Tag Archives: Software

Blackstone Signs Definitive Agreement to Acquire Sony Payment Services, Broadening its Japan Private Equity Portfolio

Blackstone

TOKYO – December 22, 2023 – Blackstone (NYSE: BX) today announced that Private Equity funds managed by Blackstone have entered into a definitive agreement to acquire a majority stake in Sony Payment Services Inc. (SPSV), one of Japan’s leading payment service providers, from Sony Bank, a wholly-owned subsidiary of Sony Group. Sony Bank will roll over a certain portion of its equity and will continue to support the growth of SPSV as a minority investor. This marks Blackstone’s first investment in the financial technology sector in Japan.

Sony Group established its payment service business in 1995, which became a standalone company in 2006. Today, SPSV is one of the top payment service providers in Japan, offering high-speed and secure infrastructure for customers and businesses to process online payments.

Steve Schwarzman, Chairman, Chief Executive Officer & Co-Founder, Blackstone, said: “Sony has been a longstanding partner to Blackstone. Our partnership goes all the way back to Blackstone’s founding nearly four decades ago – we started out as a boutique M&A firm, and Sony was one of our earliest clients. We are proud to once again partner with a leading corporation in Japan and deepen our presence in the country, a key market for Blackstone where we’ve cultivated valuable relationships based on trust and shared success.”

Atsuhiko Sakamoto, Head of Private Equity, Blackstone Japan, said: “We are thrilled to invest in SPSV, one of Japan’s leading payment services providers and a well-established financial technology company, and expand our Japan Private Equity portfolio in “good neighborhoods” – sectors with strong secular growth. Digitization of the economy is a key trend around the world including Japan, and SPSV is exceptionally positioned to benefit with its sophisticated technology and robust customer base. We’re committed to bringing our operational and technology expertise and scale to support SPSV’s growth.”

Kenichiro Yoshida, Chairman and CEO, Sony Group, said: “For the past 30 years, SPSV has led Japan’s cashless evolution, making payments safe and secure for customers. We believe Blackstone, a long-standing partner of Sony Group, can help continue the legacy that SPSV has formed and support its next phase of growth.”

Keiji Minami, President & Chief Executive Officer, Representative Director, Sony Bank, said: “SPSV has seen steady growth and gained the trust of customers by providing high-quality service. With the accelerated shift towards cashless payments and increasing diversification in payment types, it’s more important than ever to adapt to new trends with greater speed. We believe that Blackstone is the best partner, bringing a global perspective and its expertise and network in the payment business.”

Hidehiko Nakamura, President & Chief Executive Officer, Representative Director, Sony Payment Services, said: “SPSV has solidified a healthy market position and earned the trust of customers as a high-quality payment service provider. We believe this partnership with Blackstone will boost SPSV’s capabilities through investments in IT and talent to help accelerate its growth journey, particularly at an exciting time of growth for the electronic payment industry in Japan.”

Japan is the fourth largest electronic card payment market in the world with a market penetration of 9.1%, representing significant room for growth. SPSV is supported by Japan’s JPY 22.7 trillion e-commerce market and the rapid uptake of cashless payments around the world.

Blackstone’s Private Equity investments in Japan include the acquisition of Alinamin Pharmaceutical (formerly Takeda Consumer Healthcare) in the largest healthcare transaction in the market ever and AYUMI Pharmaceutical.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Media Contact
Ellen Bogard
+852 3651 7737
Ellen.Bogard@Blackstone.com

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xxllnc strengthens product portfolio with compliance solution provider DataMask

Main Capital Partners

xxllnc, a leading GovTech software provider in the Netherlands, further expands its market position with the addition of document anonymization player, DataMask.

xxllnc, a leading GovTech software provider in the Netherlands, further expands its market position with the addition of document anonymization player, DataMask. With the acquisition of the software company DataMask, xxllnc will be able to further expand its current portfolio of applications and support for local and regional governments. With this, customers can be served even better around monitoring their privacy. The acquisition of DataMask is the twelfth acquisition for xxllnc since its partnership with strategic software investor Main Capital Partners in 2020.

DataMask is a relatively young company whose software solution anonymizes documents. By bringing this software solution to xxllnc, governments can be offered a total solution for working more efficiently, transparently and securely with privacy-sensitive data.

Using DataMask’s application, organizations themselves are able to anonymize personal data efficiently. In addition to its experience and software-based solution for automating the anonymization process, DataMask also has the necessary legal expertise to provide organizations with a broad range of legal advice on anonymization.

The three founders of DataMask remain active in the organization and the broader xxllnc group. xxllnc is a portfolio company of Main Capital Partners, a strategic investor in the software industry focused on accelerating growth and creating value. Earlier this year, Processfive was added to xxllnc, a specialist in providing software and services in the tax domain.

