HgCapital announces an investment in Mitratech

HGCapital

HgCapital has announced today an investment in Mitratech, a leading global provider of legal, risk and compliance software serving multinationals and SMEs across Europe and the US. HgCapital will be the lead investor in the new transaction structure, alongside TA Associates and the management team at Mitratech. The terms of this transaction were not disclosed.

Founded in 1987, Mitratech offers mission critical enterprise legal management (“ELM”) and enterprise risk management (“ERM”) software; its flagship product offering is a sector leading and award-winning legal matter management and spend management platform for large corporate legal departments, enabling customers to manage their internal workflows, documents (“system of record”), deadlines and communications, as well as providing an e-billing solution to collaborate with external legal advisors on budgeting and invoicing. Today the company provides legal, compliance, and operational risk solutions to 1,200 corporations across the globe with more than 500,000 users in over 160 countries. Its operations are supported by offices in the US, UK, and Australia.

This investment by the HgCapital TMT team follows many years of experience in the regulatory-driven business software space. Mitratech demonstrates many of the business model characteristics that HgCapital looks for, including: a business-critical product; a high proportion of repeatable revenues; strong customer loyalty; an opportunity for M&A; and a strong management team with a proven track record in both organic and M&A-led growth.

“We are delighted to be working with Jason Parkman and his talented management team, alongside TA Associates,” said Jean-Baptiste Brian, a Director in the HgCapital TMT team. “HgCapital has a strong track record of successful investments in regulatory compliance-driven software companies. We are impressed with the excellent progress Mitratech has made in establishing itself as a global player in this sector, and we look forward to supporting their continued growth going forward.”

“TA Associates has been a strong partner for us over the past 18 months, and an important part of our unprecedented recent growth. We look forward to continuing this relationship for years to come,” said Jason Parkman, Mitratech CEO. “Our new partnership with HgCapital brings us additional strength to fuel our growth in legal and risk management generally, as well as the focus to accelerate our current momentum of international expansion. The combination of these two strategic investors provides more access to global resources and enables us to invest even more to deliver innovation and value for our clients.”

“Since forming our strategic partnership with Mitratech in September 2015, it has been a pleasure to partner with Jason Parkman and his team,” said Hythem El-Nazer, a Managing Director at TA Associates. “The business has more than doubled during our partnership and, more importantly, Mitratech has solidified itself as a leader in the Enterprise Legal and Risk Management software market. We look forward to continuing to support Mitratech and partnering with HgCapital as the business continues to expand globally.”

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OpenSolution acquires Lindberg & Frisk AB

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OpenSolution acquires Lindberg & Frisk AB

OpenSolution, a leading Nordic payment solution provider, today announced the acquisition of Lindberg & Frisk AB.

OpenSolution covers the entire value chain of payment solutions, making it a single point of contact for >8,000 customers throughout Scandinavia. The company was acquired by the IK Small Cap I Fund in June 2016.

For more information (in Swedish), please see http://www.opensolution.se/opensolution-forvarvar-lindberg-frisk-ab/

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Cherwell Software Secures $50 Million Investment from KKR to Further Advance Service Management Leadership

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COLORADO SPRINGS, Colo., Feb. 27, 2017 — Cherwell Software, LLC, a leading provider of IT service management (ITSM) solutions, announced today that it has secured $50 million in funding from KKR, a global investment firm. KKR is making the investment through its Next Generation Technology Fund, which focuses on investments in software, security, Internet, digital media, and information services.

KKR joins existing Cherwell investor, Insight Venture Partners, which has made a series of investments beginning in 2012. With the support of KKR’s funding, Cherwell will accelerate research and development and make strategic investments aimed at broadening and deepening its portfolio of IT and enterprise service management offerings.

Vini Letteri, a member of KKR’s Technology, Media & Telecommunications industry team, will be joining Cherwell’s board of managers.

