More than 50 percent of the total share capital in zooplus have thus far been tendered into the offer at the expiry of the initial acceptance period; the final result of the offer at the end of the initial acceptance period expected to be published on 8 November 2021.
4 November 2021 – London & Munich –Hellman & Friedman LLC (“Hellman & Friedman” or “H&F”) and the EQT IX fund (“EQT Private Equity”) today announced the initial result of the voluntary public tender offer (the “Increased Offer”) by Zorro Bidco S.à r.l. (“Zorro Bidco”), a holding company controlled by funds advised by H&F, for the shares (ISIN: DE0005111702) of zooplus AG (“zooplus” or the “Company”) at the end of the initial acceptance period. The Increased Offer is financed by a partnership between Hellman & Friedman and EQT Private Equity.
At the expiry of the initial acceptance period at midnight (CET) on 3 November 2021, the takeover offer has been accepted for more than 50 percent of zooplus shares, including the irrevocable tender commitments which Zorro Bidco has concluded with zooplus shareholders for approximately 17 percent of the share capital. Therefore, the minimum acceptance threshold of 50 percent plus one zooplus share has been exceeded.
The final result of the Increased Offer at the expiry of the initial acceptance period is expected to be published on 8 November 2021.
According to the German Securities Acquisition and Takeover Act (WpÜG),zooplus shareholders who have not tendered their shares can still accept the Increased Offer at the cash consideration of EUR 480 per zooplus share within the additional acceptance period, which is expected to commence on 9 November 2021 and to end at midnight (CET) on 22 November 2021. Zorro Bidco will disclose the final number of shares tendered without undue delay following the expiry of the additional acceptance period.
This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of zooplus AG. The Zorro Offer and the Pet Offer as well as their definitive terms and conditions and further provisions concerning these public takeover offers, are published in the respective offer document, the publication of each of which has been approved by the German Federal Financial Supervisory Authority (BaFin), as well as in the amendment of the Zorro Offer. Investors and holders of shares in zooplus AG are strongly advised to read the respective offer documents for the Zorro Offer and the Pet Offer, respectively, the amendment documentation of the Zorro Offer and all other relevant documents regarding the aforementioned public takeover offers, since they contain important information.
The Zorro Offer and the Pet Offer are each published exclusively under the laws of the Federal Republic of Germany, in particular according to the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) and certain applicable provisions of securities laws of the United States of America. Any contract that is concluded on the basis of the Zorro Offer or the Pet Offer, respectively, will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.
About
About Hellman & Friedman
Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on large-scale equity investments in high quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors including software & technology, financial services, healthcare, consumer & retail, and other business services. The firm is currently investing its tenth fund, with over $24 billion of committed capital, and has over $80 billion in assets under management and committed capital. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.
About EQT
EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
CEO Michael Friemel will retain a large minority stake in CSS and to continue to lead the company
Künzell, Germany – Global investment firm Carlyle (NASDAQ: CG) today announced that it has acquired a majority stake in CSS AG (CSS), a leading German business software provider with a focus on accounting, controlling and human resources (HR) software. Majority shareholder Michael Friemel will retain a large minority stake in CSS and will continue to lead the company as CEO.
Founded in 1984, CSS is headquartered in Künzell, Germany, and serves and supports its customers from eight additional regional offices. CSS is the only vendor with a fully integrated all-in-one business solution, named eGECKO, for accounting, controlling and HR modules which is specifically targeted at the needs of local and multinational German mid-market customers. It serves approximately 2,500 customers across a wide range of industries.
Carlyle will work alongside the CSS management team to support the company‘s growth through the further development of its eGECKO solution via synergetic acquisitions and the offering of cloud solutions. Equity for the transaction will be provided by Carlyle Europe Technology Partners (CETP) IV, a EUR 1.35 billion fund that invests in small and middle market technology-focused companies in Europe and the US. The CETP team has extensive experience in supporting business software companies, both globally and in German-speaking countries. Previous investments in the German business software market include HR software provider Personal & Informatik (P&I), Enterprise Content Management (ECM) software provider SER Group and iC Consult, a leading Identity and Access Management (IAM) service provider.
