Tag Archives: Information technology

Surf Internet Raises $175 Million in New Equity and Secures Upsized $300 Million Debt Facility to Support Continued Network Expansion Across the Great Lakes Region

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Following strong growth in 2024, new funding accelerates fiber deployment, bringing high-speed connectivity to more underserved communities.

As Surf Internet® celebrates 25 years of pioneering connectivity, the company has raised $175 million in new equity funding and secured an upsized $300 million debt facility, reinforcing its commitment to delivering fiber-optic broadband to underserved communities across the Great Lakes Region.

The equity investment was led by Macquarie Capital, with participation from existing investors Bain Capital and Post Road Group. The debt upsize, led by DigitalBridge Credit, includes a new commitment from global investment group CDPQ, along with participation from Boundary Street Capital and Liberty Mutual Investments. This builds upon Surf’s existing $200 million debt facility, which includes prior lending commitments from Canada Pension Plan Investment Board (CPP Investments).

Together, these investments provide Surf with the financial flexibility to expand its fiber-optic network, enhance multigig capabilities, and reach 275,000 fiber passings in 2025.

“This combined financing strengthens our ability to scale while maintaining long-term financial sustainability,” said Ryan Delack, CFO of Surf Internet. “With the backing of Macquarie Capital and continued support from our existing investors, we are well-positioned to accelerate fiber deployment and bring reliable, high-speed internet to more communities.”

“Surf Internet has an impressive track record in deploying and commercializing fiber infrastructure and has a clear path for future growth,” said Sam Southall, Managing Director at Macquarie Capital. “This investment reflects our confidence in its leadership, strategy, and ability to scale in a rapidly evolving industry.”

“Strong demand for fiber connectivity continues to drive investment in critical broadband infrastructure,” said Chris Moon, Managing Director at DigitalBridge Credit. “We are excited to continue to support Surf’s next phase of growth as they expand across the Great Lakes Region, reinforcing our commitment to enabling the next wave of digital infrastructure expansion.”

The equity transaction closed on February 13, 2025, while the debt transaction closed on February 3, 2025. Houlihan Lokey served as exclusive financial advisor and placement agent to Surf on both transactions, while Kirkland & Ellis LLP acted as legal counsel. Goodwin Proctor LLP served as legal counsel to Macquarie Capital. White & Case LLP served as legal counsel to DigitalBridge Credit as the lead lender.

About Surf Internet

Surf Internet is an innovative fiber-optic internet company that serves as the essential gateway to connectivity across the Great Lakes region of Illinois, Indiana, and Michigan. The company is building a bridge to the wide-open future by delivering high-speed, reliable internet to homes and businesses in underserved, rural communities. Surf’s 300-plus-person team is local, giving them an edge when it comes to customer care and advocacy for the region. Headquartered in Elkhart, Ind., Surf also has offices in La Porte, Ind., Byron Center and Fowlerville, Mich., and Coal City, Naperville, and Rock Falls, Ill. Learn more at https://surfinternet.com.

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KKR Completes Tender Offer for FUJI SOFT

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KKR

Becomes largest shareholder with 58% of ownership; to proceed with privatization

TOKYO, February 20, 2025– KKR, a leading global investment firm, today announced that in connection with the two-stage tender offer (the “Tender Offer”) for the common shares and share options of FUJI SOFT INCORPORATED (TSE stock code 9749; “FUJI SOFT” or the “Company”) through FK Co., Ltd. (the “Offeror”), the Offeror, an entity owned by investment funds managed by KKR, received tenders in excess of 19.25%, the minimum ownership stake required to conduct a squeeze-out (53.22% in total), and completed the second stage of its Tender Offer (“Second Tender Offer”) on February 19, 2025.

Upon settlement of the Second Tender Offer, including the shares acquired by the Offeror in the First Tender Offer, the Offeror will hold a total of 35,753,281 common shares and share options (758,400 shares on an asconverted basis) of FUJI SOFT (Total Ownership Ratio: 57.92%). Settlement of the Second Tender Offer will commence on February 27, 2025.

In addition to the shares acquired through the Tender Offer, the Offeror aims to acquire the remaining shares of FUJI SOFT through a squeeze-out process, which will result in the Offeror owning 100% of the shares of FUJI SOFT. The Extraordinary General Meeting for the squeeze-out process is scheduled for late April 2025.

FUJI SOFT is a leading Japanese system integration company specializing in control systems and embedded software, business software, and systems. With over 10,000 system engineers, strong technical capabilities and a long track record, FUJI SOFT provides IT services to clients across a wide range of industries. In its “Midterm Business Plan 2028” announced in February 2024, FUJI SOFT set a vision of “becoming the leading company providing systems/software & services in the IT x OT field.” In the fiscal year ending December 2024, the first year of the plan, FUJI SOFT achieved a record high revenue and operating income of 317.5 billion yen and 22 billion yen respectively, with an operating income margin of 6.5%.

Following the Offeror’s announcement of a Tender Offer with the support from the Board of Directors of FUJI SOFT on August 8, 2024, an unprecedented situation arose in which the Offeror’s Tender Offer was followed by Bain Capital’s announcement of a proposed tender offer. As a result, the Offeror’s Tender Offer was completed more than four months later than initially anticipated. The Offeror is grateful for the patience and consistent support it received from FUJI SOFT’s executive team and Board of Directors during this period, and now looks forward to focusing on the business growth of and value creation for FUJI SOFT.

Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “We are very pleased with the outcome of the tender offer and are thankful for the trust and endorsement shown by FUJI SOFT through this process. We are fully committed and look forward to supporting FUJI SOFT’s plan to enhance its corporate value, under a new and simpler ownership by KKR following the privatization, by leveraging our global network and expertise and to help FUJI SOFT achieve its next stage of transformation. As one of Japan’s leading system integrators, FUJI SOFT plays an important role in enabling Japanese businesses to deliver better solutions and experiences for their customers in this new age of digitalization, cloud computing and AI.”

The Tender Offer will be financed predominantly from KKR Asian Fund IV.

***

This press release should be read in conjunction with the release issued by the Offeror today titled “Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.”

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

For more information, please contact:
KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

February 20, 2025

To whom it may concern: Company Name: FUJI SOFT INCORPORATED
Representative: Satoyasu Sakashita, President &
Representative Director
(Code Number: 9749; TSE Prime Market)
Contact: Shinsuke Konishi, General Manager,
Corporate Finance Department
(TEL: 045-650-8811)
Company Name: FK Co., Ltd.
Representative: Michael Longo, Representative Director

Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.