Smart Use of Artificial Intelligence

The addition of DataMask fits within xxllnc’s product strategy of using applications intelligently, for instance by deploying more artificial intelligence. DataMask’s application uses Artificial Intelligence, such as Natural Language Processing and object recognition in imagery, and is configurable to your own preferences. By setting certain rules or templates, commonly used documents can be anonymized in a uniform way.

Addition to xxllnc

With the acquisition of DataMask, xxllnc broadens its applications, capacity and quality in document management and privacy. DataMask’s technology will be integrated into xxllnc’ portfolio within the Productivity team. As DataMask’s and xxllnc’ applications integrate seamlessly, customers benefit from better solutions and support. The integrated approach enables municipalities and regional governments to set up their ICT facilities in a more simplified, flexible and smarter manner.

xxllnc, formerly known as Exxellence Groep, started in 2001 as a spin-off of the University of Twente and grew from Twente into a leading national software supplier with hundreds of employees and a range of total solutions for the Dutch (semi-)government. Customers of xxllnc include Gemeente Den Haag, Gemeente Utrecht, UWV and Gemeente Leiden. A total of twelve software companies have been added since the partnership with Main Capital Partners in 2020.

Michel Veenhuis, CEO of xxllnc, comments: “We have been working with the team at DataMask for several years now and are very excited about the intensified collaboration that will allow us to further broaden and integrate our product offering and strengthen our content.”

Charly Zwemstra, Managing Partner & Chief Investment Officer at Main Capital Partners, concludes: “DataMask is a valuable addition to xxllnc. The combination between xxllnc and DataMask is yet another step for the company to strengthen its position as a complete and innovative player.”

The combination between xxllnc and DataMask is yet another step for the company to strengthen its position as a complete and innovative player.

– Charly Zwemstra, Managing Partner & Chief Investment Officer at Main Capital Partners

About

DataMask

DataMask, founded in 2019, is a specialist in providing software that supports governments in anonymizing documents to comply with laws and regulations around privacy, compliance and transparency. In addition to the software, DataMask also provides services that support clients in the process of anonymizing documents. DataMask is based in Capelle a/d IJssel.

xxllnc

xxllnc delivers smart scalable apps for the (semi-)government. Applications that support case-oriented working, data integration, taxation, social affairs and spatial planning. To take GovTech to the next level, xxllnc builds an ecosystem where everything works seamlessly together. The perfect combination of applications from the cloud and support from subject matter professionals. Meanwhile, the team consisting of hundreds of specialists is based in Hengelo, Amsterdam, Veenendaal and Eindhoven.

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BPEA EQT Mid-Market Growth to acquire a majority stake in Indium Software, a fast-growing digital engineering company in India

eqt
  • Indium enables enterprises on their digital transformation journey through a comprehensive suite of services, including Product Engineering, Data Analytics, ML and AI, Low-code No-code, Digital Assurance, and Gaming Tech
  • Indium’s blue-chip customer base features multiple Fortune 500 enterprises across various sectors, with a focus on Technology, BFSI and Healthcare industries
  • Drawing on its extensive track record in the global Tech Services sector, EQT will support Indium’s management team in strengthening its go-to-market strategy while continuing to build on next-gen offerings across Generative AI and Advanced Analytics

EQT is pleased to announce that the BPEA EQT Mid-Market Growth Fund (“BPEA EQT Mid-Market Growth”) has agreed to acquire a majority stake in Indium Software (the “Company”) from existing shareholders. The Company’s Co-Founder, Ram Sukumar, will continue leading the firm as CEO.

Headquartered in Chennai, Indium is a fast-growing, digital engineering provider, offering cutting-edge technology solutions to enterprise customers and born-digital companies. Indium was co-founded in 1999 by Ram Sukumar and Vijay Balaji, and today boasts of a team of about 3,000 employees. Indium has grown at a CAGR of around 50 percent over the last three years.

BPEA EQT Mid-Market Growth will support Indium in its next phase of growth, drawing on EQT’s global experience in Tech Services with about USD 11 bn invested in the sector in Asia, in-house digitalization capabilities, and global network of industry experts.

Hari Gopalakrishnan, Partner and Co-Head of BPEA EQT India, said, “We are excited to partner with CEO Ram Sukumar and Indium’s stellar management team, as the company enters its next phase of evolution. Indium has highly impressive digital capabilities and a strong client roster of global blue-chip enterprises. We are confident of drawing on EQT’s extensive value creation playbook in Tech Services and supporting the company on its strong growth momentum”.