Dr. Thorsten Dippel, Managing Director on the CETP advisory team, said: “CSS is a leading player in the German accounting and HR software market. We believe the business is uniquely placed to benefit from the accelerating demand for modern, cloud-based solutions and to capture further market share from legacy players or providers who offer only accounting or HR software, rather than a combined product. In partnering with Michael Friemel and the CSS management team, we will seek to leverage our significant expertise in the sector gained from scaling similar software companies, both organically and through M&A.”
Michael Friemel, CEO of CSS, said: “We are delighted to partner with Carlyle who bring a vast network and a deep understanding of our industry. Carlyle’s investment in CSS represents a major step in taking the company forward into the next phase of its development and growth. In partnering with Carlyle, we will look to take advantage of organic and M&A opportunities, as we continue to expand our growth and innovation plans. I am convinced that Carlyle is the ideal partner and this is the right step at the right time.”
New Capabilities Will Help Accelerate Customer Success on Atlassian Cloud
Appfire, a leading provider of apps that help teams solve modern challenges with digital solutions, today announced its acquisition of Project Configurator for Jira from partner Adaptavist. Project Configurator for Jira helps businesses automate project migration processes related to change management and platform migrations. Along with top-selling Configuration Manager for Jira (CMJ), this addition brings Appfire’s user base of migration and change management tools to more than 8,000 global installations.
Building on years of professional services innovation and product development, Appfire’s platform of apps help Jira customers achieve their collaboration goals through technology, regardless of their preferred hosting platform. This acquisition further solidifies Appfire as the leading provider of tools to help customers migrate their projects, data, settings, and apps across Jira instances. It also builds upon the long-term relationship between Appfire and Adaptavist, bringing together Appfire’s renowned product expertise with Adaptavist’s unparalleled and award-winning consulting capabilities and services.
“One of the biggest pain points of Atlassian Cloud adoption is the cost, effort, and time associated. As thousands of organizations prepare to migrate, they seek a streamlined path, with expert guidance and hands-on help,” said Appfire Co-Founder and CEO Randall Ward. “Adaptavist is a leading services provider and a long-time partner, and the acquisition of Project Configurator enhances our ability to deliver the best solutions to support Atlassian customers in their migration journeys.”
Adaptavist provides expert consulting, products, and managed services to help organizations work flatter, faster, and more dynamically, delivering enterprise software, expert solutions, and quality services across the Atlassian ecosystem.
“We’ve seen Appfire’s significant investment in change management tools and we’re impressed with their roadmap,” said Adaptavist CEO Simon Haighton-Williams. “This acquisition allows us to continue supporting our customers through their complex migration journeys, with the expertise around consulting and services we are known for. Our ongoing partnership with Appfire will benefit all Atlassian users as we work together to help them maximize their investment.”
Kirkland & Ellis LLP served as legal counsel for Appfire.
About Appfire
Appfire is an award-winning Atlassian Platinum Marketplace Partner and a global authority in the Atlassian ecosystem for 16 years. Appfire’s popular solutions help teams with Workflow and Automation, Product Portfolio Management, IT Service Management, Business Intelligence & Reporting, Administrative Tools, Agile, Developer Tools, and Publishing. The company has the largest portfolio of apps on the Atlassian Marketplace with 200,000 active installations worldwide. Learn more at www.appfire.com.
3i announces sale of Magnitude Software generating proceeds of $477m, MM of 2.6x and IRR of 47%
3i Group plc (“3i”) today announces that it has agreed the sale of its investment in Magnitude Software, a leading provider of data management software solutions, with offices in the US, the Netherlands, UK, Canada and India, to insightsoftware, Inc. Proceeds to 3i are estimated to be c. £344m / $477m, which represents a c.100% uplift on its 30 June 2021 valuation. This sale represents a 2.6x multiple of invested capital and an IRR of 47%. 3i will make a co-investment of c.$50m into insightsoftware.
Magnitude helps companies turn their core business data into continuous intelligence, providing actionable insights to shorten the path from data to decision. It enables its customers to connect data across applications and business processes including supply chain, finance, manufacturing and distribution. The company has a portfolio of leading products which connect, integrate and analyse distributed data to deliver actionable insights for critical business decisions. Magnitude serves more than 1,300 of the world’s largest enterprises.