FK Co., Ltd. announces that, as of today, it has published the attached “Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.”

End

This press release is published by FK Co., Ltd. (Tender Offeror) in accordance with Article 30, paragraph (1), item (iv) of the Order for Enforcement of the Financial Instruments and Exchange Act based on a request made by FUJI SOFT INCORPORATED (the Target Company in the Tender Offer).

(Attachment)
“Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749 by FK Co., Ltd.” dated February 20, 2025February 20, 2025

To whom it may concern: Company Name: FK Co., Ltd.
Representative: Michael Longo, Representative Director

Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.

FK Co., Ltd. (“Tender Offeror”) has conducted a tender offer (“Tender Offer”) from November 20, 2024 for the common shares (“Target Company Shares”) and share options of FUJI SOFT INCORPORATED (Securities Code: 9749; Prime Market of the Tokyo Stock Exchange, Inc. (“TSE”), “Target Company”) under the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended; “Act”). The Tender Offeror hereby announces that the Tender Offer was completed on February 19, 2025, and combined with the Target Company Shares and share options acquired through the tender offer for the Target Company Shares and share options conducted by the Tender Offeror, with a tender offer period from September 6, 2024 until November 5, 2024, 36,511,681 Target Company Shares and share options (for share options, the number converted into shares) will be acquired (Ownership Ratio (*): 57.92%) as described below.

(*1) The percentage (figures are rounded to the nearest two decimal places) of the number of shares (63,057,570 shares) (“Total Number of Shares after Taking into Account the Potential Shares of the Target Company”) obtained by adding (ⅰ) the total number of outstanding shares of the Target Company as of December 31, 2024 (67,400,000 shares), as stated in the Consolidated Financial Results of the Target Company for the Fiscal Year Ending December 31, 2024 (Under Japanese GAAP) submitted by the Target Company on February 13, 2025 (“Target Company Financial Results”), to (ii) the number of shares (217,800 shares) subject to the Fifth Series Share Options (1,089 options) remaining as of October 15, 2024 reported by the Target Company, and whose exercise period expired as of November 20, 2024, less the number of shares (202,600 shares) subject to the Fifth Series Share Options (1,013 options) owned by the Tender Offeror as November 20, 2024 (equal to 15,200 shares), such sum of item (i) and (ii) being 67,415,200 shares, and subtracting (ⅲ) the number of treasury shares owned by the Target Company as of December 31, 2024 (4,377,630 shares) (Note 2).

(*2) According to the Target Company, the 4,379,229 treasury shares as of December 31, 2024 stated in the Target Company Financial Results include 1,599 shares, which is equivalent to 40% (the Target Company’s voting rights in Nihon Business Soft Incorporation) of the 3,998 Target Company Shares (Ownership Ratio: 0.01%) held by Nihon Business Soft Incorporation, an equity-method affiliate of the Target Company, and the number of treasury shares held by the Target Company as of December 31, 2024 is 4,377,630 shares (4,379,229 shares less 1,599 shares).

1. Outline of Purchase

(1) Name and Location of the Tender Offeror
Name: FK Co., Ltd.
Location: 11F, Meiji Yasuda Seimei Building, 2-1-1 Marunouchi, Chiyoda-ku, Tokyo

(2) Name of the Target Company
FUJI SOFT INCORPORATED

(3) Type of Shares Subject to Purchase
(1) Common shares
(2) Share options

(A) The fifth series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 29, 2022 (“Fifth Series Share Options”) (the exercise period for which is from April 1, 2024 to March 29, 2027).

(B) The sixth series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 28, 2023 (“Sixth Series Share Options”) (the exercise period for which is from April 1, 2025 to March 28, 2028).

(C) The seventh series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 26, 2024 (“Seventh Series Share Options,” and, together with the Fifth Series Share Options and the Sixth Series Share Options, collectively, “Share Options”) (the exercise period for which is from March 27, 2026 to March 24, 2034).

(4) Number of Shares to be Purchased

Type of Shares Number of Shares to be Purchased Minimum Number of Shares to be Purchased Maximum Number of Shares to be Purchased
Common Shares 41,650,969 (shares) 12,133,398 (shares) – (shares)
Total 41,650,969 (shares) 12,133,398 (shares) – (shares)

(Note 1) If the total number of Shares tendered in the Tender Offer (“Tendered Shares”) (including the number of shares subject to the Share Options tendered in the Tender Offer; the same shall apply hereinafter) is less than the minimum number of shares to be purchased (12,133,398 shares), the Tender Offeror will not purchase any of the Tendered Shares. If the total number of Tendered Shares is equal to or exceeds the minimum number of shares to be purchased (12,133,398 shares), the Tender Offeror will purchase all of the Tendered Shares.

(Note 2) Shares of less than one unit and cross-held shares (meaning the Target Company Shares held by Nihon Business Soft Incorporation; the same shall apply hereinafter) are also subject to the Tender Offer. If a shareholder exercises its right to demand the purchase of shares of less than one unit in accordance with the Companies Act (Act No. 86 of 2005, as amended), the Target Company may buy back its own shares during the purchase period for the Tender Offer (“Tender Offer Period”) in accordance with the procedures required by laws and regulations.

(Note 3) There are no plans for the treasury shares owned by the Target Company to be acquired through the Tender Offer.

(Note 4) Share Options may be exercised until the last day of the Tender Offer Period, and shares of the Target Company to be issued or transferred upon such exercise are also subject to the Tender Offer.

(Note 5) As the maximum number of shares to be purchased in the Tender Offer has not been set, the maximum number of Target Company Shares to be purchased by the Tender Offeror in the Tender Offer (41,650,969 shares) is indicated as the number of shares to be purchased. This maximum number is calculated from (i) the total number of shares issued by the Target Company as of September 30, 2024 as stated in the Consolidated Financial Results for the Third Quarter of the Fiscal Year Ended December 31, 2024 (Under Japanese GAAP) (“Consolidated Financial Results for the Third Quarter of the Target Company”) submitted by the Target Company on November 7, 2024 (67,400,000 shares), (ii) adding the number of Target Company Shares subject to the Share Options (769,800 shares) remaining as of October 15, 2024 as reported by the Target Company (such sum of item (i) and (ii) being 68,169,800 shares), and subtracting (iii) the number of treasury shares held by the Target Company as of September 30, 2024 (4,386,929 shares) (Note 6) and the number of Target Company Securities held by the Tender Offeror as of November 20, 2024 (22,131,902 shares) (equal to 41,650,969 shares).

