more innovative approach to analyzing data coming from PoDs (Point of Delivery). The in-house development of capabilities, such as automated billing and seamless customer interfaces, is slow, expensive and often impractical.

Customers, meanwhile, increasingly expect transparency and personalization. Regulators demand accuracy and flexibility. Markets reward innovation.

exnaton bridges this gap with a modern intelligence layer that transforms existing infrastructure – without forcing utilities to rebuild it.

About exnaton: An Intelligence Platform Built for the New Energy System

Founded in Zurich in 2020, exnaton develops an AI-powered SaaS platform that helps utilities deploy next-generation energy products rapidly and at scale. Rather than replacing existing IT architecture, exnaton adds a modular, flexible intelligence layer that handles billingworkflows, dynamic pricing and data analysis.

Today, more than 50 utilities across Europe rely on exnaton’s technology – including examples such as TotalEnergies in Belgium, the E.ON brands eprimo, Bayernwerk in Germany, enersuisse in Switzerland, and Burgenland Energie in Austria – collectively demonstrating how exnaton enables both large multinational suppliers and regional champions to drive the digital transformation of the energy sector.

With research backgrounds from ETH Zürich, Stanford University, and University of St. Gallen, the team combines academic depth with practical industry expertise. Their mission is simple: empower utilities to deliver sustainable, data-driven energy products that make the energy transition tangible for every household.

Deep Dive: How the Platform Works – and why it matters

exnaton’s intelligence platform focuses onthree key areas that address the most pressing needs of today’s utilities:

AI-Enhanced Billing

Utilities can automate complex billing processes using granular, 15-minute energy data from smart meters. AI-powered processing ensures accuracy, reduces operational costs and minimizes manual reconciliation work – critical for dynamic tariffs and flexible grid fees.

Modular & Scalable Architecture

The platform integrates directly with existing ERP systems, enabling faster time-to-market for new, time-series-based energy products. Its modularity supports a wide range of use cases, from energy communities and peer-to-peer sharing to intelligent electric vehicle charging and prosumer billing.

White-Label Customer Experience

exnaton provides a customizable user interface that allows consumers to easily monitor their energy consumption, production and – where integrated – smart device activity. This transparency empowers customers to make data-driven decisions – and increases their engagement with sustainable products.

For utilities, this combination improves efficiency, unlocks new business models, and strengthens customer loyalty. For consumers, it makes the energy transition intuitive, accessible, and actionable.

Why Energy Tech: The “Beyond Banking” Trend

For Elevator Ventures, this is a crucial investment that aligns perfectly with our focus on “Beyond Banking” solutions in relevant areas like energy transition. The energy market represents a huge opportunity, particularly given Raiffeisen’s existing activities in the Austrian energy sector like Auri by Raiffeisenlandesbank Niederösterreich-Wien, Enlion and Raiffeisen Regenerative as well as the strong network of clients and partners in energy utilities across Austria and Central and Eastern Europe. As we see it, exnaton can play a leading role in the integration of finance into the future of energy.

Looking Ahead: Scaling Europe’s Decarbonized Grid

With its newly raised Series A financing, exnaton is poised to accelerate its European expansion and further develop AI-driven capabilities for real-time billing and decentralized and data-driven flexibility management.

Join us in Powering the Future

At Elevator Ventures, we believe in elevating the growth of founders who are building the infrastructure for tomorrow. By supporting exnaton, we are backing a team that is redefining how utilities innovate – and is ultimately accelerating the transition to a cleaner, smarterand more flexible energy system.

Learn more about exnaton: https://www.exnaton.ai/

picture of the exnaton software on phones

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Steelhead Technologies Announces $84M Growth Capital Investment from Mainsail Partners

Mainsail partners

Calumet, MI – December 11, 2025 – Steelhead Technologies, an all-in-one ERP software purpose-built for metal finishers and fabricators, today announced an $84 million growth investment from Mainsail Partners, a growth equity firm that specializes in partnering with vertical SaaS businesses. The funding will be used to expand the platform’s capabilities and Steelhead’s suite of AI-driven tools that are designed to help shops maximize their efficiency and profitability.

Steelhead was founded in 2021 to solve a long-standing gap in the market: manufacturers want to grow, but struggle with manual processes and outdated systems that add time and cost to each transaction. Instead of spreadsheets and paper travelers, Steelhead’s cloud-based platform digitizes the shop floor, streamlining quoting, scheduling, inventory, production tracking, quality and accounting into a single, easy-to-use system. Customers have processed more than 1.6 billion parts on the platform and their revenue trends indicate a 17% annual growth rate.