3i invested in Magnitude in 2019 and has supported its global growth ambitions through a number of new product launches, a transition from on-premise to cloud software solutions and investment in sales and marketing. During our partnership, Magnitude has further developed its strategy, refreshed its brand identity and digital presence, enhanced its go-to-market capabilities and recruited new executives to drive organic growth and increase the pace of innovation.
Jeffrey D. Shoreman, CEO, Magnitude, commented, “We have greatly enjoyed working with 3i. They have supported our ambition to create a highly differentiated, global enterprise software company in a dynamic market. The 3i team’s knowledge and expertise has helped us capitalise on growth tailwinds in data analytics and the need for enterprises to become “data-driven” to speed insights and decision-making. We are well-positioned for the next stage of our growth.”
Andrew Olinick, Partner, 3i, added: “We are proud to have supported Magnitude and to have helped execute on their mission to support companies in obtaining meaningful insights from their data. The Company has strengthened its product portfolio, further developed its SaaS offering and invested in sales and marketing, which has materially enhanced its growth rate. We believe the combination with insightsoftware will provide a very compelling solution to Magnitude’s customers and employees. We have thoroughly enjoyed working with Magnitude’s world-class team and we are looking forward to following the continued success of the company.”
The transaction is expected to complete in Q4 2021 and 3i’s investment in Magnitude will be valued on an imminent sale basis at 30 September 2021.
3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com
About Magnitude
Data is the fuel that powers the modern enterprise. Magnitude’s mission is to help companies turn their core business data into continuous intelligence, providing actionable insights to shorten the path from data to decision. We enable our customers to connect data across enterprise applications and business processes including supply chain, finance and order management. Our relentless focus on innovation, customer experience and solving business problems is why more than 1,300 enterprises around the world trust Magnitude to put the power of their data into the hands of their business users. For more information visit magnitude.com.
About insightsoftware
insightsoftware is a leading provider of financial reporting and enterprise performance management software. We enable the Office of the CFO to connect to and make sense of their enterprise data in real time so they can proactively drive greater financial intelligence across their organization, which is how best-in-class finance teams operate. Over 28,000 organizations worldwide rely on insightsoftware’s portfolio of best-in-class reporting, analytics, budgeting, forecasting, consolidation, and tax solutions to provide them with increased productivity, visibility, accuracy, and compliance. Visit insightsoftware.com for more information.
Regulatory information
This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this release. For data relating to other assets involving a past recommendation by 3i Corporation please go to our website.
London/Frankfurt/Stuttgart/Karlsruhe, 19. October 2021 – Bridgepoint, the quoted private assets growth investor is to acquire a majority stake in PTV Group (“PTV”), a leading global software company for traffic simulation and planning as well as provider of optimisation solutions for transport logistics. The previous owner Porsche Automobil Holding SE (“Porsche SE”) will retain a significant minority stake in the company. The parties have agreed not to disclose the purchase price. The partnership between Bridgepoint and Porsche SE aims to further expand PTV’s position as the world’s leading software provider for intelligent and environmentally friendly mobility.
With more than 40 years of experience in the fields of mobility and logistics, the Karlsruhe-based company provides software products including micro- and macroscopic modelling and simulation of traffic, real-time traffic management as well as data-based visualisation and analysis of traffic flows – to benefit more than 2,500 cities and municipalities – all based on proprietary traffic algorithms. In addition, PTV is one of the leading companies providing software for the planning and optimisation of logistics processes, especially in the route optimisation space.
Carsten Kratz, Partner and Head of DACH at Bridgepoint, said, “It is fundamentally Bridgepoint’s goal to invest in successful, sustainable companies in growth markets. With PTV, we are gaining a global leader for our portfolio that enables cities, municipalities, and other organisations to meet the social, environmental, and economic demands of our time. In addition, the company also represents the ideal platform to pursue further acquisitions in the field of intelligent mobility ecosystems.”