(Note 6) According to the Target Company, the 4,388,528 treasury shares as of September 30, 2024 stated in the Consolidated Financial Results for the Third Quarter of the Target Company include 1,599 shares, which is equivalent to 40% (the Target Company’s voting rights in Nihon Business Soft Incorporation) of the 3,998 Target Company Shares (Ownership Ratio: 0.01%) held by Nihon Business Soft Incorporation, an equity-method affiliate of the Target Company, and the number of treasury shares held by the Target Company as of September 30, 2024 is 4,386,929 shares (4,388,528 shares less 1,599 shares).

(5) Purchase Period

(1) Purchase Period
From Wednesday, November 20, 2024 to Wednesday, February 19, 2025 (59 Business Days)

(2) Possibility of Extension Based on Request from Target Company
Not applicable.

(6) Purchase Price
(1) 9,850 yen per common share

(2) Share Options
(A) 1,277,000 yen per Fifth Series Share Option
(B) 1,139,600 yen per Sixth Series Share Option
(C) 333,100 yen per Seventh Series Share Option

2. Results of the Tender Offer

(1) Whether the Tender Offer has been Successfully Completed
The Tender Offer included the condition that if the total number of Tendered Shares did not reach the minimum number of shares to be purchased (12,133,398 shares), none of the Tendered Shares would be purchased. However, as the total number of Tendered Shares (14,379,779 shares) exceeds the minimum number of shares to be purchased (12,133,398 shares), as described in the Public Notice for Commencement of Tender Offer (including the subsequentPublic Notice of Changes to Terms of Purchase; the same shall apply hereinafter) and the Tender Offer Registration Statement (including the matters amended in the amendment statements to the Tender Offer Registration Statement that were subsequently submitted; the same shall apply hereinafter), all of the Tendered Shares will be purchased.

(2) Date of Public Notice of Tender Offer Results and Name of Newspaper in which Public Notice Thereof is Given Pursuant to Article 27-13, Paragraph 1 of the Act, the results of the Tender Offer were announced to the news media at the TSE on February 20, 2025, in the manner stipulated in Article 9-4 of the Order for Enforcement of the Financial Instruments and Exchange Act (Cabinet Order No. 321 of 1965, as amended) and Article 30-2 of the Cabinet Office Order on Disclosure Required for Tender Offer for Share Certificates by Persons Other Than Issuers (Ministry of Finance Order No. 38 of 1990, as amended).

(3) Number of Shares Purchased

Type of Shares Number of Tenders Converted Into Shares Number of Purchases Converted Into Shares
Shares 14,339,979 (shares) td 14,339,979 (shares)
Share Option Certificates 39,800 39,800
Corporate Bonds with Share Options ― ―
Beneficiary Securities of Share Certificates in Trust (        ) ― ―
Depository Receipts for Securities (       ) ― ―
Total 14,379,779 14,379,779
Total Number of Potential Shares 39,800 (39,800)

(4) Change in Ownership Ratio of Shares through the Purchase

Number of voting rights represented by Shares owned by the Tender Offeror before the purchase 214,133 (Ownership Ratio of the Shares before the purchase 33.57%)
Number of voting rights represented by Shares owned by specially related persons of the Tender Offeror before the purchase – (Ownership Ratio of the Shares before the purchase -%)
Number of voting rights represented by Shares owned by the Tender Offeror after the purchase 337,532 (Ownership Ratio of the Shares after the purchase 56.05%)
Number of voting rights represented by Shares owned by specially related persons of the Tender Offeror after the purchase – (Ownership Ratio of the Shares after the purchase -%)
Number of voting rights of all shareholders of the Target Company 629,211

(Note 1) “Number of voting rights of all shareholders of the Target Company” is the number of voting rights of all shareholders as of June 30, 2024, as stated in the 55th Semiannual Report submitted by the Target Company on August 9, 2024. However, since shares of less than one unit, cross-held shares, and the Target Company Shares to be issued or transferred upon the exercise of the Share Options are also subject to the Tender Offer, in the calculation of “Ownership Ratio of the Shares before the purchase” and “Ownership Ratio of the Shares after the purchase”, the denominator is the number of voting rights (637,921) represented by the number of shares which is calculated from (i) the total number of shares issued by the Target Company as of December 31, 2024 as stated in the Target Company Financial Results (67,400,000 shares), adding (ii) the number of Target Company Shares subject to the Share Options remaining as of October 15, 2024 as reported by the Target Company (769,800 shares) (such sum of item (i) and (ii) being 68,169,800 shares), and subtracting (iii) the number of treasury shares held by the Target Company as of December 31, 2024 (4,377,630 shares) (equal to 63,792,170 shares).

(Note 2) “Ownership Ratio of the Shares before the purchase” and “Ownership Ratio of the Shares after the purchase” has been rounded off to two decimal places.

(5) Calculation in Cases of Conducting the Purchase by Pro-Rata Method
Not applicable.

(6) Settlement Method
(1) Name and Location of Head Office of the Financial Instruments Business Operator or Bank etc. Responsible for Settlement

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
1-9-2, Otemachi, Chiyoda-ku, Tokyo

Mitsubishi UFJ eSmart Securities Co., Ltd. (sub-agent)
3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo

(2) Settlement Commencement Date
February 27, 2025 (Thursday)

(3) Settlement Method
Promptly following the expiration of the Tender Offer Period, notifications of the purchases in the Tender Offer will be mailed to the addresses or locations of the those applying to sell in response to the offer to purchase the Shares in the Tender Offer (“Tendering Shareholders”) (or their standing proxies, for shareholders of foreign countries (including corporate shareholders; “Foreign Shareholders”)). Issuance of notifications by the sub-agent will be delivered by electromagnetic means through the screen after login.

Purchases will be made in cash. At the instruction of the Tendering Shareholders (or their standing proxies for Foreign Shareholders) and promptly after the date of commencement of settlement, the proceeds of sales of Shares that were purchased in the Tender Offer will be remitted by the tender offer agent or sub-agent to the place designated by the Tendering Shareholders (or their standing proxies, for Foreign Shareholders), or paid into the accounts of the Tendering Shareholders whose applications for tender were accepted by the tender offer agent or sub-agent.