Ram Sukumar, Co-founder and CEO of Indium, said, “Indium has been built on a culture of client centricity, trust and high-performance. Over the years, we have embraced multiple technology shifts, and today, have become a trusted partner to several enterprises accelerating on their digital and AI journeys. We are truly excited about welcoming EQT as our partner, and we hope to leverage their global footprint to scale our business.”

The transaction is expected to close in Q1 2024

BPEA EQT Mid-Market Growth was advised by JSA, Deloitte, and PwC. Avendus Capital served as exclusive financial advisor and SAM & Co. served as legal counsel to Indium and its shareholders.

Contact
EQT Press Office, press@eqtpartners.com

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA EQT Mid-Market Growth will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About Indium Software
Indium Software is a fast-growing digital engineering company, focused on building modern solutions across applications, data, and gaming for its clients. With deep expertise in next-generation offerings combining data and applications, Indium offers a wide range of services including Product Engineering, Low-Code development, Data Engineering, AI/ML, Digital Assurance, and end-to-end Gaming Tech.

With about 3,000 associates globally, Indium has built deep relationships with Fortune 500, Global 2000, as well as born-digital companies across industries such as BFSI, Healthcare, Manufacturing, Retail, Digital Native, and Technology companies in North America, India, and APAC.

More info: www.indiumsoftware.com

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Oakley Capital announces partnership with Touring Capital

Oakley

Oakley Capital, the leading pan-European investment firm, is pleased to announce a partnership with Touring Capital, to invest in and grow a new generation of enterprise software companies globally.

The partnership brings together Touring’s extensive experience investing in growth tech and enterprise technology, with Oakley’s leading operational platform, deep network, and proven value creation expertise.

Investment Strategy

Oakley and Touring share a common investment approach, and will leverage their extensive networks to secure proprietary access to quality deals and partner with best-in-class founders and management teams. The partnership is deeply engaged as investors with a strong focus on catalysing growth to deliver successful investment outcomes.

Touring was founded in 2023, bringing together a diverse and highly technical team including Nagraj Kashyap, Samir Kumar and Priya Saiprasad.

Zoom

The team has previously worked together to build three global venture investing franchises, including Qualcomm and M12, Microsoft’s venture fund, where they built a strong track record as early backers of companies such as Zoom, Kahoot and Waze.

The team will be investing a dedicated pool of capital, targeting a strong pipeline of investment opportunities in proven next generation software businesses for the modern worker, powered by generative AI. Oakley and Touring will focus primarily on Series B and C venture opportunities, investing in proven businesses with strong growth prospects

Quote Peter Dubens

There is no doubt that generative AI represents the next generation platform shift, in the wake of the internet, smartphones and cloud computing. The investment opportunity will be significant, as will the impact on existing businesses. To capitalise on this opportunity and help our current portfolio companies navigate this paradigm shift, we have partnered with the exceptionally talented team at Touring. With a strong pipeline of investment opportunities across sectors we know well, we look forward to working with the team to back the next generation of leading tech companies.

Peter Dubens

Co-Founder and Managing Partner — Oakley Capital

Quote Nagraj Kashyap

Partnering with Oakley has enabled us to launch our investment strategy and take advantage of the significant market opportunity presented by generative AI. We share a common investment ethos and approach to investing in tech, and with Oakley’s leading operational platform, we are well positioned to continue our successful track record backing leading software businesses.

Nagraj Kashyap

Founding Partner — Touring Capital

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Visma attracts new investors for further international expansion in a transaction valuing the company at EUR 19 billion

HG Capital

  • Investment follows another period of strong growth and continued international expansion, with now 17-years of uninterrupted, year-on-year, revenue and EBITDA growth (18% and 22% CAGR respectively, during the period).

  • Visma will welcome around 20 new investors to the shareholder register, worth over €1bn of equity investment. In addition the transaction will result in c. €3bn new investment from existing shareholders including majority investor, Hg.

  • With revenue of €2.4 billion, Visma will continue its growth strategy of international expansion and product innovation, supported by a solid and knowledgeable shareholder base.

London, UK and Oslo, Norway. 21 December 2023.  Visma, a leading provider of mission-critical cloud software in Europe and Latin-America, today announces that it has expanded its shareholder base through a secondary sale to leading international shareholders, to support further international growth.

The transaction, which values Visma at EUR 19 billion, will welcome around 20 new investors to the shareholder register, worth over €1bn of equity investment, with new investors including Altaroc, Jane Street, NPS and NYC Retirement System.

The transaction will also result in around €3bn new investment from existing shareholders, including Hg, who will continue its 17-year long investment in the business with a majority stake, in addition to a group of co-investors including ICG, TPG and Visma management. 

