Tag Archives: Software

IRIS Software Group Announces Intent to Acquire Dext Software Ltd.

HG Capital

Acquisition to create an integrated, end-to-end solution, advance partner integrations, and drive product innovation for accountants and businesses globally 

London, UK – 3 December 2024 – IRIS Software Group (IRIS), a leading global provider of accountancy, education management, HR and payroll solutions, today announced a definitive agreement to acquire Dext Software Ltd (Dext), a leading bookkeeping automation platform provider. The acquisition will unite two sector-leading cloud-based platforms – Dext’s Bookkeeping Automation Platform and IRIS Elements – to deliver a complementary and fully integrated, end-to-end solution for accountants, bookkeepers, and businesses.

On one side of the accounting value chain, IRIS Elements supports accountants and businesses with practice management and compliance functionality, such as accounts production and tax returns. On the other, Dext simplifies bookkeeping and improves productivity by automating routine tasks with AI. Together, both companies will cover the entire end-to-end accountancy workflow, from data entry and processing to compliance, reporting and advisory services.

Currently, many accountants and businesses face “app fatigue” juggling multiple, disconnected tools to get their daily work done. Through integration, IRIS and Dext’s cloud platforms will connect seamlessly with a secure single sign-on (SSO) and share data effortlessly back and forth across both platforms. This will, effectively, create a single, end-to-end view of the entire accountancy workflow. By expanding the global digital footprint in countries like the UK, Canada, France and Australia, the acquisition will also support accountants in staying ahead of rapidly evolving global regulatory and compliance requirements.

Commenting on the agreement, Elona Mortimer-Zhika, CEO of IRIS Software Group said, “With today’s exciting news, we are bringing together our amazing customers, partners, and employees to drive the future of tech in the accountancy industry. We are doubling down on our promise to build and offer the most compliant cloud solutions that deliver our customers the highest levels of productivity and engagement, giving them back the critical time they need to advise their clients, grow their businesses, and do what they love. Accountancy has been the heartland of IRIS for 46 years; together with Dext we have a shared passion to be the biggest supporters and best champions of accountants, globally.”

The transaction will allow IRIS to accelerate Dext’s product roadmap, infuse additional capital and enhance its partner integration program, which already connects to over 35 bookkeeping software platforms and over 11,500 banks & financial institutions. Both IRIS and Dext share a general ledger (GL)-agnostic strategy, ensuring their platforms can integrate with a wide array of accounting software and every bookkeeping provider – connecting multiple workflow streams and providing customers with unparalleled freedom of choice. Accountants and bookkeepers will have the flexibility to use their preferred bookkeeping tools while enjoying the benefits of a smooth, cohesive user experience.

Sabby Gill, CEO of Dext added, “Joining forces with IRIS marks an exciting new chapter for Dext. This partnership enables us to accelerate our product innovation, deepen our integration program, and deliver a complete, end-to-end solution to our customers. I look forward to working alongside the IRIS team to unlock new opportunities for our customers and offer our team members expanded opportunities for personal and professional growth.”

Upon closing, Sabby Gill will form part of the IRIS Global Executive team. The transaction is subject to customary closing conditions and is expected to be finalised by the end of this calendar year.

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Media contact:  
IRIS Software Group
news@irisglobal.com

About IRIS Software Group 
Founded in 1978, IRIS Software Group is a global provider of mission critical, cloud-hosted software solutions and services to more than 100,000 customers across 135 countries. IRIS is a trusted partner to businesses, finance, HR and payroll teams, educational organisations, and accountancy firms of all sizes, providing innovative operational solutions that streamline complex processes, maintain compliance, and unlock growth. Through simplifying, automating and providing insights on everyday mission critical tasks for organisations of all shapes and sizes, IRIS ensures customers can look forward with certainty and confidence. IRIS is certified as a 2024 Great Place to Work® in the UK, Ireland, India, Romania, Canada and the USA. Follow IRIS on Facebook, Twitter, Instagram and LinkedIn. More information on its award-winning software solutions can be found here.