“Shops that want to scale need tools and partners that can scale with them,” said Jeff Halonen, co-founder and CEO of Steelhead. “Our customers are experiencing margin and revenue growth, as they finally have a system built to help drive these opportunities. With Mainsail’s investment, we hope to share it with thousands of more shops so they can get ahead — and stay ahead.”

Steelhead’s impact is tangible. Minnesota’s D&K Powdercoating tripled in revenue and size over four years since digitizing production with Steelhead, and Houston’s Precision Spray cut its average production cycle time from 35 days to seven. “If you told me a few years ago that our guys would be walking around with iPads —in my shop—I wouldn’t have believed you,” said Dana Schnepf, president of D&K. “Technology has been a game changer for our industry, and our business is stronger than ever.”

Steelhead’s product is purpose-built for finishing and fabrication shops with a highly configurable workflow engine, which enables the platform to model each shop’s specific processes for stamping, plating, anodizing, heat treating, welding, bending and assembling, powder coating and painting. This flexibility is critical in finishing and fabrication, where workflows vary significantly by shop and part type.

“Many of the metal finishers and manufacturers in the U.S. have been in business for generations but are still running the same way they did decades ago,” said Jason Frankel, Partner at Mainsail Partners. “They’ve upgraded their equipment and materials but often do not have the digital infrastructure necessary to tie it all together in an efficient and profitable way. It’s not an uncommon scenario across skilled trades and why we believe in the impact that vertical software like Steelhead can have on its customers.”

“Steelhead has built a market leading product to help shops better serve ‘the last mile’ of the manufacturing process. We’re excited to partner with Jeff and the Steelhead team as they continue to bring much-needed visibility and control to a market that’s ready for modernization,” added Anthony Hayes, Principal at Mainsail Partners.

About Steelhead

Based in Michigan, Steelhead helps finishers and fabricators grow their businesses and move parts, not paper. Steelhead’s secure cloud platform digitizes the production floor and unifies quoting, inventory, production, quality, and accounting in a single, easy-to-use system. AI tools help shops optimize labor, schedule more efficiently, and understand job costs in real time. By replacing manual processes with real-time operations data, Steelhead helps shops improve margins, shorten lead times, and significantly expand revenues. Learn more at http://www.gosteelhead.com/.

About Mainsail Partners

Mainsail Partners is a growth equity firm that invests in bootstrapped B2B software companies to help them grow into market leaders. Our team is purpose-built to include experienced investors and software operators who help founders build great teams, develop industry-leading products, design data-driven and scalable infrastructure, harness the power of AI to drive productivity and innovation, and grow market share. Mainsail’s hands-on support and best practices are delivered through a collaborative approach that respects founder-led cultures and helps build on each company’s commitment to its people and customers. With offices in Austin and San Francisco, Mainsail Partners has raised nearly $4 billion in committed capital and partnered with 100+ companies over the last 22+ years. For more information, visit www.mainsailpartners.com.

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Namox joins the Remazing Group

IK Partners

Hamburg, 9th of December 2025 – As of today, Namox, the Dresden-based Amazon agency, becomes part of the Remazing Group. Through this collaboration, the Remazing Group solidifies its position as one of Europe’s leading providers of online marketplace solutions.

Founded in 2017 by CEO Marco Podavka, Namox offers services such as Amazon content production, brand store creation, PPC and DSP advertising, as well as international marketplace expansion. In addition, the company provides consulting, training, and hands-on support to enhance overall marketplace performance.

With Namox, the Remazing Group’s portfolio expands by 40 brands across the Household, Fashion, Fitness & Nutrition, and Home & Garden categories. All clients across the group are expected to benefit from an increase in knowledge, capabilities, and specialised expertise. Furthermore, the combined organisation is expected to generate synergies through shared technology solutions and centralised functions.

With this merger, the Remazing Group continues its strong growth trajectory and establishes itself as a unique European platform in the e-commerce sector, supported by proprietary software solutions that leverage advanced data analytics, automation capabilities, and scalable infrastructure to drive superior performance for brands. Approximately 200 e-commerce experts across 7 offices in 5 countries work together to drive client success and create innovative solutions for more than 400 brand
partners.

Hannes Detjen & Emil Beck, Co-Founders Remazing Group: “We are very pleased to welcome Marco and his excellent team to the Remazing Group. Namox has consistently impressed us with its deep expertise and outstanding performance. We are firmly convinced that together we will realize our vision with
even greater speed.”

Marco Podavka, Founder Namox: “Joining the Remazing Group marks an important milestone for Namox. We see tremendous potential in combining our strengths to deliver even greater value to our clients. My team and I are excited for the journey ahead and look forward to shaping the future of marketplace excellence together.”