Lutz Meschke, Deputy Chairman of the Executive Board Finance of Porsche SE and Chairman of the Supervisory Board of PTV, commented: “The market for intelligent mobility and logistics offers enormous growth potential due to the decarbonisation and urbanisation megatrends. The company has developed positively under the leadership of Christian U. Haas and the right steps have already been implemented to position PTV in the best possible way in this dynamic market. Due to its unique portfolio in the software sector, PTV is also particularly suitable as a platform for inorganic growth. In Bridgepoint, with their buy-and-build expertise, we found the right partner for the management team around Christian U. Haas to lead PTV together into a very successful future.”
Christian U. Haas, CEO of PTV Group, added: “Since I joined PTV almost two years ago, we have made considerable progress with the transformation of PTV into a software company with state-of-the-art cloud and SaaS competencies, generating a positive response from our customers. I am convinced that PTV will take a leading role in solving the challenges in the fields of mobility and logistics.”
Nowadays, cities face enormous challenges such as advancing urbanisation, increased environmental and air pollution, congestion in transport networks and the need to meet CO2 reduction targets. Intelligent transport and logistics concepts are therefore already essential today. Bridgepoint expects the market for the respective solutions to continue to grow significantly in the future. For PTV, this means not only considerable organic growth potential, but also the opportunity to penetrate further areas of the value chain through acquisitions to become the preferred partner of cities and companies for future-oriented, efficient and sustainable mobility solutions.
The transaction is subject to customary competition and regulatory clearances. The advisors involved include Westend Corporate Finance and Linklaters (PTV / Porsche SE) as well as Jefferies, BCG, Allen & Overy, and Alvarez & Marsal (Bridgepoint).
Global API-first payment technology platform powers the world’s leading fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy
Investment from Advent International and Viking Global Investors provides deep payments and fintech experience and capital; follows strategic investment by Visa in 2020
Company intends to use investment to accelerate technology investments in product innovation and to continue the expansion of its customer base in 48 countries today across Europe, Asia-Pacific, and the Middle East
LONDON, October 13, 2021 – Global Processing Services (“GPS”), the leading global payment technology platform, today announced it has raised over US$300 million from Advent International (“Advent”) and Viking Global Investors (“Viking”), who will co-control the company. The investment by Advent will be funded through Advent Tech and Sunley House Capital, an affiliate of Advent.
GPS’ API-first payment technology platform enables innovative card programmes for the world’s leading fintechs, digital challenger banks and embedded finance providers. Its platform has helped scale multiple unicorns and powers a vast array of prominent fintechs across Europe, Asia-Pacific, and the Middle East, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy. Through a single unified code base, GPS enables its customers and partners to launch and scale card programmes across 48 countries, supported by integrations with over 95 issuers. To date, it has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions on its cloud-based platform.
“GPS provides key payments technology infrastructure, enabling the global fintech revolution. Their agile, resilient and modern cloud platform drives some of the most innovative use cases and allows fintechs to globalise through a single API,” commented Peter James, Director at Advent International.
“Through their customer-centric innovation, GPS has quietly established a leading position in key markets around the world with an attractive, diversified and global customer base. Together with Viking, we look forward to supporting GPS’ leadership team to expand the business’s product offering and accelerate its international reach.”
“We are delighted to partner with Advent and Viking, with their deep experience and track record in payments and fintech, and, who share our bold vision for the next generation of global payments,” said Joanne Dewar, Chief Executive Officer at GPS.
“GPS has been at the heart of the global fintech explosion, simplifying access to the global rails of the new digital payments era. This investment will allow us to turbo charge our geographic footprint and product expansion plans as we drive the payments ecosystem in the key verticals of today and tomorrow, including digital banking, Buy Now Pay Later, B2B virtual cards, financial empowerment, and much more.”
Advent has a strong track record in the growth of businesses across the payment and software industries, including a recent investment in Planet, the global integrated payments leader, and Dock, the Latin American financial technology infrastructure provider where Advent’s affiliate, Sunley House Capital, co-invested alongside Viking. Worldwide since 2008, Advent has invested ~US$5 billion across 12 payments platform companies.
Viking has a long history investing in payments and software, across both the private and public markets. Viking is investing in GPS out of its private equity vehicles, which currently manage over $17 billion. Recent payments investments include Dock, the Latin American financial technology infrastructure provider where it co-invested alongside Advent, and Clip, the Mexican digital payments and commerce platform.