About Dext 
Dext is the leading provider of bookkeeping automation, empowering businesses, accountants, and bookkeepers to thrive through innovative technology that simplifies accounting processes and drives smarter, more timely financial decisions. With financial data extraction accuracy of 99.5%, Dext has been trained on over 1 billion receipts and invoices.

Trusted by 12,000 accounting and bookkeeping firms and 700,00 businesses, Dext seamlessly integrates with most major accounting software and connects to over 11,500 banks, suppliers, and marketplaces worldwide. To date, the company has saved bookkeepers more than 35 million hours of manual data entry. As the global leader in bookkeeping automation, Dext maximizes efficiency and boosts productivity, liberating its customers to focus on what truly maters to them.

Dext was awarded the 2024 Xero Small Business App of the Year in both the UK and the US, plus Best Accounting and Pre-Accounting Specialists 2023 at the Worldwide Finance Awards 2023.

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Nordic Capital-backed Regnology acquires VERMEG’s RegTech division – AGILE – to solidify position as a global market leader

Nordic Capital

Acquisition creates the largest global ecosystem connecting financial regulators and the regulated

Regnology, a leading software provider with a focus on regulatory reporting solutions, announced today the acquisition of VERMEG’s regulatory reporting division – AGILE – which was previously part of the Lombard Risk portfolio. This strategic move underscores Regnology’s commitment to advancing regulatory reporting and solidifies its position as a global leader in end-to-end regulatory reporting solutions for large banks and other financial institutions seeking comprehensive and innovative offering from a single, trusted provider.

Through this acquisition, VERMEG’s robust regulatory reporting solution will be integrated into the Regnology Platform. The AGILE solution suite currently supports over 150 global and international banks spanning the UK, Europe, Asia Pacific, and North America. By incorporating this suite into its offerings, Regnology will enhance its ability to deliver flexible, end-to-end reporting solutions, ranging from comprehensive data management to report generation and submission, all powered by advanced cloud technology. This aligns with the company’s goal to support the transition to granular data and improve automation and data flow across organizations.

This acquisition also expands further Regnology’s international footprint and local expertise. Following the recent acquisition of CG3-1, the combined offering will support both broker-dealer and bank reporting for all types and sizes of regulated financial entities from Tier 1 banks and broker-deals to local community banks in North America. Similarly, the combined company has significant APAC coverage and customer base that includes banks in Hong Kong, Singapore, and Australia together with a number of major regulators across the region.

Rob Mackay, Regnology CEO, commented: “This consolidation marks a pivotal moment in our swift growth trajectory. Regnology will now have a truly global footprint in regulatory reporting to match our global leadership in supervisory collections. This gives us the ability to connect regulators and regulated financial institutions across the globe. We will continue to invest in our technology and our people and leverage our new locations to transform legacy reporting processes, at scale, into an efficient communication network.”

Badreddine Ouali, VERMEG Founder and Co-CEO, stated: “By joining forces with Regnology, AGILE will benefit from a broader global platform and enhanced opportunities for growth and innovation. This strategic move allows VERMEG to concentrate on our core strengths in Collateral Management and Insurance, ensuring we continue to deliver exceptional value to our clients. We are confident that this partnership will drive long-term success for both our companies and our dedicated teams.”

Lutz Kregel, Managing Director, Nordic Capital Advisors, added: “When investing four years ago, Nordic Capital saw great opportunities to support Regnology in transforming the regulatory reporting industry. Since then, the Regnology team has been working diligently, driven by a forward-looking and innovative vision, to ready industry stakeholders for the future of financial regulation, prioritizing efficiency and stability. Together, we’re now reaching a new milestone by looking to creating this global game-changer in regulatory reporting. Nordic Capital is excited about Regnology’s continued journey.”