“The IT service management market is a large and rapidly growing sector undergoing a period of disruption as new, emerging technologies replace older legacy systems. With IT teams’ increasing importance within organizations, ensuring there is no interruption to IT services and that customer satisfaction is high are paramount to any business,” said Vini Letteri, Director, KKR. “Since its founding, Cherwell has been entirely customer-centric in its focus and is led by a seasoned, passionate, and industry-leading management team. Its platform provides unparalleled value and the ultimate flexibility to its customers to operate in any industry and in any environment—on premises, cloud, or hybrid. We are really pleased to partner with them to help accelerate Cherwell’s future growth and leadership in this dynamic industry.”

Named by IDC as the fastest growing vendor in its 2015 Worldwide Problem Management Software Market Shares report, Cherwell has become a force multiplier for IT organizations that need to become more innovative and agile, while reducing the total cost of ownership (TCO) of their service management initiatives. The ITSM market is widely known for expensive, inflexible tools supplied by vendors whose business practices are characterized by confusing licensing models and punitive pricing.

Cherwell has driven strong growth in the ITSM market by delivering:

  • A codeless platform that enables rapid solution customization and hassle-free upgrades
  • A transparent and straightforward concurrent licensing model, along with predictable, all-inclusive pricing
  • A “customers first” philosophy which has resulted in 98%+ customer satisfaction rate

“IT teams are increasingly abandoning their legacy service management tools in favor of powerful, modern, and agile solutions that empower them to confidently tackle business challenges and opportunities,” said Craig Harper, Chief Executive Officer of Cherwell. “KKR’s investment in Cherwell is validation that our core principles and areas of focus will continue to drive phenomenal growth and fulfill our goal of being the best service management solution on the planet.”

The KKR investment follows a particularly strong 2016 for Cherwell. 2016 highlights included:

  • Record bookings and a record number of new customers, including marquis brands across transportation, financial services, healthcare, retail, government, manufacturing, and higher education
  • Acquisition of Advanced Marketplace, an IT consulting firm specializing in development of business solutions for the Cherwell® Service Management platform, signaling Cherwell’s commitment to accelerate its delivery of enterprise service management solutions
  • Appointment of Craig Harper as Cherwell’s Chief Executive Officer; and Patrick Malaperiman, Vice President, EMEA
  • Establishment of strategic partnerships with Microsoft® Azure® and Amazon Web Services (AWS), demonstrating Cherwell’s continued commitment to customer choice through flexible deployment options including on-premises, SaaS hosted by Cherwell, or hosted on the public cloud—and the ability to switch any time at no cost

“Cherwell’s continued double digit market share growth can be attributed to the flexible and competitive licensing, deployment, and pricing options of its platform,” said Robert Young, Research Director, ITSM and Client Virtualization Software, IDC. “Likewise, with the company’s recent product enhancements in the performance and scalability of its platform, as well as public cloud hosting options and integrations, IDC believes that Cherwell is well positioned to increase its enterprise adoption and maintain an aggressive growth trajectory.”

About Cherwell Software

A global leader in IT and enterprise service management, Cherwell Software empowers IT to lead through the use of powerful and intuitive technology that enables better, faster, and more affordable innovation. The Cherwell® Service Management platform is built from the ground up with a unique codeless architecture that enables rapid time to value, infinite flexibility, and frictionless upgrades every time—at a fraction of the cost and complexity of legacy solutions. Because of Cherwell’s focus on delivering solutions that are easy to configure, customize, and use, IT organizations extend the Cherwell platform to solve a wide range of IT and business problems. With an unwavering commitment to putting customers first and being easy to do business with, Cherwell enjoys 98%+ customer satisfaction. Cherwell has a global network of expert partners serving customers in more than 40 countries. Corporate headquarters are in Colorado, USA, with global offices in the United Kingdom, Germany and Australia.

About KKR

KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and follow us on Twitter @KKR_Co or #KKRTMTGrowth for related news on KKR’s TMT platform.