About Remazing

Remazing is a leading international provider of services and software solutions for brands on Amazon and other online marketplaces. As a global partner of industry leaders, we help brands write their own success stories in all relevant markets. Our team of e-commerce experts develops locally tailored strategies and implements content optimizations, advertising campaigns and monitoring using our own software solution, Remdash. For more information visit www.remazing.eu

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Bure divests holding in Mentice

Bure

Bure Equity AB (publ) (“Bure”) has signed an agreement to divest 4,037,824 shares in Mentice AB (publ), listed on Nasdaq First North Growth Market.

The buyer is Gulf Offshore Limited, a company controlled by the Howell family, which is currently the main owner of Mentice.

Following the transaction, Bure’s holding of shares in Mentice amounts to 100,000. Bure’s remaining holding secures Bure’s issued call options in Mentice.

 

Henrik Blomquist, CEO
henrik.blomquist@bure.se
Telephone: +46 (0) 8-614 00 20

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Majesco to Acquire Vitech: Creates Insurance Industry’s Premier Technology Partner for Group & Benefits and Retirement & Pension Markets with Advanced AI-Powered Intelligent Solutions

Thomabravo

The acquisition demonstrates Thoma Bravo’s and CVC’s belief in and commitment to Majesco and the insurance industry with the investment to accelerate insurance transformation

MORRISTOWN, N.J.—Majesco, the insurance industry’s foremost innovator in cloud-native, AI-native software for the P&C and L&AH segments, today announced that it has entered into an agreement to acquire Vitech, a provider of cloud-native pension and benefits administration software. This acquisition will position Majesco as the premier market leader for cloud-native and AI-native core technology for the Group & Benefits and Retirement & Pension segments. Combined, Majesco will serve more than 375 customers including over 100 customers across the L&AH segment and over 275 customers across the P&C segment. The combined product portfolio will deliver greater value to insurers operating across both the P&C and L&AH market segments, with over 40% of insurers operating in both segments.

Majesco is a portfolio company of Thoma Bravo, a leading software investment firm, and Vitech is a portfolio company of CVC, one of the world’s leading private markets investment firms. As part of this transaction, CVC Funds will make a minority investment into Majesco to further the combined company’s growth and innovation.

“We’re thrilled to bring together the pre-eminent technology solutions in the Group & Benefits and Retirement & Pension sectors, which will help the L&AH segment, and our customers fast-track their growth, operational efficiencies, innovation, and customer excellence strategies,” said Adam Elster, CEO of Majesco. “Together with our P&C intelligent solutions, we will strengthen our offering of cutting-edge, intelligent, and market-leading solutions that redefine businesses for a new era of insurance.”

“The industry is facing significant change and opportunity that requires solutions to drive operational efficiencies and innovation,” said James Ousley, CEO of Vitech. “The united team will bring the talent, extensive knowledge, market experience, and innovative solutions crucial for insurers’ profitable growth. We are thrilled for our joint customer base and the opportunities ahead for the broader market.”

The acquisition brings together a breadth of L&AH market-leading solutions including L&AH Intelligent Core, IDAM, Intelligent Sales and Underwriting, V3locity Core, V3locity Campaign Management, and Digital portals to meet the needs of customers in the US, Canadian and UK markets. The extensive portfolio of intelligent solutions is strengthened with Majesco’s AI leadership, which is proven to accelerate growth, improve operational efficiencies, enhance productivity, create speed to market for new products, reduce expense ratios, and offer relentless innovation to adapt to market, customer, risk and regulatory changes.

“This is a big, positive step for the industry,” said Tom Scales, Principal Analyst, Celent. “It will offer the industry a powerful combination built on their strengths. Majesco delivers advancements in AI while Vitech brings an entirely new customer base from the pension & retirement space to the table. The market should benefit from this.”

Together, Majesco enhances the value for joint customers by bringing them a partner with financial fortitude, AI leadership, and deep expertise needed to deliver sustained innovation and the cutting-edge AI capabilities required to stay competitive, relevant, and profitable in today’s competitive market. As AI adoption accelerates in speed, breadth, and scale, it is poised to transform the P&C and L&AH insurance and retirement & pension markets in ways the industry has never seen before. Several joint customers are using solutions from both companies today to meet their business objectives.

“Majesco has delivered such terrific innovation, market leadership, and exceptional growth since our acquisition, and has really been a driving force pushing the insurance core systems market forward,” said A.J. Rohde, Senior Partner at Thoma Bravo. “This investment doubles down our belief and commitment to the Majesco business and the insurance industry, expanding into the pension & retirement market and leveraging its AI market leadership to drive customer growth and success.”