About Regnology
Regnology is a leading global provider of innovative solutions for supervisory, regulatory and tax reporting. Over 35,000 financial institutions, 70 regulators and tax authorities rely on our solutions to streamline their processes, enhance data quality, and improve efficiency. Building on our unified data ingestion model, Regnology is uniquely positioned to support regulators in data collection and supervisory processes, and the regulated across the full regulatory reporting value chain. Leveraging the expertise of 900+ employees in 16 countries, we help clients navigate the complexities of an ever-evolving, data-intensive regulatory landscape.
For more information, visit www.regnology.net.

About VERMEG
Founded in 1993, VERMEG provides software solutions to over 500 blue-chip clients in more than 40 countries across the banking, insurance, and wealth management industries. The company’s high-quality platform offers best-in-class tools to automate processes and drive digitalization in financial services. Headquartered in Amsterdam with offices in 16 countries, VERMEG employs over 1,000 people worldwide. For more information, visit www.vermeg.com.

Press Contact
Mireille Adebiyi – Chief Marketing Officer
Email: mireille.adebiyi@regnology.net

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TEEPTRAK announces €5 million fundraising to drive global expansion and equip industrial manufacturers of all sizes and across all sectors

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Shift Invest

TEEPTRAK, European leader in industrial performance monitoring and a pioneer in connectivity and data analytics for production equipment, has announced a €5 million funding. This financing is supported by its longstanding investors, XAnge and EDF, along with a new lead investor, SHIFT Invest, an impact-driven European fund known for its strategic role in supporting innovative, sustainable projects. The round also benefits from an expertise and financial partnership with management consulting firm Sia Partners through its B2B startup investment vehicle.

TEEPTRAK announces €5 million fundraising to drive global expansion and equip industrial manufacturers of all sizes and across all sectors

 

This funding will allow TEEPTRAK to strengthen its presence in the American and Asian markets, particularly in the United States and China, responding to growing demand for its industrial performance monitoring and optimization solutions. By the end of the year, TEEPTRAK will open an office in Chicago and expand its subsidiary in Shenzhen, with the goal of hiring around 100 new employees over the next three years. The company also aims to expand its reach in Europe by opening offices in highly industrialized countries to provide local support to its clients.

 

Sustainable and High-Quality Solutions

TEEPTRAK is a trusted partner for manufacturers looking to improve their performance in a measurable way, often achieving productivity gains of 5-30%. With robust, sustainable solutions perfectly aligned with the reliability and performance demands of the manufacturing sector, TEEPTRAK provides companies with the tools to increase output, reduce costs, and maximize efficiency.

Designed and assembled in France, TEEPTRAK’s solutions feature components specifically designed to meet the requirements of industrial environments. With full control over the hardware, TEEPTRAK delivers cutting-edge technologies that enable manufacturers to monitor and optimize production in real-time, ensuring reliability and performance.

Innovative Technology Serving the Global Industry

With over 120 industrial clients in 30 countries and nearly 2,500 connected production lines or equipment, TEEPTRAK is a recognized leader in industrial performance monitoring. Its multilingual platform, available in 20 languages, gives manufacturers instant access to valuable performance data and enables continuous improvement through corrective actions.

Tangible Results at Every Step of Production

TEEPTRAK’s solutions cover four essential areas to enhance industrial performance:

  • Machine Performance: Real-time monitoring of all types of machines to maximize efficiency.
  • Operator Pace: Measurement and tracking of repetitive tasks to enhance team productivity.
  • Quality: Elimination of paper-based processes and manual entries through digital solutions for enhanced quality control.
  • Process Monitoring: Collection of physical data, such as energy consumption and vibrations, through standard sensors.

These advanced, easy-to-install solutions, thanks to rapid, non-invasive integration, allow TEEPTRAK’s solutions to adapt seamlessly to existing industrial environments, ensuring effective deployment and a quick return on investment with competitive pricing.

Additionally, TEEPTRAK offers a standalone Machine Learning platform that utilizes advanced AI algorithms to leverage data collected through its solutions, as well as customer-specific data independently. This AI platform provides manufacturers with tailored analysis and forecasting capabilities, maximizing operational efficiency and continuous process optimization. Two algorithms are available: anomaly detection and process optimization.