“We are delighted to receive this further vote of confidence from Hg and other leading investors, in a transaction that confirms our stellar development and attractive outlook. Visma delivers the digital tools that businesses need to drive efficiency, innovate and stay competitive. Supported by a solid and knowledgeable shareholder base, we are perfectly positioned to continue our unique growth journey”, says Merete Hverven, CEO of Visma.

Visma’s growth journey

Today Visma is the largest privately-owned software business in Europe, and a leading provider of cloud accounting and ERP solutions to small and medium sized businesses in the region. After a period of significant international expansion, entering France, Germany, Portugal, Peru and Iceland in the last two years alone, the Group is currently present in 28 countries with more than 15,000 employees.

Meanwhile, divestments of non-core assets within IT consulting and cloud infrastructure services in 2022 has further focused the company’s business model on standardised SaaS (Software as a Service) products to the private and public sectors. Visma’s annualized repeatable revenue (ARR) stood at EUR 2.2 billion at the end of Q3 2023, representing a growth of 17 percent from the same period last year and 17 years of uninterrupted, year-on-year, revenue and EBITDA growth (18% and 22% CAGR respectively during the period).

“Visma’s success is a result of the fantastic efforts of our highly skilled and engaged employees. With our industry-leading investments in product development and AI-driven automation of critical business processes, we remain well equipped to capture the strong growth in digital services”, Hverven adds.

Nic Humphries, Senior Partner at Hg, said: “Today Visma is Europe’s largest private equity owned software business, growing twice as fast now compared to when we first invested in 2006, despite having become a business that’s over 20 times larger. This incredible achievement is the result of an investment in modern SaaS products over ten years ago, progressed by a thirst for innovation and a world-class management team led by Merete. We welcome our new investors and look forward to the next chapter of this European tech success story.”

For more information, please contact:

Lage Bøhren, Director of Communications at Visma
+47 921 57 801
lage.bohren@visma.com

Tom Eckersley, Head of Marketing at Hg
+44 20 8148 5401
Tom.Eckersley@hgcapital.com

About Visma

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EQT Private Equity to invest in software companies HVD Group and Next

eqt
  • HVD Group and Next provide cloud-based software to tradespeople and construction firms in the Nordics, targeting a range of professions including electricians, plumbers and contractors
  • The tradespeople and construction industry is one of the largest globally while being one of the least digitized. The modern software solutions offered by HVD Group and Next enable customers to embark on a digitalization journey that improves their efficiency and sustainability
  • EQT Private Equity will invest in HVD Group and Next together with the existing HVD Group shareholder Adelis, which will increase its investment

EQT is pleased to announce that the EQT X fund (or “EQT Private Equity”) has agreed to invest in the Nordic software companies HVD Group (Hantverksdata) and Next (Next One Technology). Both companies serve the tradespeople and construction industry, with HVD Group focused on installation and service professions – such as electricians, plumbers, heating and ventilation firms – while Next is focused on contractors. HVD Group’s platform complements that of Next, and the investment therefore paves the way for a further strengthened product offering, which builds on both companies’ strong customer satisfaction scores.

The tradespeople and construction industry is one of the largest globally and yet is still early on its digital transformation journey, which has resulted in low productivity growth over recent decades. HVD Group and Next support the tradespeople and construction workforce to transition from using analogue or complex solutions to instead using their end-to-end software platforms.

HVD Group was founded in Sweden and has over 10,000 customers across the Nordics and Germany. The Company offers cloud-based end-to-end field service management and enterprise resource planning software with key functionalities such as order, project and asset management, scheduling, time reporting, procurement and documentation handling. This enables users to spend less time on administration, while reducing waste and minimizing risk of errors both in the field and the back office.

Next, also founded in Sweden, offers a cloud-based software solution to construction firms and has a strong complementary fit with HVD Group. With approximately 2,500 customers primarily in the Nordics, Next supports contractors, builders and service firms with project management software. Key functionalities include order and resource management, project financials, document handling, checklists and quality control, all of which enable efficient planning, execution and collaboration.

Ali Farahani, Partner within EQT Private Equity’s Advisory Team, said: “Investing in HVD Group and Next creates a strong Northern European platform with leading tech and product capabilities. We have followed the space for several years and are excited to back what is in our mind the most attractive platforms in one of the largest verticals globally. We are extremely impressed by the respective teams led by Mikael and Johan, and we look forward to bringing EQT Private Equity’s software experience to support the organizations through the next phase of continued high growth.”

HVD Group Chairperson Anders Böös and Adelis Partner Joel Russ added: “As long-term investors in HVD Group, we’ve seen the company go from strength-to-strength and it’s clear they have no intention of slowing down. We also know that the tradespeople software sector is robust and attractive given the size and growth, supported by many companies yet having to embrace the benefits from digitalization. That’s why we’re delighted to be moving forward on the journey together with EQT, HVD Group and Next.”