3. Policies after the Tender Offer and Future Prospects There will be no changes to the policies after the Tender Offer from those stated in the Public Notice for Commencement of Tender Offer and the Tender Offer Registration Statement regarding the Tender Offer.

4. Place where a Copy of the Tender Offer Report is to be Made Available for Public Inspection
FK Co., Ltd.
11F, Meiji Yasuda Seimei Building, 2-1-1 Marunouchi, Chiyoda-ku, Tokyo

Tokyo Stock Exchange, Inc.
2-1 Nihombashi Kabutuocho, Chuo-ku, Tokyo

 

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Silver Lake and GIC Complete Acquisition of Zuora

GIC

REDWOOD CITY, Calif. – February 14, 2025 – Zuora, Inc., a leading monetization platform for modern business, today announced the completion of its acquisition by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. (“GIC”), for $10.00 per share in cash. With the completion of the acquisition, Zuora’s Class A common stock will cease trading and the Company will no longer be listed on the New York Stock Exchange.

“Zuora’s vision sparked the shift to the Subscription Economy that led to today’s new world of recurring, usage-based and hybrid revenue models,” said Tien Tzuo, Zuora’s Founder, CEO and Chairman of the Board. “Completing this transaction with Silver Lake and GIC is an important milestone in the next phase of our journey. With the support of both partners, we will continue to provide our customers with the market-leading technology necessary to transform their financial operations and power enterprise monetization at scale.”

“We are pleased to continue our partnership with Zuora and its team of ZEOs as they enable customers globally with its leading monetization platform,” said Joe Osnoss, Managing Partner at Silver Lake and Mike Widmann, Managing Director at Silver Lake. “Zuora’s capabilities are increasingly strategic to drive growth and simplicity in a highly dynamic technology environment for both enterprises and consumers.”

“GIC is proud to partner with Zuora, a market leader and proven innovator, to meet the significant demand for its services in the Subscription Economy,” said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC and Eric Wilmes, Head of Private Equity, Americas at GIC. “Working alongside Zuora’s management team and our partners at Silver Lake, we will be able to leverage our collective resources, experience, and long-term outlook to invest in Zuora’s continued success and deliver on our shared vision for the future.”

Zuora stockholders voted to approve the transaction at the Company’s Special Meeting of Stockholders on February 13, 2025.

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Silver Lake and GIC Complete Acquisition of Zuora

Silverlake

REDWOOD CITY, Calif. – February 14, 2025 – Zuora, Inc., a leading monetization platform for modern business, today announced the completion of its acquisition by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. (“GIC”), for $10.00 per share in cash. With the completion of the acquisition, Zuora’s Class A common stock will cease trading and the Company will no longer be listed on the New York Stock Exchange.

“Zuora’s vision sparked the shift to the Subscription Economy that led to today’s new world of recurring, usage-based and hybrid revenue models,” said Tien Tzuo, Zuora’s Founder, CEO and Chairman of the Board. “Completing this transaction with Silver Lake and GIC is an important milestone in the next phase of our journey. With the support of both partners, we will continue to provide our customers with the market-leading technology necessary to transform their financial operations and power enterprise monetization at scale.”

“We are pleased to continue our partnership with Zuora and its team of ZEOs as they enable customers globally with its leading monetization platform,” said Joe Osnoss, Managing Partner at Silver Lake and Mike Widmann, Managing Director at Silver Lake. “Zuora’s capabilities are increasingly strategic to drive growth and simplicity in a highly dynamic technology environment for both enterprises and consumers.”

“GIC is proud to partner with Zuora, a market leader and proven innovator, to meet the significant demand for its services in the Subscription Economy,” said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC and Eric Wilmes, Head of Private Equity, Americas at GIC. “Working alongside Zuora’s management team and our partners at Silver Lake, we will be able to leverage our collective resources, experience, and long-term outlook to invest in Zuora’s continued success and deliver on our shared vision for the future.”

Zuora stockholders voted to approve the transaction at the Company’s Special Meeting of Stockholders on February 13, 2025.

 

Advisors

Qatalyst Partners served as the exclusive financial advisor to the Special Committee. Foros served as financial advisor to the Company. Goodwin Procter LLP served as legal counsel to the Special Committee and Freshfields US LLP served as legal counsel to the Company. Simpson Thacher & Bartlett LLP served as legal counsel to Silver Lake. Dechert LLP served as legal counsel to GIC. Sullivan & Cromwell LLP served as legal counsel to Mr. Tzuo.

About Zuora, Inc.

Zuora provides a leading monetization platform to build, run and grow a modern business through a dynamic mix of usage-based models, subscription bundles and everything in between. From pricing and packaging, to billing, payments and revenue recognition, Zuora’s flexible, modular software solutions are designed to help companies evolve and scale monetization with demand. More than 1,000 customers around the world, including BMC Software, Box, Caterpillar, General Motors, The New York Times, Schneider Electric and Zoom use Zuora’s unique combination of technology and expertise to transform their financial operations and how they go to market. Zuora is headquartered in Silicon Valley with offices in the Americas, EMEA and APAC. To learn more, please visit zuora.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s acquisition and the Company no longer being listed on the New York Stock Exchange. These forward-looking statements involve risks and uncertainties. All statements other than statements of historical facts contained in this communication, including statements regarding the effects of the transaction, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “will,” “continue” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans or intentions.

Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors. Important factors that could cause actual outcomes or results to differ materially from the forward-looking statements include, but are not limited to the risk that disruptions from the transaction will harm the Company’s business, including current plans and operations; the ability of the Company to retain and hire key personnel; potential adverse reactions or changes to business relationships resulting from the completion of the transaction; legislative, regulatory and economic developments affecting the Company’s business; general economic and market developments and conditions; the legal, regulatory and tax regimes under which the Company operates; potential business uncertainty, including changes to existing business relationships; and unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as the Company’s response to any of the aforementioned factors.

For information regarding other factors that could cause the Company’s results to vary from expectations, please see the “Risk Factors” section of the Company’s periodic report filings with the SEC, including but not limited to our Form 10-Q filed with the SEC on December 9, 2024 and our Form 10-K filed with the SEC on March 26, 2024. These filings are available on the investor relations section of the Company’s website at investor.zuora.com or on the SEC’s website at www.sec.gov. The statements in this communication represent our current beliefs, estimates and assumptions as of the date of this communication. Subsequent events and developments may cause our views to change. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this communication.