Growth and Innovation on a Global Scale

With this new funding, TEEPTRAK is positioned to become a global player in Industry 4.0, with rapid expansion planned in strategic regions and a continued commitment to innovation in service of industrial companies. This momentum enables TEEPTRAK to meet the growing demands for digitization, performance, and sustainability in the manufacturing sector.

“This is the first time that TEEPTRAK, now profitable and experiencing strong growth, has had such significant resources to increase awareness of its products and accelerate its development. This is a great opportunity for the company, its employees, our clients, and the environment. SHIFT Invest’s entry as a shareholder confirms the strong environmental impact of large-scale industrial performance improvement.”

François Coulloudon, CEO

“Manufactured goods are essential to our daily lives, but their production can be energy and resource-intensive, with the industry accounting for around 37% of global energy consumption. Making this sector more efficient has a major positive environmental impact. That’s why TEEPTRAK perfectly aligns with our fund’s commitment to making the industrial sector more sustainable.”

Bart Budde, Investment Manager at SHIFT Invest

This fundraising round marks a turning point for TEEPTRAK, providing it with the resources to amplify its impact and continue revolutionizing the industrial sector. With this support, the company is ready to push innovation further and deliver ever more efficient and sustainable solutions to manufacturers.

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Empyrean Solutions Secures Significant Investment from Hg

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HG Capital

Woburn, MA. November 21, 2024 – Empyrean Solutions (“Empyrean”), a leading provider of risk and performance management software for financial institutions, today announced a significant strategic investment from Hg, a leading investor in European and North American software businesses. The Empyrean management team and current investors, TechVenture Investors and Spectrum Equity, will all remain shareholders. Spectrum Equity will also participate alongside Hg in the new transaction.

Empyrean’s platform solves mission critical challenges for finance teams at financial institutions, who historically have had to navigate large quantities of siloed data, antiquated software applications and slow, static modelling. With a modern, cloud-based platform where banks and credit unions of all sizes can connect and process massive data sets – spanning loans, treasury & funding positions, deposits and general ledger information all at a transaction level – Empyrean is transforming the ‘Office of the CFO’ for financial institutions.

While Empyrean started as a specialist in Asset & Liability Management (ALM), the platform today spans Budgeting and Planning, Profitability, Data & Analytics and many other key functions for the finance teams of financial institutions. With superior technology, deep domain expertise and a relentless focus on driving innovation, Empyrean is helping the CFO and their teams to navigate complex economic and regulatory environments, optimize their financial performance and make informed strategic decisions.

This transaction follows a period of sustained and rapid growth at Empyrean. During this time, the Company has achieved several financial and operational milestones:

  • Consistent Growth. Empyrean has grown revenue at 40% per year since 2017 through a combination of new customer adds and existing customers adopting additional software modules.

  • Compelling Customer Base. 270 total software customers — spanning small, mid-sized and large financial institutions — as of end of October 2024, including 70 new customers added over the last 12 months alone.

  • Multi-Module Capabilities. 110 customers have adopted Empyrean’s newly launched Budgeting and Planning module in the first year since launch.

  • Industry Recognition. ALM RiskTech Quadrant Category Leader and Category Winner for Financial Planning & Budgeting award by Chartis Research as part of its 2024 Chartis RiskTech 100 Awards

  • Large Bank Momentum. Recent addition of Ed Young, industry expert and former Fed risk specialist, who joins as Managing Director with a mandate to expand Empyrean’s growing base of banks with $100bn+ in total assets.

“Our strategy – replacing legacy software solutions and disparate datasets with a single, SaaS native and cloud-based platform – is gaining traction in the sector.” said Chris Maclin, Chief Executive Officer of Empyrean. “This new investment and our partnership with Hg will enable Empyrean to better address the needs of financial institution CFOs, and drive innovation in a space where it is desperately needed. We’re thrilled to welcome Hg as a new investor as we embark on the next phase of Empyrean’s journey.”