HVD Group CEO Mikael Viotti said: “We’ve made significant investments in our modern product and technology over the recent years, which has been well-received by our customers, and the opportunity to join forces with Next will only strengthen what we can offer to our customers. We look forward to partnering with EQT Private Equity and Next, while continuing to work with Adelis.”

Johan Jarskog, CEO of Next, also commented: “Next and HVD Group have an exciting and complementary fit. Not only from a product perspective, but also in terms of the culture and people, having followed Mikael and his team over the recent years. We are also confident that a combined offering will continue to drive our already high customer satisfaction, as we together with HVD Group will be able to offer an even more comprehensive product to our end users.”

Both transactions are expected to close in February 2024. EQT was advised by Vinge and Adelis was advised by White & Case. Next previous owner Monterro was advised by Houlihan Lokey.

With these transactions, EQT X is expected to be 30 – 35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT X will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

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

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About HVD Group 
HVD Group has 300+ employees, SEK 500+ million in revenues and 50+ years of experience providing software to tradespeople within installation, services and construction. The company has presence in Sweden, Finland, Norway, Denmark and Germany, offering a market leading cloud-based and modular system. HVD Group’s solutions and systems are developed by tradespeople for tradespeople. www.hvdgroup.com

About Next One Technology
Next One Technology is a leading provider of business and project management systems tailored for construction firms. Next has 2,500+ customers and SEK 200+ million of revenues. Next integrates all aspects of construction management into a unified platform that provides real time control of projects from early stages to finish. Next has 130+ employees and serves customers primarily in the Nordics. www.next-tech.co

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Main Capital takes a strategic step in the LegalTech market with a majority stake in Epona

Main Capital Partners

Main has acquired a majority stake in Epona, a leading provider of DMS and CRM software for the LegalTech market.

Main Capital Partners has acquired a majority stake in Epona, a leading provider of DMS and CRM software for the LegalTech market. Epona’s solutions enable law firms and corporate legal departments to increase the efficiency of their document related processes and to ensure compliance. The company is headquartered the Netherlands with additional offices in the US and Portugal.

Main Capital’s strategic investment in Epona, a leading LegalTech software company specializing in Document Management System (DMS) solutions, reflects the growing significance of technology in the legal industry. Epona’s impressive portfolio, serving approximately 300 law firms and 120 corporate legal departments globally, underscores its market leadership and widespread adoption. The company’s comprehensive suite of features, encompassing document management, email management, team collaboration, matter intake, contract management, workflow automation and CRM, positions it as an end-to-end solution for the complex document management needs of law firms and corporate legal departments.

Notable clients, such as Kromann Reumert, HSA Lawyers and other prominent law firms, benefit from Epona’s solutions, streamlining their document-centric processes and enhancing collaboration. Similarly, corporate legal departments at major enterprises find value in Epona’s integrated approach, especially given its integration with Microsoft Office 365, SharePoint, and Teams. Main Capital’s investment underscores Epona’s ability to meet the evolving demands of the legal sector, providing efficient, integrated solutions that resonate with both law firms and CLDs, fostering increased productivity and streamlined operations across the legal landscape. This strategic partnership is poised to drive Epona’s continued success and evolution in the international LegalTech landscape.

The experienced management team of Epona will retain a significant minority stake and stay closely involved post-closing. Together with the expertise of Main Capital in the B2B software segment, an envisaged growth strategy will be executed, in which product innovation, a client-centric approach and international expansion are key pillars. Furthermore, there is strong potential for a selective buy-and-build strategy, in which the focus will be on adding complementary product functionalities and further expanding Epona’s international footprint. The strategic partnership between Epona and Main Capital is further strengthened by their shared focus on key geographies, including the Benelux, DACH, Nordics and US, enabling Main Capital to bolster this collaboration with their local presence and dedicated teams.

Marco Dissel, Co-Founder and Managing Partner at Epona, states: “Main Capital’s expertise will help Epona take the next step, including the expansion of business in even more countries following the envisaged international expansion plans. With our 20+ years of experience in the LegalTech market and the help of Main Capital, we will expand further and leverage our position as leading LegalTech software company to continue helping our clients in making them work quicker, easier and more secure within the Microsoft 365 platform.”

Sjoerd Aarts, Partner and Head of Benelux at Main Capital Partners, concludes: “Investing in Epona aligns with Main Capital’s commitment to fostering innovation and addressing the unique challenges within the LegalTech sector. The fast-moving dynamics of this market present exciting opportunities, and our investment in Epona underscores our confidence in their ability to capitalize on these trends. With Main Capital’s local office in the US, we are poised to actively support Epona’s rapid growth in this crucial market, working together with their ambitious management team to provide legal professionals with innovative solutions to tackle their ever-evolving needs. We look forward to a successful partnership that leverages our collective strengths to make a significant impact on the LegalTech landscape.”

