Tag Archives: Software

Penbox confirms its ambition to be the leader in insurtech

Fortino Capital

Founded late 2019, Penbox is a Brussels-based tech start-up specializing in the collection of documents and structured information. Today, the company effectively reduces the administrative burden of more than 130 insurance brokers, helping them focus on their advisory business. Penbox has just finalized two agreements which consolidate its leading position on the Belgian Insurtech market: (i) a partnership with the largest brokerage software in Belgium, Portima and (ii) a €1.5m funding round led by two private funds, Fortino Capital and The Faktory Fund, with the participation of the regional financial arm Finance & Invest Brussels.

 

Penbox, the first insurtech solution integrated into Portima

Portima has been the IT partner of insurance brokers and companies for 35 years, with 3,200 active clients and over 11,000 users. Penbox was selected among more than 50 insurtechs present on the market as the first ideal solution to integrate into their brokerage management platform named ‘Brio’. The integration was completed in a record time of 4 months. “The strong attractiveness of Penbox on the market, thanks to their customer data enrichment service, and the ease of setting up the partnership appealed to us from the start,” explains Jan Peeters of Portima. Over 80% of brokers were interested in having a service like Penbox integrated into their management software.

 

Fundraising successfully closed with three key partners

In order to accelerate its growth, Penbox has just completed a fundraising of €1.5m in less than 2 months. Fortino Capital, The Faktory Fund and Finance & Invest Brussels were convinced by the insurtech’s vision, business model and the very positive feedback from early customers.

Renaat Berckmoes, Founding Partner of Fortino: “With their complementarity and business expertise, the Penbox team solves a critical problem in the insurance sector – the collection of structured customer data – with an intelligent and very intuitive solution to the different users. We are convinced that this technology can play a key role in other sectors such as the public sector, banking or healthcare.”

Simon Alexandre, Managing Partner The Faktory Fund: “Within The Faktory Fund, we were impressed by the vision as well as the quality of execution of the team, with very complementary profiles and experiences. Their innovative solution fits at the heart of companies’ digitalization strategies. Efficiently obtaining quality data allows users to focus on high value-add tasks. We are very happy to invest alongside this team with Fortino and Finance Brussels.”

Pierre Hermant, CEO of Finance & Invest Brussels: “Penbox is a Brussels-based start-up that tackles an important business issue: facilitating administrative procedures for clients through smart forms. We were won over by the qualities of the management team and are convinced of the company’s potential.”

Emile Fyon, co-founder of Penbox is delighted: “This fundraising allows us to develop our model and consolidate our presence on the Belgian brokerage market. We plan to double the size of our workforce from 11 to 20 people by June 2022 and increase our customer base by the end of 2022.” Penbox has many other projects such as attracting larger players in Belgium and expanding its expertise to the French market.

 

The inception of Penbox at the heart of the insurance industry

While in charge of digitization at AXA, Emile and Christophe (co-founders of Penbox) identified a gap in the market. There was no solution that could simply and quickly improve information and document collection for insurance processes, which are often complex.

After analysing the problem in detail, they decided to launch Penbox by surrounding themselves with two other complementary co-founders, Ben and Matt. Their expertise in digitization, technology and insurance allowed them to quickly convince their first clients and build partnerships with the largest players in the Belgian market, after only 2 years of existence.

 

Penbox, a start-up born in the midst of the pandemic

Founded in November 2019, the Penbox team is forced into lockdown after signing its first two clients. Nevertheless it succeeded in convincing 25 clients during the year 2020 and now has more than 130 clients. First launched in the Wallonia-Brussels region, Penbox has just opened to the Flemish market in September 2021. More than 100,000 Belgian residents have been invited to use Penbox to share information with their brokers.

Since its inception, Penbox has made a name for itself in the entrepreneurial and insurance world. Incubated at KBC Start-it, the company quickly obtained a grant from Innoviris before winning the Fintech Pitch Award 2020. Penbox was nominated for the Vivium Digital Awards and her work to help brokers and disaster victims after the July floods was relayed by Feprabel (broker federation) and AG Insurance. The startup was selected and was able to take advantage of the Amplitude + and PwC Scale programs to accelerate its growth in 2021.

 

Additional information

Press & media coverage

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05/08/2021
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05/08/2021
Inondations: Penbox met gratuitement sa plateforme à disposition des courtiers

About Fortino Capital

Fortino Capital Partners is a European investment firm specializing in B2B software and based in Antwerp and Amsterdam. Through a growth capital fund and two early stage venture capital funds, Fortino Capital partners with exceptional entrepreneurs in North Western Europe. The investment portfolio includes MobileXpense, Efficy CRM, Teamleader, Salonkee, SimplyDelivery, iObeya, Zaion, Oqton, among others.