Norvestor invests in IT Gården

Norvestor

Norvestor VIIL.P.(“Norvestor”), a fund managed by Norvestor Equity AS, has signed an agreement to invest in IT Gården i Landskrona AB(“IT Gården”)

IT Gården has experienced solid growth over the last yearsand established an attractive position
as a leading regional IT services outsourcing provider in the Skåne region in Sweden. The company delivers IT services within IT outsourcing and infrastructure, virtualisation and client platforms as well as related products.

“IT Gården has since its inception focused on delivering superior customer experience and efficient IT solutions.
Over the last couple of years, we have been searching for a partner that shares our vision of putting the customer experience first. In Norvestor we have found a partner that truly understands our business and that can help us, both to expand geographically but also to explore new business opportunities.
We are extremely happy about this new partnership and we are confident that it will allow us to deliver an even better customer experience in the future”, says Jan Swedin, CEO of IT Gården. “We have followed the market for outsourcing of IT services for several years, and are very pleased with the agreement to partner with IT Gården.

The company has established a unique position within IT outsourcing for small and medium-
sized enterprises in Southern Sweden. We see a significant potential for continued growth for the company, in addition to several consolidation possibilities in a fragmented IT outsourcing market, making it an ideal platform for Norvestor.”,
says Henning Vold,Partner at Norvestor Equity and chairman designate in IT Gården.
Following the acquisition, Norvestor will become the largest shareholder in IT Gården with approximately 77
% of the shares; the management and employees will hold the remaining shares.

IT Gården is headquartered in Landskrona, Sweden, and employs 90 people.
The company had consolidated revenues of NOK 179 million in 2015 1 and NOK 197 millionin 2016¹.
***
1 IT Gården’s financial year ends in June

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Data Respons subsidiary Sylog acquires Atero AB

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Atero AB has 15 employees and are specialists within software development, system design and communication for embedded solutions and IoT.

The deal will further strengthen Sylogs strong position in Sweden within the R&D services segment. Data Respons has had 30% growth in revenue in Sweden year to date and the deal will further strenghten the position.

“We are very happy to announce that Data Respons has made another successful deal. It clearly proves that Data Respons is  able to deliver high organic growth as well as  acquiring new exciting businesses within the fast growing IoT space.  Additionally, the terms of the deals prove that the sellers believe in the synergies of joining Data Respons”, says Narve Reiten, deal partner at Reiten & Co.

The deal done on a 100% equity basis and Atero AB expect to deliver MSEK 20 in revenues with a 15% EBIT margin in 2016. The deal structure is part cash consideration and part earn out dependent on EBIT over the next 3 years.

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ExproSoft announces acquisition of Miriam

ExproSoft, a supplier of well integrity and reliability software to the oil & gas industry, has acquired Miriam, a supplier of RAM analysis software. The acquisition strengthens and complements ExproSoft’s software portfolio, and further increases the capabilities of ExproSoft to aid oil & gas operators with increasing well uptime and reducing intervention and maintenance cost.

Miriam’s RAM Studio software is a tool for conducting reliability, availability, and maintainability (RAM) analysis. The software helps the oil & gas operators achieve high regularity of oil and gas fields and processing facilities. RAM Studio is a cloud-based platform that enables powerful integration with other solutions.

ExproSoft’s WellMaster software suite is a globally recognized solution for well integrity management and well performance analytics. With more than 40,000 well years of equipment history the solution helps operators identify critical equipment, failures, risk, and downtime drivers. Combined with online monitoring and testing the solution helps in reducing downtime and cost.

Integrating Miriam RAM Studio with WellMaster will enable prediction of failures, downtime, and intervention cost for new and existing wells. This is aligned with ExproSoft’s strategy of further improving well prediction and optimization, and introduce risk-based maintenance planning.

“Miriam has proven to be a next step in RAM analysis. Delivered as a cloud-based service Miriam has demonstrated that it is the most agile solution for RAM analysis in the market. ExproSoft is pleased to be able to offer the two products, Miriam and WellMaster, to the market, as well as the combined analytic capabilities that will change the way the oil and gas industry look at maintenance optimization throughout the complete value chain,” says Odd Are Svensen, CEO of ExproSoft.