The transaction will be subject to customary closing conditions.
About Global Processing Services
Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy. GPS has to-date issued over 190 million physical and virtual cards, enabled in over 48 countries, and last year processed over 1.3 billion transactions on its API-first cloud-based platform.
GPS’ highly flexible and configurable platform places the control firmly in the hands of global fintechs, digital banks, and embedded finance providers, enabling them to deliver rich functionality to the cardholder. It is a multi-award-winning issuer processor powering next generation payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later propositions), digital banking, FX, remittance, open banking and more.
GPS is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally, with offices in London, Newcastle, Singapore, Sydney and Dubai. Its platform is equipped to meet the stringent standards required by Tier 1 banks, integrating with 95 issuer partners and operates programmes for a client base across the globe.
Company highlights from the last two years include:
Expansion into Asia-Pacific through establishing a new regional centre of excellence in Singapore alongside a hub in Sydney, with a fast-growing customer base including WeLab Bank, the first homegrown virtual bank in Hong Kong, and Paidy, the largest Buy Now Pay Later player in Japan.
Secured strategic investment from Visa, a long-term partner of GPS, and established a new regional centre of excellence in United Arab Emirates (UAE) having been selected as one of its preferred issuer processors in Asia-Pacific and the MENA region.
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 private equity investments across 42 countries, and as of June 30, 2021, had €68 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 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.
Founded in 1999, Viking is a global investment management firm that manages approximately $48 billion of capital for its investors. It has offices in Greenwich, New York, Hong Kong, London, and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission.
Toronto — October 6, 2021 — Espresso Capital announced today that it has provided Thentia, a global leader in government technology software as a service (SaaS), with a $15 million follow-on credit facility to support key investments and acquisitions as the company accelerates its rapid expansion into new markets.
Thentia and Espresso Capital first partnered in September 2018 on an initial venture debt round that helped the company expand its suite of enterprise technology solutions.
“In selecting Espresso as our lending partner back in 2018, I was convinced that their unique capabilities provided the best growth platform for Thentia,” said Julian Cardarelli, Thentia’s Chief Executive Officer. “This latest investment shows the confidence that Espresso has in Thentia to become the dominant player in the occupational licensing and government technology industries. We’re looking forward to continuing our work with Espresso and other key players in the investment ecosystem as we accelerate our growth in the Canadian, U.S., and EMEA markets.”
Partnering with Espresso on this $15 million financing will allow Thentia to continue to fuel its rapid ascent to the top of the GovTech ecosystem by enabling the company to execute on its key strategies while making important investments and acquisitions to enhance its core offerings, provide exceptional customer service to new and existing clients, ramp up its sales and marketing efforts to reach new audiences, and to introduce new products and services that deliver incremental revenue opportunities.
“We’re excited to expand our partnership with Thentia and to support the company on this next step in their growth journey as they continue to expand into new markets, further enhance their product, and accelerate their go-to-market strategy,” says Will Hutchins, Managing Director, Espresso Capital. “This upsized facility gives them the additional capital to expand their business while pursuing a number of important opportunities across North America and the EMEA region.”
Thentia raised its $10 million Series B round in May 2021 with Spring Mountain Capital and BDC Capital.
About Thentia
Founded in Canada, with operations in the U.S. and trusted by agencies in North America and worldwide, Thentia was developed by subject matter experts with a mission to transform GovTech through best-in-class technological capabilities. Its secure, modern and elegant solution, Thentia Cloud, is revolutionizing the way agencies manage data and licensing by bringing the entire process into the 21st century with speed, automation, ease of use, and best-in-class support. For more information, visit thentia.com.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.
The combined business will provide an integrated suite of cloud payroll and accounting software tools for accounting bureaus and small to mid-sized businesses in the UK and Ireland.
Dublin, Republic of Ireland, and London, United Kingdom. 28th September 2021. BrightPay, a leading provider of payroll and HR software solutions, and Relate Software (“Relate”), a champion in post-accounting, practice management and bookkeeping software, today announce that they have agreed to join forces to create a software champion serving payroll and accounting bureaus and SMEs across the Republic of Ireland and the United Kingdom.