About The Faktory Fund

The Faktory Fund is an early-stage private investment fund founded by Pierre L’Hoest, former CEO and founder of EVS Broadcast Equipment, and Simon Alexandre (CETIC, Nest’Up). The Faktory Fund supports start-ups developing disruptive technologies that allow new products to take global leadership in B2B markets, mainly in the Internet of Things and in Software as a Service (SaaS), in BeNeLux and in France. For more information, visit www.thefaktory.com

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Compusoft and 2020 complete merger

Combined companies create a global leader in visualization, sales and manufacturing software solutions for interior and construction trades

BOSTON, December 2, 2021—Compusoft and 2020, two industry leading software providers for residential and commercial spaces, have successfully united in a merger of equals to create one company dedicated to powering the sales of customers who create spaces for life. The combined group will specialise in providing solutions for the visualisation, configuration, pricing, quoting and manufacturing of products in highly configured spaces.

Together, the group will provide end-to-end solutions that power sales across the value chain in the kitchen, bathroom, furniture and window & door industries. From customer inspiration through to design and production, businesses involved in creating residential and commercial spaces for life will benefit from industry specialised technology and seamless content exchange that enhances daily working lives.

A global footprint with significantly expanded scale complemented by local expertise will enable the group to better serve customers in more countries than ever before. The combined group will have cross-functional teams based across Europe, North America, South America, Africa and Asia Pacific.

Customers will also benefit from an expanded network of world-class support and access to an unparalleled content platform that will be further enriched. These two core differentiators are central to the future of the new company and will be enhanced by sharing experts and knowledge across the entire group.

In addition, the merger brings together a collective 65+ years’ of industry expertise in technical development.  A shared passion for innovation will drive the enlarged team to bring the most exciting solutions of tomorrow to customers even faster.

“We are excited about the possibilities this combination will give our customers. There will be an even broader range of solutions backed by an extensive content database to power the sales of our customers. Our combined expertise will also give us the ability to accelerate innovation and maximise the potential of our products to meet our customers’ needs.” comments David Tombre, CEO, Compusoft.

Mark Stoever, CEO, 2020 added, “People are our biggest asset and this combination brings together some of the brightest minds in software from across the world, particularly in R&D, sales, content and support, united to better serve our customers. We look forward to what the future holds.”

Further information on the roadmap of the future will be announced to customers in the coming months and customers can contact their account managers should they have any questions.

About Compusoft

Compusoft provides visual CPQ solutions that simplify planning, configuration and visualisation to power sales for the kitchen, bathroom, furniture and window & door industries. Compusoft’s solutions assist customers throughout the sales value-chain from end-customers through to manufacturers and are underpinned by a rich content database. Founded in 1989, Compusoft is headquartered in Sarpsborg, Norway, and serves customers in more than 100 countries with 18 offices across Europe, Asia-Pacific and North America. For more information, please visit www.compusoftgroup.com.

About 2020 Technologies Inc.

2020 helps professional designers, retailers and manufacturers in the interior design and furniture industries capture ideas, inspire innovation and streamline processes. By providing end-to-end solutions and a large collection of manufacturers’ catalogs, 2020’s applications enable professional designers and retailers to create kitchens, bathrooms, furniture and commercial offices that look as stunning on the screen as they do in reality.  2020 solutions for furniture and cabinet manufacturers deliver a complete manufacturing operations management capability to run their factories at maximum efficiency. Founded in 1987 and headquartered in Westford, Massachusetts with direct operations in 11 countries and supports customers in many more locations around the world through a network of value-added resellers. For more information, please visit www.2020spaces.com.

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Iodine Software Surpasses $1 Billion Valuation With Strategic Growth Investment from Advent International

Bain Capital Ventures and Silversmith Capital Partners to remain shareholders

Iodine Software (“Iodine” or the “Company”), a leading healthcare AI company, today announced a strategic growth investment from Advent International (“Advent”), one of the largest and most experienced global private equity investors. Advent will acquire a significant stake in Iodine in a transaction that values the business at over $1 billion. Bain Capital Ventures (“BCV”) and Silversmith Capital Partners (“Silversmith”), which invested in the Company in 2018, will remain shareholders. Financial terms were not disclosed.

“Utilizing advancing technology to scale hospital resources, ease administrative burden, and maximize reimbursement is more important than ever,” said William Chan, Iodine’s CEO and co-founder. “We’ve always been committed to building the most powerful, predictive tools available. This investment provides access to capital for expansion and growth strategies so that we can innovate faster and find more ways to empower healthcare leaders to meet with confidence the delicate balance of quality, efficiency, and system financial resilience.”

Iodine Software provides the leading clinical AI solution for highly accurate capture of patient documentation. The Company’s platforms are trusted by more than 800 hospitals and are used by more than 80,000 healthcare providers nationwide.