“Hg’s knowledge of software businesses and their proven track record partnering with companies across growth initiatives will be invaluable as we continue to innovate and expand our reach,” said Raffi Festekjian, Managing Director at TechVenture Investors. “We are also pleased that Spectrum Equity will remain actively involved as we work together to realize our shared vision of delivering to the financial services industry a comprehensive ‘Office of the CFO’ platform that is a single source of the truth, further solidifying our strong position in the industry.”

“The Empyrean success story is still in its early innings,” said Farouk Hussein, Partner at Hg. “Our knowledge of the ‘Office of CFO’, experience in banking software, and extensive work across this sector confirmed Empyrean’s unique positioning. We are impressed by Empyrean’s management team and their approach to launching new products that solve financial institution CFO customer pain points, and we look forward to backing Chris and partnering with the existing shareholders and management team.”

“This is exactly the right time for Empyrean to bring on a like-minded growth investor like Hg to help Empyrean realize the company’s full potential. The next chapter of growth at Empyrean will see the company stay true to its core mission but also pursue new growth initiatives like international expansion and penetration of the largest US and global financial institutions” added Adam Margolin, Managing Director at Spectrum Equity.

Piper Sandler is serving as exclusive financial advisor and Choate, Hall & Stewart LLP as legal advisor to Empyrean. Raymond James is serving as exclusive financial advisor and Kirkland & Ellis LLP as legal advisor to Hg.

The terms of the transaction have not been disclosed and is subject to closing.

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Septeo Group welcomes new investors Téthys Invest and GIC

HG Capital

Montpellier, France, November 22, 2024. Septeo Group (“Septeo”), a leading provider of mission-critical software for regulated verticals, today announces that it will welcome two new minority investors to the business: Téthys Invest, the investment holding company of the Bettencourt-Meyers Family, and GIC, a leading global investor.

These investors will join Hugues Galambrun, the founding CEO of Septeo, as well as the management team. Hg, a leading investor in European and transatlantic software and services companies, will also remain as Septeo’s majority investor, recognising the company’s long-term growth potential.

“To stay ahead in our sector and emerge as one of the largest European software companies, significant investment in research and development is necessary. We are therefore pleased to welcome two new, long-term investors to the group. Furthermore, the management team and I are proud to show that French businesses, when they continue to innovate and serve their customers well, can grow and remain attractive to the investor community,” Hugues Galambrun, CEO of the Septeo Group, commented on the transaction, which values the group at over €3 billion.

The arrival of these two new shareholders (Téthys Invest & GIC) establishes Septeo as a long-term player in software. It also strengthens the company’s anchoring in the French and European sector. This new funding round celebrates the success of the group to date, created 11 years ago, originally providing software solutions for Notaries and Lawyers. In just a few years, Septeo has become a major French player in the tech industry, in the rapidly evolving fields “essential to each and every one of us” such as Legaltech, Real Estate, Human Resources, PropTech and Hospitality Tech.

With a turnover of €420m in 2024 and over 3,100 employees, Septeo invests €50m per year in R&D, a significant part of which is in its “Brain” AI program.

Through this process, supported by financial advisor Arma Partners, Septeo aligns itself with long-term shareholder partners, allowing it to meet investment and innovation needs to fulfil the expectations of its clients in a context of globalized technological competition.

The transaction is expected to close following customary regulatory approvals.

For further information, please contact:

Septeo
Chloé Bondroit
Chloe.bondroit@septeo.com

Hg
Tom Eckersley
tom.eckersley@hgcapital.com

About Septeo

Septeo, a French group founded in the Montpellier region, is the leading player in LegalTech and PropTech in France and Europe. Our software solutions enable more than 200,000 legal and real estate professionals to develop and secure their activities every day. Our mission: freeing businesses from their constraints, thanks to technological solutions and innovative services. Our solutions are at the heart of the essential moments of life of more than 20 million of our fellow citizens. https://en.septeo.fr/

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterized by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. With a vast European network and strong presence across North America, Hg’s 400 employees and $75 billion in funds under management support a portfolio of more than 50 businesses, worth over $160 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.