About Silver Lake

Silver Lake is a global technology investment firm, with more than $103 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate nearly $248 billion of revenue annually and employ approximately 444,000 people globally.

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, GIC takes a long-term, disciplined approach to investing and is 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. Its long-term approach, multi-asset capabilities, and global connectivity enable it to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 2,300 people in 11 key financial cities and has investments in over 40 countries. For more information, please visit www.gic.com.sg.

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Trackunit Announces Investment from Goldman Sachs Alternatives

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HG Capital

Aalborg, 10th February 2025 – Today, Trackunit (the “Company”), a leading SaaS and operating data platform provider for the construction ecosystem globally, announced that Private Equity at Goldman Sachs Alternatives will acquire a majority stake in the Company from funds advised by Hg and GRO Capital. Goldman Sachs Alternatives’ investment marks the next chapter in Trackunit’s ambitious growth journey, supporting the Company’s mission to eliminate downtime in construction and to support customer success and innovation. As part of the transaction Hg, a leading investor in European and transatlantic software and services businesses, will reinvest in the business, reaffirming their confidence in Trackunit’s continued growth and leadership, in construction digitalization.

Founded in 2003 and headquartered in Denmark, Trackunit is at the forefront of the digital transformation of the construction sector, offering a verticalized operating data platform, which generates valuable data-driven insights via an industry leading data lake. The Company’s solutions connect construction equipment to the cloud, delivering data-driven insights that enhance operational efficiency and reduce downtime. Trackunit’s software and IoT connectivity solutions uniquely support the entire construction ecosystem, serving equipment manufacturers, rental companies, contractors and ecosystem tech partners, and integrating the off-highway vehicle, connected site, and mobile workforce. Trackunit serves a global diversified customer base of more than 5,000 customers spanning the full construction value chain and has approximately 400 employees.

Goldman Sachs Alternatives previously owned a majority stake in Trackunit between 2015 and 2021, bringing unique insights and a proven partnership. During the previous ownership period, Goldman Sachs leveraged its global network and differentiated value creation capabilities to support meaningful expansion of the Company’s product capabilities and operations. With Goldman Sachs Alternatives and Hg (invested since 2021), Trackunit has an ideal shareholder base to continue investing in cutting-edge product development, technology, people and further expansion.

     

Soeren Brogaard, CEO of Trackunit, commented: “We have built a strong foundation together with Hg, advancing our offerings and working together with customers to eliminate downtime in construction. The reinvestment from Hg, alongside the new and proven partnership with Goldman Sachs Alternatives, positions us to scale even faster. We remain fully committed to our purpose, and with Goldman Sachs Alternatives’ expertise and global reach, we are excited to accelerate innovation and growth for our customers and partners worldwide.”

Michael Bruun, Partner and Global Co-Head of Private Equity at Goldman Sachs Alternatives, said: “We are thrilled to partner once again with Trackunit’s leadership team, along with Hg, to build on their success and drive even greater impact for customers globally. We see significant potential in continuing to scale the business and further embedding digital solutions across the construction ecosystem.”

Scott Myers and James Robinson, Managing Directors and Co-Heads of European Technology Private Equity at Goldman Sachs Alternatives, said: “Through its unique software & data capabilities and customer-focused approach, Trackunit has become a mission critical provider to the construction ecosystem. We look forward to collaborating with management and leveraging the Goldman Sachs Value Accelerator and global network to support the Company in its next stage of growth.”

Nick Jordan, Partner and Soren Holt, Director at Hg, stated: “Trackunit is a prime example of how data-rich software businesses can capitalise on their structural data advantage through AI and continue to expand their customer proposition. Our investment in this business has been about fostering this innovation and scaling a category-leading SaaS business. We are pleased to continue supporting Trackunit alongside Goldman Sachs Alternatives, ensuring the Company has the resources and expertise to realize its long-term purpose and industry-changing ambitions.”

Advisors and Closing Conditions

The selling shareholders were advised by Evercore, Skadden, Gorrissen Federspiel, CMS and Deloitte.

Goldman Sachs Alternatives was advised by Goldman Sachs Investment Banking, Morgan Stanley, Deloitte, White & Case, A&O Shearman, and Sullivan & Cromwell.

The transaction remains subject to customary regulatory approvals and is expected to close in early summer.

About Trackunit

Trackunit is a global technology company that connects construction through one platform to create a living, evolving ecosystem that delivers data and insights to the off-highway sector. With circa 3.5 million visible assets connected, it uses technology to eliminate downtime, improve safety, and help customers improve the bottom line in a sustainable, cost-effective way. Follow us on LinkedIn.

For further information, please visit: trackunit.com

About Private Equity at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. Goldman Sachs has over $3 trillion in assets under supervision globally as of December 31, 2024. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. Follow us on LinkedIn.

Media Contacts

For Trackunit
Lærke Ullerup
lul@trackunit.com
T +45 53703033

For Goldman Sachs Alternatives
Joseph Stein
Joseph.Stein@gs.com
T +44 207 774 4080

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XOi Amplifies Field Service Innovation with New Strategic Investment and Acquisition

KKR
The intelligent jobsite technology innovator secures record funding from KKR to expand data gathering and enrichment solutions.

NASHVILLE, Tenn.–(BUSINESS WIRE)–XOi, a leading provider of jobsite-focused technology solutions for the field service ecosystem, today announced the acquisition of Specifx, an on-demand data enrichment and metadata retrieval platform for field service equipment. The acquisition was enabled by an investment from funds managed by leading global investment firm KKR. The funding from KKR marks the most significant milestone yet in XOi’s journey to build out its system of work for the field service ecosystem.

This strategic investment from KKR, along with the acquisition of Specifx, enable XOi to amplify its use and capabilities across the field service industries, furthering its mission of serving stakeholders throughout the ecosystem, including technicians, field service providers, distributors, and OEMs.

“As the challenges of maintaining and manufacturing field service equipment grew more complex, we pushed ourselves to evolve our product alongside the demands of the industry,” said Aaron Salow, founder and CEO of XOi. “KKR’s strategic partnership will help us meet and exceed every stakeholder’s expectations of sustainability, profitability, and transparency.”

“We believe XOi’s comprehensive software stands apart in the field service space not only because it allows technicians to view and adjust multiple workflows in one efficient platform, but also for its ability to normalize and enrich field service asset-specific data,” said Jake Heller, Partner and Head of KKR’s Technology Growth team in the Americas. “The addition of Specifx further enhances XOi’s database offering. We look forward to working with the entire XOi team as they continue to innovate for their customers across the field service ecosystem.”