Iodine’s AwareCDI solution recently received the top overall performance score in the 2021 KLAS Clinical Documentation Improvement Report. The company also recently completed the acquisitions of Artifact Health and ChartWise to broaden its market reach, bolster its portfolio and deliver a comprehensive query transformation solution that solves a critical physician pain point.

“We are pleased to be partnering with Iodine Software as it continues to experience rapid growth across hospitals and health systems,” said Carmine Petrone, a Managing Director on Advent’s Healthcare team. “Iodine’s world-class AI innovation engine and strong customer focus underpin the company’s ability to deliver a best-in-class product with highly differentiated value.” Lauren Young, a Managing Director on Advent’s technology team, added: “With our extensive experience scaling software and healthcare businesses, we look forward to working with Bain Capital Ventures and Silversmith Capital Partners to support William and the entire Iodine team to continue driving innovation and building a leading AI/machine learning-driven revenue cycle management platform.”

This investment will empower Iodine to invest further in its AI engine, CognitiveML, to power new and additional products in other strategic areas of care delivery for health systems.

“We were excited to partner with the founders of Iodine back in 2018 as their first institutional investor, and are even more thrilled to partner with Advent and the Iodine team to support the next phase of growth,” said Jeff Crisan, Managing Partner at Silversmith Capital Partners. Yumin Choi, partner at Bain Capital Ventures, added, “We saw the enormous potential its AI-powered software would provide to hospitals going through digital transformations. With this strategic investment, Iodine will have the opportunity to reach more hospital professionals, resulting in better care for patients across the US.”

Over the past 30+ years, Advent has invested or committed more than $11 billion in 88 technology companies and $10 billion in 51 healthcare companies, including health tech, software and provider businesses.

Deutsche Bank served as exclusive financial advisor to Iodine and Queen Saenz + Schutz PLLC served as the Company’s legal advisors. For Advent, Evercore and TripleTree served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel.

About Iodine Software

Iodine is an enterprise AI company that is championing a radical rethink of how to create value for healthcare professionals, leaders, and their organizations: automating complex clinical tasks, generating insights and empowering intelligent care. Iodine’s powerful predictive engine complements the skills and judgement of healthcare professionals by interpreting raw clinical data to generate real-time, highly focused, predictive insights that clinicians and hospital administrators can leverage to dramatically augment the management of care delivery – facilitating critical decisions, scaling clinical workforces through automation, and improving the financial position of health systems. For more information, please visit iodinesoftware.com.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 companies in 42 countries, and as of June 30, 2021, had $81 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com or www.linkedin.com/company/advent-international.

About Bain Capital Ventures

Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. BCV invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 365 companies, including Attentive, Digital Currency Group, DocuSign, Flywire, Jet.com, LinkedIn, Redis Labs, Rent the Runway, SendGrid, and SurveyMonkey. BCV has $9.2 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto. Follow the firm via LinkedIn and Twitter.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, Iodine Software, LifeStance Health, Panalgo, Unily, Upperline Health, Validity, and Webflow. The partners have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com.

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Clearlake Capital And Aurora Capital Backed Zywave Acquires ClarionDoor, Further Advancing Transformation Of The Insurance Market & Leadership Position In End-to-end Configure, Price, Quote Technology

Aurora Capital

MILWAUKEE, Nov. 30, 2021 /PRNewswire/ — Insurtech leader, Zywave, today announced the acquisition of Santa Barbara, Calif.-based ClarionDoor, provider of the most intelligent insurance product distribution software available to the property and casualty (P&C) market. Together with Zywave’s existing configure, price, quote (CPQ) solutions for insurance agencies and brokers, ClarionDoor’s digital distribution solution for carriers and MGAs solidifies Zywave as the industry leader in end-to-end CPQ technology, from rating and quoting through presentation to binding and issuance.

“Digital quoting is one of the fastest growing categories within the insurance industry,” said Jason Liu, chief executive officer of Zywave. “Zywave has doubled down in this space, becoming the first insurtech provider to offer CPQ solutions across all lines of business. With the acquisition of ClarionDoor, we also gain an exclusive distribution technology for carriers.”

Founded in 2010, ClarionDoor serves more than 70 customers globally across all P&C lines, ranging from traditional lines to emerging markets. ClarionDoor’s mature insurtech solutions provide one of the first ever cloud-native, API-first, no-code, software as a service rating engines. Serving carriers, MGAs, brokers, and program administrators, ClarionDoor solves the challenges of the entire product distribution process from product innovation to policy generation, issuance and lifecycle management.

“The distribution space has seen increasingly significant changes driving growth as digital innovation is adopted. Astute carriers are becoming more adept at evaluating distributors and integrating with agency management systems, comparative raters and stand-alone rating engines to help drive the next evolution of digital products and distribution strategies,” commented Karlyn Carnahan, Head, North America Property Casualty for leading research and advisory firm, Celent. “The acquisition of ClarionDoor by Zywave puts them front and center in the digital distribution space with an opportunity to better connect carriers and distributors.”