Investing in Epona aligns with Main Capital’s commitment to fostering innovation and addressing the unique challenges within the LegalTech sector.

– Sjoerd Aarts, Partner and Head of Benelux at Main Capital Partners

Epona

Epona is a leading LegalTech software company that provides comprehensive document management system (DMS) and CRM solutions to approximately 300 law firms and 120 corporate legal departments on an international scale. Notable for its integration with Microsoft Office 365, SharePoint, and Teams, Epona offers a suite of features including document and email management, collaboration tools, matter intake, contract management and workflow automation. The company in headquartered in the Netherlands with additional offices in the US and Portugal.

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CINC Systems secures meaningful strategic investment from Hg to accelerate its growth as a premier software provider to the community association management industry

HG Capital

Hg will become a strategic growth investor in the business alongside CINC’s founder, Bill Blanton, its management team and current investors, Spectrum Equity.

  • The new investment follows a significant year of growth for the business, with record new bookings and 50% revenue growth in 2023.

  • Tom Kiernan, former CEO of ClickPay, will join the Board as part of the transaction, bringing additional industry expertise and relationships, as well as experience in constructing easy-to-use payment platforms for homeowners.

DULUTH, Ga, USA and New York, USA. December 14, 2023. CINC Systems (“CINC”), a leading cloud-based software company serving the community association management sector, today announced it has secured a strategic growth investment from Hg, a leading investor in European and North American software and services businesses.

On completion of the transaction, Hg will become a strategic shareholder in the business, investing alongside CINC’s founder, Bill Blanton, and its management team, as well as current investors Spectrum Equity.

CINC is a leading provider of accounting, homeowner management, bank integrations and payments software for the association management industry, comprised of homeowner association (“HOA”) and condominium associations. Founded in 2005, CINC has built a leading SaaS platform for this sector, serving more than 4 million units across about 35,000 associations and nearly 800 management companies, with deep integrations and strategic partnerships with more than 30 partner banks.

CINC recently announced the launch of several ground-breaking innovations for the industry at its annual user conference CINC Up, including the introduction of artificial intelligence (“AI”) in its management company-branded homeowner apps. The technology allows homeowners to use their apps to ask simple questions that bog down association managers – and receive informed answers in return.

Bill Blanton, CINC Systems Founder and Chairman, said: “I’m proud that our achievements have attracted the attention of two globally renowned SaaS-specialist investors. The addition of Hg’s expertise in expanding top-tier software businesses, complemented by Spectrum’s support, places us in an advantageous position to keep innovating our products to better serve our clients, add new clients and expand our reach.”

Ryan Davis, Chief Executive Officer of CINC Systems, said: “This is a really exciting day for us all. With Hg’s expertise, our foundation in this sector is now stronger than ever. The wealth of experience and knowledge that this collaboration brings, puts us in the perfect position to innovate and augment our product.”

CINC has scaled rapidly in recent years, investing to ensure fast-paced product innovation, a robust customer success team and enhanced sales and marketing efforts. This has resulted in a significant year of growth in 2023, with record new bookings and approximately 50% revenue growth. Today, its all-in-one software, bank integration and payments technology solution adds significant value to all participants in the HOA ecosystem, with more than $7 billion of annual payment volume being managed through its platform.

Hg brings significant sector expertise to CINC. Over the last 19 years, the firm has invested around $10 billion in the wider tax and accounting software segment across Europe and North America. Hg will use this experience to support the business, with continued investment in CINC’s go-to-market strategy and further innovation in new product launches, building on the momentum of the AI product launches, TresRE and VendorPay earlier this year.

Tom Kiernan, former CEO and co-founder of ClickPay, one of the industry’s leading payment platforms, will join the board as part of the transaction. This appointment will add Kiernan’s industry knowledge, strong relationships and deep payments expertise to help further strengthen the leadership team and support the business as it continues to rapidly grow.

Farouk Hussein, Partner at Hg, said: “Our extensive work confirms CINC’s product leadership as a system of record in this sector. It has a highly differentiated, purpose-built integrated solution for banking and accounting in a growing segment that is only in the very early innings of software adoption. We look forward to backing Ryan and partnering with the existing shareholders and management team to continue driving the CINC success story.”

Mike Farrell, Managing Director at Spectrum, said:“We’ve had a great partnership with Bill, Ryan and the entire leadership team at CINC. They’ve established CINC’s enviable position in the market, and we are excited to continue to support them, and collaborate with Hg, as the company enters its next phase of growth.”