“We are thrilled about Vitech’s acquisition by Majesco, a company recognized for its strategic vision, execution capabilities, and sustained innovation, all of which will greatly benefit Vitech’s customers and solutions,” said Aaron Dupuis, Managing Partner at CVC. “We are proud of Vitech’s progress over recent years in transitioning to a SaaS model. Our investment in the combined company signifies a strong confidence in Majesco’s potential and the business value of the combined entity to the insurance industry.”

The P&C and L&AH insurance segments are challenged with rising operating costs and expense ratios that create pressure on profitability and market competitiveness. Majesco enables P&C and L&AH companies to establish a new business and technology foundation to address these challenges and compete in an AI-driven world by offering next-gen intelligent technology, AI, digital tools, and innovative strategies to enhance their business, product offerings and operations.

Kirkland & Ellis LLP is serving as legal advisor to Majesco and Thoma Bravo. White & Case LLP is serving as legal advisor to CVC. RBC Capital Markets is acting as financial advisor to Vitech.

About Majesco
Majesco isn’t just riding the AI wave – we’re leading it for the P&C and L&AH insurance industry. Born in the cloud and built with an AI-native vision, we’ve reimagined the insurance core as a platform that lets insurers move faster, see farther, and operate smarter. As leaders in intelligent SaaS solutions, we’ve embedded AI and Agentic AI throughout our robust product portfolio of core, underwriting, loss control, distribution, and digital solutions so our customers can reimagine their business with real-time business insights, optimized operations, and enhanced business outcomes. Everything we build is designed to strip away complexity and let our clients focus on what matters: delivering exceptional products, experiences, and outcomes.

In a world where change is constant, our native-cloud SaaS platform empowers insurers the agility to adapt to market and risk shifts quickly, reshape their operational cost structure, accelerate innovation readiness, and rethink how insurance can be done with the intelligence to stay ahead. With 1000+ implementations, we are the AI insurance leader that over 350 insurers, reinsurers, MGAs rely on to rethink how insurance can be done in today’s modern era of insurance. Break free from the past and build the future of insurance at www.majesco.com.

About Vitech Systems Group
Vitech is a global provider of cloud-native benefits administration software. We help our clients expand their offerings and capabilities, streamline their operations, gain analytical insights, and transform their engagement models. Vitech employs over 1,400 professionals, serving the world’s most successful insurance and retirement organizations. An innovator and visionary, Vitech’s market leadership has been recognized by industry experts, including Gartner, Celent, Datos Insights, ISG, and Everest Group. For more information, please visit www.vitechinc.com.

About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over US$181 billion in assets under management as of June 30, 2025. Through its private equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 555 companies representing approximately US$285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York, and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

About CVC Capital Partners
CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €200 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit, and infrastructure, for which CVC funds have secured commitments of over €243 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 150+ companies worldwide, which have combined annual sales of over €165 billion and employ nearly 600,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

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Keen Leads Azumuta’s €8m Series A

Keen

Ghent, November 13, 2025 – Manufacturers worldwide still rely on paper, spreadsheets, and fragmented systems to run critical shop floor processes. Azumuta, the operator-centric manufacturing software from Ghent, Belgium, is changing that.

The company has now raised €8m in Series A funding to expand internationally and accelerate development of its platform for AI-supported digital work instructions, quality control, and workforce training and skill tracking. The round is led by Keen Venture Partners. who will be joined by Capricorn Partners – a series A investor in B2B software and hardware across Europe – as a new investor in Azumuta. Capricorn brings 10+ years of specific experience in manufacturing related technology startups addressing industry 4.0 and shopfloor efficiency. Both are further backed by returning investors PMV, Angelwise and Dirk Vermunicht.

The fresh capital will be used to grow Azumuta’s team, enter new markets, and build out features that help manufacturers streamline operations, improve quality, and empower their workforce.

“Every week we meet manufacturers still managing critical processes on paper or spreadsheets,” says Batist Leman, founder and CEO of Azumuta. “There’s no lack of ambition, just a need for technology built for real production environments. We built Azumuta to close that gap, helping factories digitalize in a way that actually fits how they operate. This round lets us accelerate that mission and lead the way toward more intuitive, human-centered shop floor technology.”

Digitizing Shop Floor Know-How

What started in 2016 as a digital work instruction tool has evolved into a comprehensive shop floor platform used by about 100 manufacturers worldwide. By combining work instructions, audits, training, and quality control in one connected system, Azumuta gives manufacturers a central hub for operational knowledge.