“For far too long, typical insurance systems focused entirely on the back office and neglected the insurer’s needs of developing innovative products and getting them out to the marketplace,” said Michael DeGusta, ClarionDoor’s chief executive officer. “What makes this partnership so exciting for ClarionDoor and our customers is that ClarionDoor and Zywave share a more open, collaborative and tech-enabled vision for insurance distribution. Together, we will fundamentally transform the way insurance organizations do business.”

The ClarionDoor acquisition is the latest in a series of several by Zywave over the last few years that demonstrate the company’s investment in the insurance distribution, quoting and proposal process. Previous acquisitions in this space include IBQ Systems (2021), Insurance Technologies Corporation (2020), RateFactory (2019), and Code SixFour (2018).

For more information on Zywave, visit www.Zywave.com.

About ClarionDoor

ClarionDoor is the provider of the most intelligent insurance product distribution software for rating, quoting, and issuance with a multitude of customers live today across the United States, Australia, New Zealand, and the United Kingdom. ClarionDoor’s breakthrough API-first, cloud-native technology enables MGAs, brokers, carriers, program administrators, and wholesalers to rate, quote, and issue for any line of business; getting them live in weeks, and liberating them to focus on innovation, not implementation. To learn more, visit www.clariondoor.com.

About Zywave

Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave’s all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety. Additional information can be found at www.zywave.com.

Contact: April Larsen
april.larsen@zywave.com
414-918-0547

SOURCE Zywave

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Blackstone to Acquire Irth Solutions, a Leading Software Services Provider

Blackstone

NEW YORK & Columbus, Ohio – December 1, 2021 – Blackstone (NYSE: BX) announced today that Blackstone Energy Partners has agreed to acquire Irth Solutions (“Irth”). Irth is a leading provider of cloud-based software-as-a-service (“SaaS”) solutions that automate processes for damage prevention and asset protection across critical network infrastructure assets. Additionally, Irth collects and analyzes operational and environmental data and runs risk management analytics for its blue-chip customer base across the energy, utilities, telecom and media end-markets. Its products and services support electric grid resiliency, electric vehicle penetration, 5G infrastructure build-out, emissions reduction efforts and help improve the safety and efficiency of pipeline operations. The acquisition of Irth continues Blackstone Energy Partners’ focus on investing in companies that support critical infrastructure and the global energy transition.

Kush Patel, Managing Director at Blackstone, said: “Irth is well-positioned to benefit from the tailwinds impacting each of the company’s end-markets. Irth can be a key partner for electric utilities, telecom companies and energy infrastructure operators as they improve and expand operations, while reducing environmental impacts. We look forward to working with Brad and his team to capitalize on these trends.”

Brad Gammons, CEO of Irth Solutions, said: “The entire team is thrilled to have the support of Blackstone and their resources. We believe their expertise in infrastructure, energy services, data science and technology will be invaluable as we increasingly look to scale and strengthen our services and capabilities.”

Bilal Khan, Senior Managing Director at Blackstone, said: “Irth is the latest in a series of investments we’ve made in companies helping to strengthen our electrical grid and enable more sustainable operations – critical elements of the energy transition.”

Following the acquisition, Irth Solutions will retain its name and continue to operate independently as a Blackstone portfolio company. The transaction is subject to customary closing conditions and is expected to close by the end of December. Lazard and Lincoln International acted as financial advisors to Irth, and Ropes & Gray acted as the company’s legal advisor. Kirkland & Ellis served as legal advisor to Blackstone.

Terms of the transaction were not disclosed.

About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $20 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Irth Solutions
Irth Solutions, headquartered in Columbus, Ohio, is the leading provider of cloud-based asset protection solutions to improve resilience of critical asset infrastructure, including their flagship 811 ticket management solution. Clients have trusted Irth Solutions for decades to manage and reduce risk, decrease costs, increase revenue opportunities and ensure regulatory compliance. Artificial intelligence and analytics power additional insights for early detection of emerging problems. Irth Solutions has helped hundreds of customers execute the work that is most important to their success in a world where safety, resilience and reliability are paramount.

Contact
Kate Holderness
Kate.holderness@blackstone.com
917 318 6818

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Iodine Software surpasses $1 billion valuation with strategic growth investment from Advent International

Advent International

Advent to acquire significant stake in business;
Bain Capital Ventures and Silversmith Capital Partners to remain shareholders

AUSTIN, TX and BOSTON, MA – December 1, 2021 – Iodine Software (“Iodine” or the “Company”), a leading healthcare AI company, today announced a strategic growth investment from Advent International (“Advent”), one of the largest and most experienced global private equity investors. Advent will acquire a significant stake in Iodine in a transaction that values the business at over $1 billion. Bain Capital Ventures (“BCV”) and Silversmith Capital Partners (“Silversmith”), which invested in the Company in 2018, will remain shareholders. Financial terms were not disclosed.