Prior to this acquisition Specifx helped expand XOi’s groundbreaking Insights product, which provides unique asset origination, performance, and diagnostics information. Now, the combined resources and capabilities of the two companies empower XOi to deliver a unified framework of proprietary and operational data to fuel faster and more meaningful innovation to the mechanical, electrical, and plumbing industries.

“Today marks a defining moment in our growth and we are thrilled to join forces with XOi,” said Ryan Martineau, founder and CEO of Specifx. “XOi’s extremely impressive platform, coupled with a shared mission and common customer base, allows us to accelerate our vision of next generation, asset-centric solutions that simplify the day-to-day operations for our customers.”

“We are humbled by the role we have been able to play in changing this industry and the skilled trades for the better, and we are excited to drive the mission forward for years to come,” said Aaron Salow, founder and CEO of XOi. “Our vision has never been clearer, and our passion for the trades has never been stronger.”

KKR is funding this investment primarily from its Next Generation Technology III Fund.

Bass, Berry & Sims PLC served as legal advisor and Raymond James Financial, Inc. served as financial advisor to XOi. Latham & Watkins LLP served as legal advisor to KKR.

About XOi
XOi, the leading provider of jobsite-focused technology for the field service ecosystem, arms the industry with a digital tool that connects people to mission-critical equipment. XOi technology is the hub in which every part of the job—from the field to the manufacturer—connects. XOi provides AI-powered workflows, asset and team management functions, a comprehensive knowledge base, and immediate revenue-producing insights leveraging data from current and historical projects. Beyond this tool that manages consistency, profitability, and transparency, XOi’s goal is to create future-focused technology that modernizes the field service industry as a whole, and delivers 1 of 1 asset origination, performance, and diagnostics information of mission critical assets. To learn more about XOi, visit xoi.io.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Specifx
Specifx, an industry leader in data management for HVAC companies, specializes in on-demand data enrichment and metadata retrieval for HVAC companies. The company’s flagship product, Decoder, gives technicians, HVAC providers and manufacturers access to complete HVAC metadata via a simple nameplate scan, and the tool gives users the flexibility to scan each unit individually, in batches, or via the Decoder API. Specifx’s database covers the most common HVAC equipment made by around 100 major manufacturers over the past 30+ years. Specifx’s mission is to transform the HVAC data acquisition and solutioning experience for owners, occupiers, investors and service providers, reducing the effort to acquire essential information for day-to-day operations while supporting strategic, enterprise-scale investment and decarbonization initiatives. For more information about Specifx, visit specifx.com.

Contacts

Media Contacts:

XOi
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com

KKR
Emily Cummings
media@kkr.com

 

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]init[ AG expands its healthcare business with the acquisition of HBSN Group

Rivean
  • Acquisition of HBSN Group enables further expansion of ]init[ AG’s customer base within the healthcare market
  • Strategic combination creates a market leader in digitalization for the public and healthcare sector in Germany

Berlin – With the acquisition of the HBSN Group, a specialist in digital transformation within the healthcare sector, ]init[ AG – a portfolio company of Rivean Capital and EMERAM Capital Partners – expands its comprehensive end-to-end digitalization portfolio beyond the public sector into healthcare. The acquisition establishes a leading digital specialist with over 1,500 employees across 18 locations. Both parties have agreed to keep the purchase price confidential.

“Germany faces significant challenges in both administrative digitalization and the transformation of the healthcare sector. Complex digitalization programs require effective and innovative end-to-end expertise, that are developed, implemented, and operated in a holistic and tailored manner. The combination of ]init[ and HBSN creates a unique service offering for comprehensive digital solutions,” said Harald Felling, Chief Executive Officer of ]init[ AG. “Our clients from both sectors will benefit from our combined strengths as well as additional competencies in key innovation fields, such as AI, IT security, data-sovereign cloud platforms, and IT service management. I look forward to the joint efforts in driving the digitalization, modernization, and advancement of public administration and healthcare in Germany.”

With the acquisition of HBSN Group, ]init[ AG expands its healthcare client base by approximately 380 active institutions. These include MD-IT, covering IT operations and support services for all medical services, AOK Saxony-Anhalt, which has a framework agreement for online services; and the Ministry of Social Affairs, Health, and Integration of Baden-Württemberg, which is developing a unified public health application landscape for all state health departments.

“Large-scale healthcare tenders increasingly require end-to-end capabilities. Together with ]init[‘s expertise, we can successfully meet this growing demand,” says Tobias Niemann, Founder of HBSN Group. “As part of ]init[, the competences and network of HBSN expands manifold. I look forward to the collaboration and the diverse synergies that will benefit both parties and our clients.” In light of the structural changes in the healthcare market, the founders and management team of HBSN have taken this strategic step to enhance their market position.

“The acquisition of the HBSN Group is a strategically significant step that strengthens ]init[’s position as one of a leading providers of digitalization services in regulated markets,” says Matthias Wilcken, Senior Partner and Member of the Executive Committee at Rivean Capital. “With the support of Rivean Capital and EMERAM Capital Partners, who bring strategic know-how and capital, we are enabling ]init[ to further accelerate growth and achieve substantial progress in key markets such as the healthcare sector. This strategic combination lays the foundation for even greater capabilities to successfully meet the increasing demands for digital transformation in Germany.”

“The structural change in the healthcare system is well underway. One of the key challenges is the consistent and sustainable digitalization of this sector. With the acquisition of the HBSN Group, ]init[ is expanding its presence in regulated markets and further driving digital transformation in this area,” says Dr. Ruprecht Puchstein, Principal at EMERAM Capital Partners. “It is a central part of ]init[‘s strategy to transfer the existing expertise in the public sector to other regulated industries – a process that has been significantly accelerated by this acquisition.”

About ]init[ AG für digitale Kommunikation
]init[ AG für digitale Kommunikation is a leading expert for digitalization for the public sector and regulated markets. Founded in 1995, the company employs approximately 1,400 people across its locations in Berlin, Hamburg, Cologne, Leipzig, Munich, and Mainz. Additional subsidiaries of ]init[ AG include Swiss-based Ironforge Consulting AG, with offices in Bern and Zurich, as well as ]init[.DCP – Digital Communication Portugal, Unipessoal Lda in Porto. For more information, visit www.init.de.