 

Raymond James is acting as exclusive financial advisor to CINC and Spectrum Equity, and Troutman Pepper and Latham & Watkins LLP are acting as their legal advisors. Harris Williams is serving as exclusive financial advisor to Hg and Kirkland & Ellis LLP is serving as its legal advisor.

The terms of the transaction have not been disclosed.

For further information, please contact:

CINC Systems
Shea Dittrich
shea.dittrich@cincsystems.com

Hg
Tom Eckersley
tom.eckersley@hgcapital.com

About CINC SystemsCINC Systems is one of the largest providers of software in the association management industry and an innovator behind accounting and banking integration. Founded in 2005 by a banker as the industry’s first SaaS offering, CINC systems now employs over 200 people with customers throughout the country. In 2019, Spectrum Equity joined CINC and accelerated the company’s growth. The accelerated growth is due to the continued innovation it provides through CINC, its core software platform, and TresRE, the banking and payments solution that underpins the success of real estate management software providers.

CINC provides accounting and management software to about 35,000 associations around the United States, touching more than 4 million homes. Through CINC, association management companies are better able to serve their boards and homeowners with the technology required in today’s world. CINC offers deep accounting functionality that improves financial reporting performance, property management solutions that keep managers efficient and, in the field, websites and apps that keep homeowners engaged.

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.

This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and $65 billion in funds under management support a portfolio of more than 50 businesses, worth over $135 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. Additional information is available at www.hgcapital.com.

 

 

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Ardian arranges a financing package to support Stirling Square’s acquisition of Gestión Tributaria Territorial from AnaCap

Ardian

Ardian, a world leading private investment house, today announces it has arranged a financing package comprising a Unitranche Facility, a Committed Acquisition Facility and a PIK tranche to support Stirling Square Capital Partners’ (“Stirling Square”) acquisition of Gestión Tributaria Territorial (“GTT” or “the Company”), a leading Spanish tax software and services provider for the public sector.

AnaCap, who initially acquired the business in 2020, will re-invest as a minority investor alongside Stirling Square and GTT’s management team.

Headquartered in Alicante, Spain, GTT is a leading provider of tax collection and electronic administration software for national, regional and local administrations. Founded in 1998, the Company has a 25-year track record in building proprietary software to modernize public administration processes through technological innovation and digital transformation. As the market leader in Spain, GTT also serves international development organizations in Latin America and has c.4,500 customers globally, providing them with leading technological, organizational and management support solutions tailored to each customer’s specific requirements.

Stirling Square will work closely with the GTT management team to invest in expanding the business’ software platform, further diversifying its suite of products and supporting the long-term growth objectives of the Company, including through strategic acquisitions. The financing package provided by the Private Credit team at Ardian includes a sizeable Committed Acquisition Facility designed to support the Company’s ambitious buy and build strategy.

” We are delighted to support this new chapter of growth of Gestión Tributaria Territorial alongside Stirling Square and AnaCap, and honored to provide our bespoke financing solutions to the Company. We were impressed by GTT’s track record of growth and ability to provide mission-critical services to public administrations both in Spain and internationally, and look forward to supporting the Company’s future development. GTT is our second deal in Spain over the last 12 months, showing growing momentum for the Private Credit team at Ardian in Southern Europe.” Grégory Pernot, Co-Head of Private Credit France and Head of Private Credit Spain, Ardian

” We are thrilled to invest in GTT, a provider of mission-critical software services to the Spanish public sector, with an impressive track-record of developing software to support the digitalisation and increased transparency within the country’s tax system. As high-conviction investors, we are attracted to GTT’s strong market position, growth profile, long-term contracts with customers across the country’s public sector and the opportunity to support the business to enter new European markets. We were convinced by the tailor-made and flexible financing solution offered by Ardian, that will support the Company in its next phase of development. We look forward to the exciting journey ahead, alongside AnaCap and Ardian, and to bringing our sector expertise, local knowledge, pan-European presence and capital, to support GTT’s talented management team.” Enrico Biale, Partner, Stirling Square

PARTICIPANTS

  • PRIVATE CREDIT ARDIAN: GRÉGORY PERNOT, CLÉMENT CHIDIAC, ADÉLAÏDE HOMOLLE

    • FINANCING LEGAL ADVISOR: WHITE & CASE (FERNANDO NAVARRO, ALFONSO GARCIA FREIRE, JUAN SAMPEDRO MARTINEZ) AND WILLKIE FARR & GALLAGHER (PAUL LOMBARD, RALPH UNGER)
    • GESTIÓN TRIBUTARIA TERRITORIAL: CARLOS RICO ALONSO, RICARDO FRANCÉS
    • STIRLING SQUARE CAPITAL PARTNERS: ENRICO BIALE, BEN HOPPER, MANUEL GARI
    • ANACAP: NASSIM CHERCHALI, IÑIGO QUEROL, ALESSANDRO MANFE
    • FINANCING ADVISORS: MARLBOROUGH PARTNERS (PEDRO MANEN DE SOLA-MORALES, FÉLIX FINKLER, MOHAMMED RAHMAN)
    • FINANCING LEGAL ADVISORS: HERBERT SMITH FREEHILLS (ARMANDO GARCIA MENDOZA, CARMEN HERMOSIN, MIGUEL ALVARGONZÁLEZ)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East, are strongly committed to the principles of responsible investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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Björn Lundén acquires KYC and AML provider Due Compliance