“Utilizing advancing technology to scale hospital resources, ease administrative burden, and maximize reimbursement is more important than ever,” said William Chan, Iodine’s CEO and co-founder. “We’ve always been committed to building the most powerful, predictive tools available. This investment provides access to capital for expansion and growth strategies so that we can innovate faster and find more ways to empower healthcare leaders to meet with confidence the delicate balance of quality, efficiency, and system financial resilience.”

Iodine Software provides the leading clinical AI solution for highly accurate capture of patient documentation. The Company’s platforms are trusted by more than 800 hospitals and are used by more than 80,000 healthcare providers nationwide.

Iodine’s AwareCDI solution recently received the top overall performance score in the 2021 KLAS Clinical Documentation Improvement Report. The company also recently completed the acquisitions of Artifact Health and ChartWise to broaden its market reach, bolster its portfolio and deliver a comprehensive query transformation solution that solves a critical physician pain point.

“We are pleased to be partnering with Iodine Software as it continues to experience rapid growth across hospitals and health systems,” said Carmine Petrone, a Managing Director on Advent’s Healthcare team. “Iodine’s world-class AI innovation engine and strong customer focus underpin the company’s ability to deliver a best-in-class product with highly differentiated value.” Lauren Young, a Managing Director on Advent’s technology team, added: “With our extensive experience scaling software and healthcare businesses, we look forward to working with Bain Capital Ventures and Silversmith Capital Partners to support William and the entire Iodine team to continue driving innovation and building a leading AI/machine learning-driven revenue cycle management platform.”

This investment will empower Iodine to invest further in its AI engine, CognitiveML, to power new and additional products in other strategic areas of care delivery for health systems.

“We were excited to partner with the founders of Iodine back in 2018 as their first institutional investor, and are even more thrilled to partner with Advent and the Iodine team to support the next phase of growth,” said Jeff Crisan, Managing Partner at Silversmith Capital Partners. Yumin Choi, partner at Bain Capital Ventures, added, “We saw the enormous potential its AI-powered software would provide to hospitals going through digital transformations. With this strategic investment, Iodine will have the opportunity to reach more hospital professionals, resulting in better care for patients across the US.”

Over the past 30+ years, Advent has invested or committed more than $11 billion in 88 technology companies and $10 billion in 51 healthcare companies, including health tech, software and provider businesses.

Deutsche Bank served as exclusive financial advisor to Iodine and Queen Saenz + Schutz PLLC served as the Company’s legal advisors. For Advent, Evercore and TripleTree served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel.

About Iodine

Iodine is an enterprise AI company that is championing a radical rethink of how to create value for healthcare professionals, leaders, and their organizations: automating complex clinical tasks, generating insights and empowering intelligent care. Iodine’s powerful predictive engine complements the skills and judgement of healthcare professionals by interpreting raw clinical data to generate real-time, highly focused, predictive insights that clinicians and hospital administrators can leverage to dramatically augment the management of care delivery – facilitating critical decisions, scaling clinical workforces through automation, and improving the financial position of health systems.

For more information, visit:
www.iodinesoftware.com

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 companies in 42 countries, and as of June 30, 2021, had $81 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:

Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About Bain Capital Ventures

Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. BCV invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 365 companies, including Attentive, Digital Currency Group, DocuSign, Flywire, Jet.com, LinkedIn, Redis Labs, Rent the Runway, SendGrid, and SurveyMonkey. BCV has $9.2 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, Iodine Software, LifeStance Health, Panalgo, Unily, Upperline Health, Validity, and Webflow. The partners have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike.

For more information, visit:
www.silversmith.com

Media contacts

For Iodine Software
Amanda Wratchford
press@iodinesoftware.com

For Advent International
Anna Epstein or Sophia Templin
Finsbury Glover Hering
Adventinternational-US@finsbury.com

For Bain Capital Ventures
Kristi Essick
kristi@archwaypr.com

For Silversmith Capital Partners
Kate Castle
kate@silversmith.com

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Francisco Partners Announces Sale of Quest Software

Franciso Partners
Press Release – November 29 2021

Investment to Accelerate Growth and Drive Continued SaaS Bookings Momentum in One Identity/OneLogin, the Industry’s Most Comprehensive Unified Identity Cybersecurity Software Platform

New Platform Investment to Drive Robust Buy-and-Build Strategy and Support Quest Customers and Partners through Digital Transformation in Cybersecurity, Data Intelligence, and IT Operations

SANTA MONICA, CA and ALISO VIEJO, CA – November 29, 2021 – Quest Software (“Quest” or the “Company”), a global cybersecurity, data intelligence, and IT operations management software provider, announced it signed a definitive agreement with Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”) to acquire the Company from Francisco Partners. Patrick Nichols, current CEO of Quest, will continue to lead the Company supported by the existing executive management team. Upon closing of the transaction, Clearlake will become the majority shareholder in Quest. The terms of the transaction were not disclosed.