“Miriam sees in this acquisition a great opportunity to accelerate the development and marketing of its RAM Studio software, thus better serve the needs of its current and future users. At the same time, Miriam is proud to have been chosen by ExproSoft, a leader within well analytics, as the preferred solution to support WellMaster’s well prediction features. The synergy between the two companies will allow a faster delivery of customer value for RAM Studio and WellMaster in the years to come,” says Christophe Spaggiari, CTO of Miriam.

Exprosoft is a Viking Venture 3 portfolio company. More info: exprosoft.com

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Evatic acquires Tesseract

Evatic, a leading software vendor within Service Management, has acquired Cranbox Ltd in the UK. Cranbox Ltd. is the owner of the Tesseract service management software product trading under the name Tesseract. Together Evatic and Tesseract will complement each other’s product portfolio and strengthen the product offering within the service management field in the market. Tesseract has its main office in High Wycombe just outside London and an US office in Reston, Virginia.

“We are extremely happy to add Tesseract to our product family” says Pål M. Rødseth, CEO of Evatic. “We have known Colin and his team for years and we believe that the two organizations will complement each other both when it comes to products, industries and geographies. The Tesseract solution with a cloud based platform will make a great addition to the Evatic software suite.”

“I believe that Tesseract is in the best hands going forward”, says Colin Brown, founder and CEO of Tesseract. “With more than 150 customers in a wide range of industries, there is very little overlap with Evatic both when it comes to customer industries and geographies, and I am confident that the product and the customers will continue to thrive under the Evatic ownership”.

Evatic is a leading European service management software company with head office in Trondheim, Norway and offices in Sweden, Germany, France, Poland and Singapore. With a global reach and more than300 customers in 30+ countries Evatic offers a brand product suite for companies that need to make their services profitable. Evatic is a private company owned by the founders and Viking Venture.

 

For further information, please contact:

Pål M. Rødseth, Evatic CEO, + 47 73 80 22 00, www.evatic.com

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EQT Mid Market to acquire XP Solutions

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Press release.

  • EQT Mid Market agrees to acquire XP Solutions, a US-based global leading provider of water infrastructure and flood control software for engineers, regulators, and water authorities, from Cardno
  • EQT Mid Market is committed to supporting continued growth and expansion of the Company, through organic and acquisitive growth

The EQT Mid Market Investment strategy (“EQT Mid Market”) has agreed to acquire XP Solutions (“XP Solutions” or the “Company”) from Cardno (“Cardno”), an ASX-listed professional infrastructure and environmental services company based in Australia. The management team of XP Solutions, led by Colby Manwaring, will remain with the Company and continue to lead its growth. Financial terms of the transaction were not disclosed.

Founded in 1974, the Company provides water infrastructure and flood control software solutions to engineers, regulators, and water authorities. XP Solutions is known for its deep domain knowledge and technical expertise through 40 years of industry experience. Its solutions are uniquely embedded with regulatory standard functionality and the offerings range from hydraulics analysis software for drainage infrastructure design, storm/flood modeling, and visualization. The Company is headquartered in the US and has over 60 employees in North America, Europe, Australia, and Asia.

EQT Mid Market is keen to support the continued growth of XP Solutions both domestically and internationally. Particular focus will be on developing the Company’s North American sales function, introducing new products, and expanding the Company’s footprint through acquisitions.

Matt Levine, Partner at EQT Partners, Investment Advisor to EQT Mid Market, says:
“We are impressed with XP Solutions’ unique product offerings and market leadership position in key segments and regions. Colby and his team have built an excellent technology platform that has grown consistently over time. EQT’s strong expertise in the software and infrastructure sectors, alongside EQT’s global network, will be great support in the company´s international expansion.”