About HBSN Group
Over the past 18 years, HBSN Group has developed into a successful consulting and technology partner in the healthcare market. The group includes HBSN GmbH with its subsidiaries HBSN Certifications GmbH in Germany, and xitee k.s. as well as xitee Beteiligungs s.r.o. in the Czech Republic. The companies support university hospitals and clinics, private and statutory health insurers, medical services, public health authorities, and IT system providers in software development, IT operations, and transformation projects. With 150 employees, the HBSN Group maintains a solid network of partners at its locations in Bad Hersfeld, Braunschweig, Brno, Hamburg, Hornburg, Frankfurt am Main, Leipzig, Lüneburg, Munich, and Prague. For more information, visit www.hbsn-gruppe.de.

About Rivean Capital
Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the Benelux, DACH region, and Italy. With offices in Frankfurt am Main, Amsterdam, Brussels, Zug and Milan, funds advised by Rivean Capital manage more than €5bn in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. For more information, visit www.riveancapital.com.

About EMERAM
EMERAM is one of the leading investment managers for investments in mid-sized companies in the German-speaking region. The funds advised by EMERAM provide more than 800 million euros in capital for the development of growth companies. The investment strategy focuses on the sectors Digital Transformation, Health and Well-Being, as well as Energy Transition. EMERAM acts as a long-term business development partner for its portfolio companies and promotes sustainable growth (both organic and inorganic). In addition, the implementation of comprehensive ESG concepts is a key focus. For more information, visit www.emeram.com.

Contacts

Rivean Capital
Maikel Wieland (Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

]init[ AG für digitale Kommunikation
Sascha Lansmann (Corporate Communications)
sascha.lansmann@init.de
+49 30 97006 759

Categories: News

Tags:

]init[ AG expands its healthcare business with the acquisition of HBSN Group

Rivean
  • Acquisition of HBSN Group enables further expansion of ]init[ AG’s customer base within the healthcare market
  • Strategic combination creates a market leader in digitalization for the public and healthcare sector in Germany

Berlin – With the acquisition of the HBSN Group, a specialist in digital transformation within the healthcare sector, ]init[ AG – a portfolio company of Rivean Capital and EMERAM Capital Partners – expands its comprehensive end-to-end digitalization portfolio beyond the public sector into healthcare. The acquisition establishes a leading digital specialist with over 1,500 employees across 18 locations. Both parties have agreed to keep the purchase price confidential.

“Germany faces significant challenges in both administrative digitalization and the transformation of the healthcare sector. Complex digitalization programs require effective and innovative end-to-end expertise, that are developed, implemented, and operated in a holistic and tailored manner. The combination of ]init[ and HBSN creates a unique service offering for comprehensive digital solutions,” said Harald Felling, Chief Executive Officer of ]init[ AG. “Our clients from both sectors will benefit from our combined strengths as well as additional competencies in key innovation fields, such as AI, IT security, data-sovereign cloud platforms, and IT service management. I look forward to the joint efforts in driving the digitalization, modernization, and advancement of public administration and healthcare in Germany.”

With the acquisition of HBSN Group, ]init[ AG expands its healthcare client base by approximately 380 active institutions. These include MD-IT, covering IT operations and support services for all medical services, AOK Saxony-Anhalt, which has a framework agreement for online services; and the Ministry of Social Affairs, Health, and Integration of Baden-Württemberg, which is developing a unified public health application landscape for all state health departments.

“Large-scale healthcare tenders increasingly require end-to-end capabilities. Together with ]init[‘s expertise, we can successfully meet this growing demand,” says Tobias Niemann, Founder of HBSN Group. “As part of ]init[, the competences and network of HBSN expands manifold. I look forward to the collaboration and the diverse synergies that will benefit both parties and our clients.” In light of the structural changes in the healthcare market, the founders and management team of HBSN have taken this strategic step to enhance their market position.

“The acquisition of the HBSN Group is a strategically significant step that strengthens ]init[’s position as one of a leading providers of digitalization services in regulated markets,” says Matthias Wilcken, Senior Partner and Member of the Executive Committee at Rivean Capital. “With the support of Rivean Capital and EMERAM Capital Partners, who bring strategic know-how and capital, we are enabling ]init[ to further accelerate growth and achieve substantial progress in key markets such as the healthcare sector. This strategic combination lays the foundation for even greater capabilities to successfully meet the increasing demands for digital transformation in Germany.”

“The structural change in the healthcare system is well underway. One of the key challenges is the consistent and sustainable digitalization of this sector. With the acquisition of the HBSN Group, ]init[ is expanding its presence in regulated markets and further driving digital transformation in this area,” says Dr. Ruprecht Puchstein, Principal at EMERAM Capital Partners. “It is a central part of ]init[‘s strategy to transfer the existing expertise in the public sector to other regulated industries – a process that has been significantly accelerated by this acquisition.”

About ]init[ AG für digitale Kommunikation
]init[ AG für digitale Kommunikation is a leading expert for digitalization for the public sector and regulated markets. Founded in 1995, the company employs approximately 1,400 people across its locations in Berlin, Hamburg, Cologne, Leipzig, Munich, and Mainz. Additional subsidiaries of ]init[ AG include Swiss-based Ironforge Consulting AG, with offices in Bern and Zurich, as well as ]init[.DCP – Digital Communication Portugal, Unipessoal Lda in Porto. For more information, visit www.init.de.

About HBSN Group
Over the past 18 years, HBSN Group has developed into a successful consulting and technology partner in the healthcare market. The group includes HBSN GmbH with its subsidiaries HBSN Certifications GmbH in Germany, and xitee k.s. as well as xitee Beteiligungs s.r.o. in the Czech Republic. The companies support university hospitals and clinics, private and statutory health insurers, medical services, public health authorities, and IT system providers in software development, IT operations, and transformation projects. With 150 employees, the HBSN Group maintains a solid network of partners at its locations in Bad Hersfeld, Braunschweig, Brno, Hamburg, Hornburg, Frankfurt am Main, Leipzig, Lüneburg, Munich, and Prague. For more information, visit www.hbsn-gruppe.de.

About Rivean Capital
Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the Benelux, DACH region, and Italy. With offices in Frankfurt am Main, Amsterdam, Brussels, Zug and Milan, funds advised by Rivean Capital manage more than €5bn in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. For more information, visit www.riveancapital.com.