“We have long admired Quest as a leading identity-centric cybersecurity, data intelligence, and IT operations management software platform and the Company’s software solutions that help secure enterprise IT environments,” said Behdad Eghbali, Co-Founder and Managing Partner at Clearlake. “We are excited to partner with Patrick and Carolyn McCarthy, Quest’s CFO, to utilize Clearlake’s O.P.S.® framework to help the Company strengthen its strategic growth plans including best practices to accelerate cloud/SaaS adoption and support its buy-and-build strategy.”

“IT teams worldwide rely on Quest to help them solve critical challenges that enable business growth and address crucial strategic initiatives. Quest has evolved to become a market leader in identity-centric cybersecurity, data intelligence, and IT operations management and I want to thank Francisco Partners for helping Quest realize this vision,” said Patrick Nichols, CEO of Quest. “Our new partnership with Clearlake will accelerate Quest’s momentum as a leader and innovator as we increase our investment pace in our core product roadmaps, cloud/SaaS offerings, and global presence. We will continue to expand our customer base as computing environments and related management, modernization, and security challenges, become more complex.”

“We are proud of the tremendous progress Quest has made since re-launching as an independent company, and I want to recognize Patrick Nichols and the management team for strong execution,” said Dipanjan “DJ” Deb, Co-Founder and CEO of Francisco Partners. “We have a long and successful track record executing divisional carve-out transactions and are grateful to have had the opportunity to work with the Quest team to create value for the company, its customers, and its partners. We wish the Quest organization well in their new partnership with Clearlake.”

Founded in 1987, Quest Software has built a reputation over three decades as a critical software solution provider for security-sensitive customers and a leader of innovation addressing rapidly evolving risks and security threats. Quest enables today’s edgeless IT ecosystem – across people, applications, and data to endpoints – allowing customers to maintain controls, mitigate and contain security threats proactively, and maintain operational up-time while decreasing costs.

Quest’s key business segments include:

  • One Identity and OneLogin, making Quest the only identity-centric cybersecurity software vendor providing industry-recognized leading solutions across all aspects of a unified identity security and management approach crucial to taming identity sprawl and addressing identity-based attacks.
  • Platform Management for Microsoft®, which provides software for IT operations resilience and flexibility while enabling organizations to stay in control by securing and managing Active Directory.
  • Information Management and erwin by Quest, a pioneer and leading provider of data operations and intelligence software solutions that modernize infrastructure, optimize performance and deliver applications faster, with offerings including Toad for Oracle®, erwin Data Modeler, erwin Data Intelligence, Foglight, ApexSQL and SharePlex®.
  • Data protection and endpoint management software solutions to control data growth and optimize system availability with NetVault, QoreStore, and Kace® offerings.

“It has been a pleasure partnering with Patrick and the entire management team at Quest in scaling the business both organically and through strategic acquisitions,” said Brian Decker, Partner and Christine Wang, Principal at Francisco Partners. “Since our partnership with the Company, Quest has evolved to become an innovative leader in the cybersecurity, data intelligence and IT operations management markets delivering significant value to its customers and partners.”

“With a robust portfolio of market-leading software and SaaS solutions alongside a rich history of product innovation, we believe Quest is well positioned to capitalize on emerging growth trends in identity-centric cybersecurity, data intelligence and IT operations management software markets,” said Prashant Mehrotra, Partner, and Paul Huber, Principal at Clearlake. “Now with significant scale and completely independent, Quest is strategically differentiated in the market as a buy-and-build platform and industry consolidator, and we’re thrilled to partner with Patrick, Carolyn and the management team to help Quest accelerate growth organically and through M&A.”

The transaction is expected to close in the first quarter of 2022, pending customary regulatory approvals and closing conditions. Goldman Sachs acted as sole lead financial advisor to Quest. J.P. Morgan also acted as financial advisor and Paul Hastings LLP acted as legal advisor to Quest.

Silicon Valley Tech Investment Bank and Morgan Stanley along with BoA Securities, Barclays, Evercore, and William Blair acted as financial advisors to Clearlake. Sidley Austin LLP acted as legal advisor to Clearlake.

Goldman Sachs, Morgan Stanley & Co LLC, BoA Securities, Barclays, Credit Suisse, BMO Capital Markets and Citigroup provided committed debt financing for the transaction.