Colby Manwaring, President of XP Solutions, says:
“XP Solutions is pleased to join with EQT as we pursue the next phase of growth for the company. We are looking forward to continuing to work within a support structure that will allow us to broaden our software range and reach more clients globally. EQT shares our vision of building XP Solutions as a world leading provider of software solutions for infrastructure and environmental professionals.”

Contacts:
Kerstin Danasten, EQT Press Officer, +46 8 506 55 334
Matt Levine, Partner at EQT Partners, Investment Advisor to EQT Mid Market, +1-917-281-0849

About EQT
EQT is a leading private equity group in Europe with approximately EUR 30 billion in raised capital. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

For further information, please visit www.eqtpartners.com

About XP Solutions
Established in 1974, XP Solutions is a world leading provider of industry standard sustainable drainage and flood hazard software for the civil engineering and environmental sectors. The software technology and professional solutions are used globally by government agencies, engineering companies and environmental management organizations to plan, design, simulate and manage the impact of human interaction with the natural world. XP Solutions is headquartered in Portland, Oregon.

For further information, please visit www.xpsolutions.com

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Data Respons acquires German company MicroDoc

Data Respons acquires 100 % of the shares in MicroDoc Computersysteme GmbH, a SW technology company in Germany with headquarters in Munich. The company has more than 50 specialists in SW development, Java and system design as well as SW solutions for IoT, mobile/network infrastructure and embedded applications

“With this acquisition, we strengthen us within several key strategic areas at one time. It gives us a big boost in SW development capabilities, IoT and digitising for the group as a whole. We get a strong foothold in Germany within R&D Services with further offices in Munich, Berlin and Stuttgart. Last, but not least, it gives us access to a strong customer portfolio in markets such as Automotive, Smart grid/Smart Home, Banking/Insurance, IoT and Industrial Automation” says Kenneth Ragnvaldsen, CEO of the Data Respons group.

“The acquisition strengthens Data Respons position significantly within the mega trends of digitalisation. Given Germany’s strong position as the largest economy in Europe and as an industrial forerunner, a strong foothold in the country is key to benefit from the digital revolution. We strongly believe that the acquisition of MicroDoc is a great step in the right direction for Data Respons”, says Narve Reiten, lead partner at Reiten & Co.

MicroDoc had a revenue of 12.5 MEUR in 2015 with an EBIT of 3.0 MEUR. It is agreed a cash consideration of 10.5 MEUR payable at closing with an additional amount depending on the company’s EBIT development in 2016, 2017 and 2018 (earn-out mechanism). The transaction is expected to close within the next 2 weeks.

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EcoOnline AS acquires 100% of ChemiControl ApS

“We are extremely pleased to see our two companies join forces. This will contribute to the service and quality our customers expect in Denmark”, says Henrik Stig Andersen, founder and Chief Developer. “EcoOnline has the resources and competency to take the business forward”, says Per Mølgaard Thorsen, the co-founder and CFO.

“ChemiControl is a great company with a great product, a superb team, and many professional customers. We really look forward to working together and unlocking the synergies in the Nordic region”, says Øyvind Thorsen, CEO of EcoOnline AS.

EcoOnline AS acquires 100% of ChemiControl ApS with effect from May 25, 2016. ChemiControl ApS develops and offers software for Chemical Inventory Management in the Danish market with its head office in Aarhus, Denmark. EcoOnline AS develops and offers software for Chemical Documentation Management in the entire Nordic region with its head office in Tønsberg, Norway.

ChemiControl ApS is a market leader in Chemical Inventory Management software in Denmark. Visit chemicontrol.com.
EcoOnline AS is a market leader in Chemical Documentation Management software in the Nordics. EcoOnline is a company in the Viking Venture portfolio. Visit ecoonline.com.

Contact:
Viking Venture: Erik Hagen, Managing Partner, +47 920 22 430
EcoOnline A/S: Øyvind Thorsen, CEO, phone +47 33 01 68 08

More news about EcoOnline:
Viking Venture invests in EcoOnline AS

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