Paul Byrne, co-founder and CEO of BrightPay, and Ray Rogers, co-founder and CEO of Relate, will remain as significant investors in the combined business and will become co-CEOs. Ross Webster and Richie McMahon, also co-founders of BrightPay and Relate respectively, will also remain as investors and will continue to focus on developing the combined business’ best-in-class product suite.
Hg, a leading software and services investor with over two decades’ experience in growing tax & accounting technology businesses across Europe and North America, will become majority investor in the combined business.
The two complementary businesses will bring together their operational strengths and sector-leading products whilst, with the support of Hg, investing further in new cloud innovations to deliver increased automation, efficiency and value for their customers. The combined group will have over 190 employees and has plans to further grow headcount to continue providing best-in-class services and support for its payroll, accounting and SME customers across both the UK and Ireland.
“We are delighted to be joining with Ray and his team at Relate. They have a proven track record in a sector we know well and, together, we will aim to be a leading solution for many businesses and accountancy firms. We are also delighted that Hg continues to support us. Their deep sector knowledge has proven invaluable to us and will be instrumental in fuelling the further growth of BrightPay/Relate.”
Paul Byrne, founder and CEO of BrightPay
“Combining products from both businesses will provide a compelling offering for our customers, with the scope and backing for further innovation and development. I’m looking forward to working with Paul and am also excited to welcome Hg, a leading software investor with a track record of supporting growth in Irish software businesses.”
Ray Rogers, founder and CEO of Relate
“Both BrightPay and Relate are very highly regarded businesses and champions in their field. The two companies bring together core operational strengths whilst also unlocking a high-quality, complementary suite of products to a newly combined customer base. We’re proud to bring together this highly accomplished team. This is a sector and region we know deeply and we are excited for what we’ll all be able to achieve together.”
Jonathan Boyes, Hector Guinness and Thomas Martin at Hg
The terms of the transaction are not disclosed.
Media Contacts:
Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401
About BrightPay
BrightPay is a modern payroll and HR software for accounting and payroll bureaus and SMEs. It takes care of every aspect of running your payroll, from entering employee and payment details to creating payslips and sending RTI submissions. BrightPay has been designed from the ground up to be really simple, yet with no compromise on payroll features. It’s priced fairly with no hidden costs and free support. Our products are in use by over 330,000 employers in the UK and Ireland. As a customer-focused company, we strive to look after each and every one of them. BrightPay is also known as Thesaurus Software, a company with over twenty years of industry experience in the UK and Ireland. For more information visit: https://www.brightpay.ie/
About Relate Software
Relate Software was formed in 2002 from the former management team of Apex Software. We have been building software for the accountancy profession for over 25 years. Relate is dedicated to building innovative and focused products specifically for the accountancy profession. Its offering includes Surf products, a modern, cloud native product suite of bookkeeping, post-accounting, and practice management software to accountancy bureaus and SMEs in the Republic of Ireland. Relate’s product suite also includes compliance, company secretary, personal and corporation tax, and enterprise payroll software. For more information visit: https://www.relate-software.com/
About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
The combined business will provide an integrated suite of cloud payroll and accounting software tools for accounting bureaus and small to mid-sized businesses in the UK and Ireland.
Dublin, Republic of Ireland, and London, United Kingdom. 28th September 2021. BrightPay, a leading provider of payroll and HR software solutions, and Relate Software (“Relate”), a champion in post-accounting, practice management and bookkeeping software, today announce that they have agreed to join forces to create a software champion serving payroll and accounting bureaus and SMEs across the Republic of Ireland and the United Kingdom.
Paul Byrne, co-founder and CEO of BrightPay, and Ray Rogers, co-founder and CEO of Relate, will remain as significant investors in the combined business and will become co-CEOs. Ross Webster and Richie McMahon, also co-founders of BrightPay and Relate respectively, will also remain as investors and will continue to focus on developing the combined business’ best-in-class product suite.
Hg, a leading software and services investor with over two decades’ experience in growing tax & accounting technology businesses across Europe and North America, will become majority investor in the combined business.