About EMERAM
EMERAM is one of the leading investment managers for investments in mid-sized companies in the German-speaking region. The funds advised by EMERAM provide more than 800 million euros in capital for the development of growth companies. The investment strategy focuses on the sectors Digital Transformation, Health and Well-Being, as well as Energy Transition. EMERAM acts as a long-term business development partner for its portfolio companies and promotes sustainable growth (both organic and inorganic). In addition, the implementation of comprehensive ESG concepts is a key focus. For more information, visit www.emeram.com.

Contacts

Rivean Capital
Maikel Wieland (Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

]init[ AG für digitale Kommunikation
Sascha Lansmann (Corporate Communications)
sascha.lansmann@init.de
+49 30 97006 759

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e2e-assure receives new investment from BGF

BGF

The Managed Threat Detection & Response provider has raised significant follow-on funding from our team, as demand for advanced threat protection gathers pace.

3 February 2025

BGF has completed a significant follow-on investment into leading Managed Threat Detection & Response provider e2e-assure.

BGF’s backing will enable e2e-assure to intensify research and development, to advance capabilities in areas such as AI, and anomaly detection for responding to cyber threats. It is also focusing on optimising integrations with major technologies like Microsoft Azure and Google Cloud, to deliver scalable, seamless solutions, designed to align perfectly with customers’ existing infrastructures.

By investing in these areas, the SOC-as-a-service (security operations centre) provider will not only keep pace with the rapidly evolving threat landscape, but also ensure that its clients benefit from the most advanced, scalable and cost-effective cybersecurity solutions available on the market.

“We’ve seen an exciting period of growth for e2e-assure. From expanding our team and our capabilities to targeting a range of new sectors, each with their own unique and complex challenges, we remain committed to continual technological innovation. We’re excited to take this next step in our growth journey alongside BGF.”
Rob Demain
CEO & Founder of e2e-assure

e2e-assure has seen significant demand continue from its customers (predominantly companies within the mid-market) for an outsourced solution that gives access to specialised capability and service evolution, keeping them ahead of industry trends. Over the last 12 months alone, e2e-assure has increased sales wins by 40% on the previous financial year.

As part of the new investment, e2e-assure will also be expanding it sales and support teams, to deliver a more personalised and responsive service experience for customers.

Tim Anderson, Chief Commercial Officer at e2e-assure, commented: “This investment strengthens our ability to innovate and scale, ensuring we remain a dependable and forward-thinking partner for our customers’ cybersecurity needs.

“With our commitment to continuous improvement, we aim to enhance not only our services, but also the value we deliver. Our goal is to build long-term partnerships that help businesses achieve their objectives, while maintaining and further improving our already exceptional NPS score of 88, up from 70 last year.”

The investment from BGF’s Reading office follows a number of recent deals within the Thames Valley region, including multi-million-pound investments into Bournemouth-based advice tech provider Twenty7tec and digital transformation specialist Proventeq.

Guy Pope, Investor at BGF, said: “e2e-assure’s leading technologies and expertise have positioned them perfectly as the demand for Managed Threat Detection & Response continues to increase exponentially in a variety of sectors.

“This investment reflects e2e-assure’s commitment to its clients and future clients. It will allow Rob and the team to optimise operations, and to continue delivering solutions that protect businesses and position clients to thrive in an increasingly complex security landscape. We look forward to continuing our partnership and supporting the business on its trajectory.”

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EQT co-leads TravelPerk’s USD 200 million Series E

eqt

  • TravelPerk is an all-in-one SaaS business travel platform that aims to give travelers the freedom they want whilst providing companies with the control they need

  • EQT Growth co-leads the round, which values TravelPerk at USD 2.7 billion, alongside Atomico; round also joined by new investors Noteus Partners and Sequoia Capital, as well existing investors like General Catalyst, Kinnevik, Softbank Vision Fund, and Blackstone

  • Alongside the financing, TravelPerk announces that it has acquired Yokoy, a leading spend management platform, to create an integrated Travel and Expense Management platform

EQT is pleased to announce that EQT Growth, which aims to support fast-growing technology companies as they continue to scale, has co-led a USD 200 million Series E in TravelPerk. The investment is also led by Atomico, with participation from Noteus Partners and Sequoia Capital, as well as existing investors, including Kinnevik, General Catalyst, Softbank Vision Fund, and Blackstone. The oversubscribed round brings TravelPerk’s valuation to USD 2.7 billion.

As companies face greater economic pressures and more complicated regulatory environments, they are increasingly looking for fully integrated solutions that bring travel and expenses together into one automated platform. TravelPerk’s end-to-end experience simplifies business travel management, streamlining processes and helping companies better control costs. With the acquisition of Yokoy, a leading spend management platform, and through integrations with expense management partners, TravelPerk is well positioned to provide small & medium businesses in Europe and the US highly localized solutions that suit individual needs, while preserving freedom of choice and flexibility.

Founded in 2015 and today headquartered in Barcelona, TravelPerk has recorded 50 percent annual growth over the last two years and reached EBITDA break-even at the end of 2024. The new funding will be used to further accelerate growth, with continued expansion into the US market alongside significant investments into product, technology and AI.

Carolina Brochado, Partner at EQT Growth, who will join the TravelPerk Board, said: “TravelPerk is a clear digital-native leader in the multi-hundred-billion corporate travel market. Most small and mid-market businesses remain unmanaged and underserved in this space. Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry. Their proprietary use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI.”

“Until now, customers had to make hard trade-offs: an integrated platform or separate, best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance,” commented TravelPerk President and Chief Operating Officer, JC Taunay-Bucalo. “Customers don’t have to compromise anymore. Now, they can have a leading travel management product built on the world’s largest inventory, combined with an expense management product that works for their business.”

Avi Meir, TravelPerk CEO and Co-Founder, added: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform. Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming Phil, Devis, and the rest of the team to TravelPerk. We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About TravelPerk
TravelPerk is a hyper-growth SaaS business travel platform and a pioneer in the future of travel for work. Its all-in-one platform gives travelers the freedom they want whilst providing companies with the control they need. The result saves time, money, and hassle for everyone.

TravelPerk has industry-leading travel inventory alongside powerful management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design, which enable companies and organizations worldwide like Red Bull, GetYourGuide, and Aesop, to get the most out of their travel.

Backed by world-class investors like General Catalyst, Kinnevik, Softbank, and Blackstone, TravelPerk is reinventing travel for work with an end-to-end solution that works.

Visit www.travelperk.com for more information.

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