About Quest
Quest creates software solutions that make the benefits of new technology real in an increasingly complex IT landscape. Quest helps customers solve their next IT challenge, from database and systems management to Active Directory and Office 365 management and cybersecurity resilience. Around the globe, managing over 250 million identities, more than 100,000 customers, 15,000 partners and 97 of the Fortune 100 count on Quest to deliver proactive management and monitoring for the next enterprise initiative, find the next solution for complex Microsoft challenges, and stay ahead of the next threat. Quest Software. Where next meets now. For more information, visit www.quest.com.

About Clearlake
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has approximately $55 billion of assets under management and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.

About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $30 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Media contacts:
For Quest: Mariah Gauthier
Highwire Public Relations
951-314-0760
mariah@highwirepr.com

For Clearlake: Jennifer Hurson
Lambert & Co.
845-507-0571
jhurson@lambert.com

For Francisco Partners: Kate Sylvester
Sloane & Company
212-446-1860
ksylvester@sloanepr.com

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Montagu enters exclusive negotiations with Quilvest Capital Partners to acquire Eudonet Group

Montagu

Montagu announces today that it has entered into exclusive negotiations with Quilvest Capital Partners to acquire Eudonet Group.

Based in Courbevoie, France, Eudonet is a developer of CRM software serving 1,200 customers and 53,000 users, across France, the Netherlands, the UK, Belgium, Switzerland and Canada. Eudonet was founded in 2000 and is one of the leading CRM providers for associations, local authorities, and higher education by developing products with a large set of pre-configured functionalities targeting specific customer needs.

 

Eudonet’s management team has grown the business considerably thanks to a scalable strategy that consists of improving functionalities continuously and replicating the vertical approach in selected sectors such as real-estate through investments in product development and acquisitions.

 

Antoine Henry, CEO of Eudonet, commented: “We are delighted to be partnering with Montagu and see considerable opportunity ahead for the business. Montagu’s expertise in the technology space and international expansion capabilities will be major assets for our company. This partnership will enable us to further develop the company through significant investments in product development and expansion in new verticals and geographies.”

 

Antoine de Peguilhan, Director at Montagu, said: “Eudonet is a great example of Montagu’s strategy of partnering with high-quality technology companies in their pursuit of growth. The management team has done a remarkable job at introducing best practices in all functions and processes, resulting in an impressive quality of operations. We believe that Eudonet is a scalable business with a solid technology platform and a strong management team, which can continue to achieve double-digit organic growth and further expand through M&A.”

 

Pascal Ambrosi, Director at Montagu added: “We were attracted by Eudonet’s core values of humility, collaboration, agility, and performance. Eudonet’s business model puts customers at the heart of everything they do, from innovative product development to efficient and quick product deployment, and customer service. This customer-first approach coupled with targeted acquisitions allowed Eudonet to strengthen its position in existing core verticals, to enter new attractive niches, and to expand internationally. We look forward to supporting the company and its over 200 employees in the next phase of their growth.”

 

Thomas Vatier, Partner at Quilvest Capital Partners said: “We are honoured to have partnered with the talented Eudonet management team, led by Antoine Henry and Fabrice Vernière, since early 2017. Since that time, Eudonet has considerably accelerated its growth, as a result of significant investments in the product development and deep vertical approach; in addition, over the period, Eudonet completed four add-on acquisitions, strongly expanding its presence internationally. Now more than ever Eudonet benefits from a great runway to accelerate its entrepreneurial development at home and abroad.”

 

The transaction is subject to the final and definitive agreement between the parties and customary conditions and provisions.

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AnaCap invests in German FinTech fintus, a leading provider of low-code software for the Financial Services sector

Anacap

AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market private equity investor in technology enabled financial services, today announces a majority growth investment into German FinTech fintus GmbH (“fintus”), one of the leading low-code software providers in the Financial Services sector.

AnaCap will partner up with fintus Founder & CEO Benjamin Hermanns and provide significant growth capital, financial sector & technology expertise as well as operational support, as fintus continues its ambitious growth strategy by solidifying its strong position in the DACH region and expanding its low-code banking platform (“fintus Suite”) across Europe. The fintus team will also benefit from significant investment in talent to expand operational capacity and drive sales.

Fintus was founded in 2017 in Frankfurt and has since successfully positioned itself as one of the leading German Software-as-a-Service (“SaaS”) providers for the automation and digitalisation of the financial services sector. Today, the company’s clients already include a double-digit number of Tier 1 to 3 banks and other sophisticated financial services companies, who use its powerful fintus Suite to automate and streamline complex lending processes (from initial contact with customers to assisting with credit decisions and portfolio management), thereby reducing costs and improving overall customer service. In FY’2021, fintus has grown more than 150% year-on-year and is extremely well placed for 2022, with a strong pipeline of new recurring SaaS contracts.

The fintus technology complements existing, core banking systems and enables its customer base to use the low-code platform in an agile and flexible manner to position themselves well in relation to both retail and commercial customers.  The easy management and customisation of processes is seamless, with the software interfaces and integration of all available banking information and data broken down into a single, simple and easy to use platform.