The two complementary businesses will bring together their operational strengths and sector-leading products whilst, with the support of Hg, investing further in new cloud innovations to deliver increased automation, efficiency and value for their customers. The combined group will have over 190 employees and has plans to further grow headcount to continue providing best-in-class services and support for its payroll, accounting and SME customers across both the UK and Ireland.
“We are delighted to be joining with Ray and his team at Relate. They have a proven track record in a sector we know well and, together, we will aim to be a leading solution for many businesses and accountancy firms. We are also delighted that Hg continues to support us. Their deep sector knowledge has proven invaluable to us and will be instrumental in fuelling the further growth of BrightPay/Relate.”
Paul Byrne, founder and CEO of BrightPay
“Combining products from both businesses will provide a compelling offering for our customers, with the scope and backing for further innovation and development. I’m looking forward to working with Paul and am also excited to welcome Hg, a leading software investor with a track record of supporting growth in Irish software businesses.”
Ray Rogers, founder and CEO of Relate
“Both BrightPay and Relate are very highly regarded businesses and champions in their field. The two companies bring together core operational strengths whilst also unlocking a high-quality, complementary suite of products to a newly combined customer base. We’re proud to bring together this highly accomplished team. This is a sector and region we know deeply and we are excited for what we’ll all be able to achieve together.”
Jonathan Boyes, Hector Guinness and Thomas Martin at Hg
The terms of the transaction are not disclosed.
Media Contacts:
Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401
About BrightPay
BrightPay is a modern payroll and HR software for accounting and payroll bureaus and SMEs. It takes care of every aspect of running your payroll, from entering employee and payment details to creating payslips and sending RTI submissions. BrightPay has been designed from the ground up to be really simple, yet with no compromise on payroll features. It’s priced fairly with no hidden costs and free support. Our products are in use by over 330,000 employers in the UK and Ireland. As a customer-focused company, we strive to look after each and every one of them. BrightPay is also known as Thesaurus Software, a company with over twenty years of industry experience in the UK and Ireland. For more information visit: https://www.brightpay.ie/
About Relate Software
Relate Software was formed in 2002 from the former management team of Apex Software. We have been building software for the accountancy profession for over 25 years. Relate is dedicated to building innovative and focused products specifically for the accountancy profession. Its offering includes Surf products, a modern, cloud native product suite of bookkeeping, post-accounting, and practice management software to accountancy bureaus and SMEs in the Republic of Ireland. Relate’s product suite also includes compliance, company secretary, personal and corporation tax, and enterprise payroll software. For more information visit: https://www.relate-software.com/
About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
Leading institutional investors Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind, and GIC to invest in Visma.
Oslo, Norway. September 10th, 2021.
Visma, a leading provider of business-critical software to private and public companies in Europe, today announces that it has expanded its shareholder base through a secondary sale to leading institutional investors: Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind, and GIC, valuing Visma at €16 billion (~NOK 165 billion). The new investors will support Visma’s further success and expansion in Europe.
Following completion of the transaction, Hg, a leading global investor in software and services, will continue to own a majority stake in Visma, alongside a group of co-investors comprising GIC, ICG, CPP Investments, General Atlantic, TPG, Warburg Pincus, Visma management, and the new investors.
Visma’s core strategy will remain unchanged, providing high-quality products and services, best-in-class customer care, and innovation within cloud services to achieve business efficiency – these will remain top priorities. This strategy has so far taken the company from an initial Nordic focus, to becoming one of Europe’s most business-critical software providers for the private and public sectors. Visma has achieved uninterrupted, year-on-year revenue growth for 20 years, by focusing on building world-class cloud solutions that help customers improve efficiency and competitiveness.
“It is thanks to Visma’s dedicated and talented employees, with their entrepreneurial mindset and local expertise, that we have achieved our position in Europe today. Visma has also long benefited from a supportive and knowledgeable investor base, which has been incredibly valuable to the growth of the business”.
“We warmly welcome the new investors as we continue to develop our world-class cloud technology. The future looks bright for the growth of digital services, as businesses increasingly see the value of cloud solutions to handle their most important business processes. Visma is uniquely positioned to foster this growth thanks to our wonderful employees, international presence and network, and ever-growing support from world-class investors.”