Main Capital Partners

Björn Lundén, Swedish accounting and financial administration software provider, acquires Stockholm-based Due Compliance AB (“Due Compliance”).

Björn Lundén, Swedish accounting and financial administration software provider, acquires Stockholm-based Due Compliance AB (“Due Compliance”). Due Compliance provides tools for AML, KYC and Risk Assessments. The acquisition will help Björn Lundén expand its presence in the European financial software market. The acquisition was backed by leading European software investor Main Capital Partners.

The acquisition of Due Compliance represents Björn Lundén’s fifth add-on acquisition since Main Capital Partners became a majority investor in July 2021 and enables Björn Lundén to expand the product portfolio to both existing and new customers, further strengthening the group’s position in the Nordics and rest of Europe.

Due Compliance offers comprehensive KYC & AML tools to ensure compliance in easy-to-use solutions integrated into existing ERP and CRM systems. In accordance with current legislation and directives, the products simplify monitoring, screening, and checks for the end customers.Due Compliance services a wide range of end customers’ specific needs with over 300 customers to date.

The market for KYC software is predicted to grow at a CAGR of 21% in the coming seven years, driven by the need for user-friendly cloud-based solutions for management of customer data and the need to navigate an increasingly complex regulatory landscape. Underlying factors driving the market growth include increased regulatory pressure, financial crime, data security needs and the globalization of digital processes.

Wessel Ploegmakers, Partner and Head of Nordics at Main, comments: “Due Compliance represents Björn Lundén’s fifth acquisition of the group. The acquisition marks an important step towards expanding the offering with regulatory driven tools with an improved value proposition for both existing and new customers. We see many opportunities for the Björn Lundén group to continue its growth journey, which includes both inorganic and organic initiatives, to become a European leader offering a full suite of cloud-based accounting, ERP and RegTech solutions.”

Ulf Svensson, CEO at Björn Lundén, adds: “I am pleased to announce the acquisition of Due Compliance, which offers modern and comprehensive software solutions for KYC & AML for accountancy firms, law firms and more. There is an increasing demand for KYC & AML solutions in the accounting industry driven by regulation. With the experience and knowledge of the management of Due Compliance and with this internationally scalable software, we look forward to a very interesting future with fast expansion both in the Nordics and the rest of Europe. ”

Petter Flink, Co-Founder and CEO at Due Compliance, concludes: “We are proud that, in a short period of a few years, we have managed to create and establish a unique and leading tool for AML and KYC controls in accordance with Swedish and European legislation. We have now found in Björn Lundén the ideal partner to take a further step in the development of our company, ourselves and our services for the benefit of even more customers and countries. We look forward with great confidence to realizing our plans and ideas in close symbiosis with Björn Lundén’s strong team and brand.”

We see many opportunities for the Björn Lundén group to continue its growth journey, which includes both inorganic and organic initiatives, to become a European leader offering a full suite of cloud-based accounting, ERP and RegTech solutions.

– Wessel Ploegmakers, Partner and Head of Nordics at Main Capital Partners

About

Björn Lundén

Björn Lundén, founded in 1987, provides accounting and financial software solutions targeted at accountancy firms and SMEs throughout the Nordics and the Benelux market. From its offices across Sweden, Denmark and the Netherlands, the company serves over 60.000 end companies. The company has developed a comprehensive portfolio of solutions and tools for administration, finance, accounting, tax, legal, personnel administration, time, project & expense management and ERP and in addition offers knowledge tools, books and courses in the aforementioned areas. Björn Lundén group has +240 employees today.

Due Compliance

Due Compliance has since 2019 been a provider of tools to make it easier for companies to fulfil their legal obligations according to Money Laundering Legislation (AML) and EU’s various AML directives. The needs and requirements differ between different industries and Due Compliance offer tailor-made, solutions integrated into existing systems for, among others, Lawyers, Law Firms, Accountants, Accounting Consultants, Financial Advisors and Real Estate Agents. Due Compliance has over a short period of time gained a strong position in the Swedish market and currently also growing in Norway.

 

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