The results are tangible: users report up to a 50% reduction in administrative time spent creating work instructions and 60% fewer quality complaints caused by human errors.

At Atlas Copco, Toyota Motor Europe, and Sioux Technologies, Azumuta is already part of daily operations.

“Operational efficiency is one of our key priorities,” says Johan Dom, Vice President of Engineering at Atlas Copco. “As we work toward becoming a factory of the future, digital transformation is essential. That’s where Azumuta plays a crucial role. It’s not just an information tool; it’s how we train, learn, and continuously improve on the shop floor.”

According to Robert Verwaayen, General Partner at Keen Venture Partners, this shift fits into a broader trend reshaping the manufacturing industry:

“Most manufacturing software is built for the C-suite, not the people on the floor. That’s backwards. Azumuta gets this and they’re starting where the actual work happens, building AI-rich software operators actually want to use. That’s why the product sticks and why tier-1 manufacturers rely on it every day.

Fueling the Next Growth Phase

Recognized as one of Belgium’s fastest-growing technology companies and ranking 15th in the Deloitte Fast 50 Belgium, Azumuta is now entering a new growth phase. The company plans to expand its presence in key regions while reinforcing its Ghent base, strengthening relationships with customers, and advancing initiatives in innovation, product development, and customer success.

“Codifying how work gets done isn’t just solving today’s problems, it builds the foundation for tomorrow’s factory,” adds Verwaayen. “Whether that’s better tooling, smarter automation, or humans working alongside robots, you need that knowledge captured first. Azumuta’s helping manufacturers build that foundation while keeping their people at the center.

This Series A marks more than a financial milestone. It reinforces Azumuta’s mission to help manufacturers move faster, work smarter, and stay competitive in an increasingly digital, data-driven industry.

About Azumuta

Azumuta is a software scale-up that helps manufacturers worldwide turn frontline know-how into connected, AI-supported processes. Its modular platform brings operations, workers, and training together to boost operational efficiency, raise quality, and speed up training on shop floors.

Founded in 2016 and headquartered in Ghent, Belgium, Azumuta supports manufacturers of all sizes globally in bridging people and technology for the next generation of manufacturing.

And the name? It comes from the Japanese “始めた”, which translates to “I have started”, though locals in Ghent will tell you it also sounds a lot like “ah zo moet da”, dialect for “that’s how it’s done”. Learn more on www.azumuta.com.

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About Keen Venture Partners

Keen Venture Partners is a radically human venture capital firm based in Amsterdam and London. Keen backs exceptional teams and fast-growing European tech companies from Seed to Series A. Keen invests through a thesis-driven approach, formulating investment ideas based on fundamental trends in specific areas of technology. When getting to know founders, Keen shares its network of operators, experience, and capabilities even before investing. The portfolio consists of 30+ startups and scaleups across Europe.

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About Capricorn

Capricorn Partners is an independent European manager of venture capital and equity funds, investing in innovative European companies with technology as competitive advantage. The investment team of Capricorn is composed of experienced investment managers with deep technology expertise and a broad industrial experience. Capricorn Partners is managing the venture capital funds Capricorn Sustainable Chemistry Fund, Capricorn Digital Growth Fund, Capricorn ICT Arkiv, Capricorn Health‐tech Fund, Capricorn Healthtech Fund IIand Capricorn Fusion Fund. In addition it is the management company of Quest for Growth, quoted on Euronext Brussels.

www.capricorn.be

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About PMV

As an investment company, PMV is building a sustainable Flemish economy, the engine of our prosperity and well-being. PMV is the partner of ambitious companies and projects that focus on social impact and financial returns. PMV finances promising companies from their early stages through to growth and internationalisation. PMV offers tailor-made financial solutions to all entrepreneurs with a sound business plan and a strong management team. It does so with capital, loans and guarantees. In addition, it realises projects that are important for prosperity and well-being in Flanders, with and for the government and other partners. PMV has a portfolio of 1.9 billion euros under management. www.pmv.eu

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About Angelwise

Angelwise is an early-stage investment fund that focuses primarily on providing maximum support to start-ups and young companies as they move to the next phase in their growth, preferably in collaboration with business angels or other early-stage funds. The fund’s main shareholders are PMV, COI, BAN Flanders, the fund managers and more than eighty business angels. The fund was established in 2021 and has raised approximately EUR 20 million to build an ecosystem of companies that can help realise the digital transformation of society. For more information, see www.angelwise.be.

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Contact

Batist Leman, Founder & CEO Azumuta – batist.leman@azumuta.com – +32 499 34 60 69

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