The DACH region is well known to AnaCap with the investment in fintus following the recently completed acquisition of WebID Solutions in September of this year, another FinTech company providing leading digital identification solutions to blue-chip German corporates and financial institutions, and an existing technology partner of fintus. These recent acquisitions follow the already successful trajectory of another portfolio company MRH Trowe (“MRHT”), with eleven bolt-on growth acquisitions made to date as part of an accelerated buy-and-build strategy in the large and fragmented German corporate insurance broking market.  AnaCap will further leverage its experience from its highly successful buy-and-build strategy for payments company heidelpay (now “Unzer”) across the region and subsequent successful exit to KKR.

Benjamin Hermanns, CEO and Founder at Fintus commented:

“We have had multiple enquiries recently and have been delighted with the interest shown by prominent investment companies. It was very important for us to find a partner who has a strong entrepreneurial mindset and understands software, the financial services industry and FinTech alike. We have found in AnaCap an ideal partner to support the pan-European growth of fintus, leveraging our impressive track record in recent years which we attribute to the commitment of our employees and customers alike.”

 

Tassilo Arnhold, Private Equity Partner at AnaCap, added:
“We are thrilled to be partnering up with Ben and the team to help drive the next chapter of fintus’ exciting growth story – since its inception in 2017, fintus has managed to win an impressive list of blue-chip SaaS clients, leading to a triple digit annual growth historically. While there is significant room to grow in the DACH market, we also see huge potential in scaling the business across Europe, given the multi-lingual and low code nature of the fintus software.  We will invest significant capital to build-out the management and business development team further, while also introducing new distribution channels and exploring opportunistic buy-and-build strategies as well, in line with our other successful DACH investments”

On this transaction, fintus’ shareholders were exclusively advised by IEG – Investment Banking Group (corporate finance) and act AC Tischendorf (legal), whereas AnaCap received advice from GCA Altium (corporate finance), Proskauer Rose (legal advice – London) and Norton Rose Fulbright (legal advice – Munich). The transaction is subject to the usual closing conditions.

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Omnia acquires Patagona to become Europe’s leading pricing software provider

Omnia Retail acquires German pricing software provider Patagona. Both companies are specialized in dynamic pricing software and with the integration Omnia will become Europe’s leading enterprise pricing solution.
“By combining our strengths, the new holding is the leading B2C-retail dynamic pricing vendor in Europe.”

 

Omnia founder & CEO Sander Roose will become the group CEO. Patagona’s founders Andreas Frankenberger and Maximilian Bank will become group CTO and CCO, respectively. Sander Roose’s view on the future of the company: “COVID driven e-commerce acceleration has increased the need for dynamic pricing software for retailers and brands in all product categories. By combining our strengths, the new holding is the leading B2C-retail dynamic pricing vendor in Europe. This step also guarantees a strong local presence in the crucial DACH region. Our main focus is further improving our service level to retailers and brands by accelerating product development. With the addition of the Patagona team, we have all the required expertise to ensure our customers can leverage the power of machine learning (AI) for pricing insights and price optimization, which is a key product priority for the coming years.”

 

“Leading the way together with a strong, ambitious and dynamic company that shares the same values.”

 

Andreas Frankenberger and Maximilian Bank believe that the effect of joining forces will have a very positive impact on the customer side: “To provide our customers with the best possible solution – in data quality as well as retail know-how – we are committed to leading the way together with a strong, ambitious and dynamic company that shares the same values as Patagona: Omnia Retail.”

 

The group raised growth financing provided by ABN Amro, which enables the group to invest more heavily in the continuous development of the platform. The funding allows the company to take a large step forward towards reaching its ultimate goal of becoming the global market leader in retail pricing software. SaaS investor Connected Capital & Partners remains on board and continues to be an important strategic partner for the company’s further growth.

 

Both companies plan to operate as one company, with locations in Amsterdam and Darmstadt. The combined leadership team is an important first step in that direction. Omnia and Patagona’s customers can continue to rely on both companies’ products as those will continue to exist.

 

About Omnia Retail
Omnia’s software uniquely combines dynamic pricing automation with various market data sources, from platform data like Google Shopping and Amazon to direct scraping. The company has over 15 years of retail and pricing experience, which makes them experts in guiding its customers on their path towards more pricing maturity. Omnia’s customers include Decathlon, Bol.com, Windeln.de, Signa Sports, Media Markt, De Bijenkorf, Philips, Samsung and Accell Group.

 

About Patagona
Patagona develops software-based e-commerce solutions. With its main products, Patagona enables online retailers to optimize their sales prices automatically and helps brands to get a global market overview of their product prices online. Using deep technical AI in their software solution, customers like METRO, Kaufland, Intersport, L’Oréal and LVMH benefit from their pricing expertise.

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