Merete Hverven, CEO, Visma
ABG Sundal Collier and Goldman Sachs International acted as joint placement agents in the transaction, with Ropes & Gray, Skadden and Wiersholm acting as legal advisers.
About Visma
Visma is a leading provider of mission-critical business software for a more efficient and resilient society. By simplifying and automating the work of companies and organisations of all sizes, we improve people’s everyday lives. With 13,600 employees, 1,100,000 private and public sector customers across the Nordics, Benelux, Central and Eastern Europe and Latin America, and net revenue of €1,741 million in 2020, we are committed to making tomorrow better than today. Visit us at visma.com.
About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 50,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
About Aeternum Capital
Aeternum is an alternative investment manager with a strategy to invest in public and private companies across the Nordic region. The main focus of the investment strategy is to apply an active ownership model to drive sustainable value creation in quality companies in the Nordics. Aeternum Capital AS is independently managed by Aeternum Management AS. Visit www.aeternumcapital.no for more information.
About GIC
GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, we take a long-term, disciplined approach to investing, and are uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Our long-term approach, multi-asset capabilities, and global connectivity enable us to be an investor of choice. We seek to add meaningful value to our investments. Headquartered in Singapore, we have a global talent force of over 1,800 people in 10 key financial cities and have investments in over 40 countries. Visit www.gic.com.sg or follow us on LinkedIn.
About Government Pension Fund Norway (Folketrygdfondet) Folketrygdfondet is a professional investment manager whose main task is to manage the Government Pension Fund Norway on behalf of the Ministry of Finance. Folketrygdfondet is a responsible, active investor with a long investment horizon with the aim to achieve high financial returns over time. Its investment mandate has a benchmark allocation of 60 % in equities and 40 % in fixed income, with 85 % in Norway and 15 % in the other Nordic countries. Folketrygdfondet is the largest institutional investor on the Oslo Stock Exchange, owning around 5 % of the market capitalization corresponding to approximately 10 % of the free float. Visit www.folketrygdfondet.no for more information.
About Vind
Vind is a private owner company specializing in software for professionals, laboratory science and niche technology. Investments are made in private and listed companies across Europe. At present, Vind is the majority owner in seven companies and has a concentrated portfolio of minority positions in listed and large private companies. Vind has an eternal perspective and seeks to partner with exceptional businesses with the potential for creating value in the longest term.
Created by Patrice Silvère in 2006 from the merger of two core companies, H2i and Krier, the DP Software Group is a software solutions provider for real estate professionals that also provides digital and It also provides digital services and dematerialization services for legal documents.
The group has expanded over the years with the acquisition in 2015 of Entities (web agency dedicated to developers/builders), Tissot (legal document publisher) in 2018 and Rodacom (software publisher for transactional companies and website creator) in 2019.
The fundraising organized by UBS allows its founder and shareholder Patrice Silvère, while retaining almost all of the capital, to acquire the means necessary to accelerate his growth strategy for the DP Logiciels group.
Andera Acto arranged both mezzanine and equity financing in this transaction.
Patrice Silvère’s ambition is to continue the group’s development through robust organic growth and a dynamic and a dynamic external growth policy in order to further strengthen its software, digital, services and legal expertise offer, services and legal expertise in order to cover all the needs of clients property managers and transactional agents.
Commenting on this step, Patrice Silvère said: “DP Logiciels has succeeded in getting through the very special period we have all been through, in an exceptional and very positive way, thanks to the loyalty and solidity of our customers and the commitment of our employees and managers. There are many new opportunities to be seized, and this is the very reason for this financial operation, which will enable us to accelerate in a controlled manner. I have found in the Andera Acto teams a partner who has clearly understood the DNA of the company, which is based on the commitment of all, transparency and independence in the service of our clients. A new subsidiary will soon strengthen the Group and illustrate our strategic approach.”
Christine Martinovic and Arnaud Faure, Director and Partner of Andera Acto add: “We are delighted to be able to support Patrice and his management team in this new stage of its development and to enable the group to assert itself as one of the major publishers of software solutions for real estate professionals, with a complete and exhaustive offer. ”
PARTICIPANTS IN THE OPERATION :
– DP Logiciels: Patrice Silvère and his management,