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Odoo S.A. announces a €500 million transaction

AXA

Odoo S.A. announces a €500 million transaction, increasing the Belgian Unicorn’s valuation to €5 billion.

Press release, Louvain-la-Neuve, Belgium – November, 20, 2024

Odoo S.A., a leading provider of integrated business software, today announced a €500 million investment led by CapitalG and Sequoia Capital, with participation from BlackRock, Mubadala, HarbourVest Partners, AVP, and Alkeon. This secondary capital transaction reflects strong confidence in the company’s vision and impact. As part of the transaction, existing investors Summit Partners, Noshaq, and Wallonie Entreprendre are selling a portion of their shares; Summit will remain Odoo’s largest institutional shareholder.

This major transaction underscores Odoo’s leadership position in the SMB software ecosystem and strong financial profile. It also highlights the company’s continued momentum in reshaping the business software landscape with innovative, accessible solutions for companies worldwide.

In short :

  • Odoo has consistently grown at 40% per year and expects to reach €1 billion in
    annual recurring revenue (ARR) by 2027.
  • The company has over 13 million users and adds 7,000 new clients each month.
  • This €500 million investment marks the latest round of third-party investment,
    underscoring sustained investor confidence in the company’s growth trajectory.
    The new group of investors will continue to facilitate new opportunities in R&D,
    S&M and global expansion.
  • With this investment round, Odoo’s valuation has risen to €5 billion, reflecting the
    company’s rapid profitable growth and market leadership, even amid a challenging
    economic landscape.

Since its founding in April 2002, Odoo S.A. has been dedicated to developing and continuously enhancing a comprehensive suite of management software applications for small and mid-sized businesses. Today, with over 13 million users and currently adding more than 7,000 new clients each month, Odoo has built a strong presence in the industry. Known for its intuitive and user-friendly design, Odoo empowers companies to focus on what matters most: improving customer satisfaction, driving innovation, optimizing business processes, and scaling operations efficiently.

Odoo S.A. has achieved sustained annual growth of 40% and is projected to exceed €650 million in ARR within the next 12 months, with a target of reaching €1 billion in ARR by 2027. The company has strengthened its global presence by establishing 15 subsidiaries and building a network of 7,500 partners worldwide. With this latest investment, Odoo S.A.s valuation has reached €5 billion.

“Fabien and his team have built a one-of-a-kind business from their ambitious vision for a unified suite of tightly integrated business apps“, said Alex Nichols, partner at CapitalG, the independent growth firm of Alphabet Inc., Google’s parent company. “Odoo’s powerful and easy-to-use suite of apps has won over customers across more than 100 countries and virtually every industry, as well as companies with anywhere from one to thousands of employees. The team’s two decades of dedication and longterm thinking has fostered a robust community of partners, contributors, and users that will serve as their foundation for years to come. We are thrilled to partner with Fabien and the rest of Odoo’s leadership team.”

The recent launch of Odoo 18, the most advanced iteration of the companys software, on October 2nd, strengthens the companys market position and enhances overall performance and customer experience.

“ERPs are traditionally expensive and resource-intensive to implement, often failing to meet the actual needs and evolving requirements of SMEs. We have developed a unique value proposition that is playing a pivotal role in the market” explains Fabien Pinckaers, founder and CEO of Odoo S.A.

This €500 million investment exemplifies the international recognition and trust that Odoo has garnered within the investment community. Following investments led by Summit Partners in 2019, 2021 and 2022, this latest round further highlights Odoos appeal to investors.

“Odoo continues to deliver solutions that we believe are helping to transform the business software landscape – and they are doing so with impressive traction”, added Antony Clavel, a Managing Director at Summit Partners who has served on the Odoo Board of Directors since Summits initial investment in 2019. “We are delighted to welcome new investors and look forward to working together to support Odoos exciting growth trajectory.” Following this transaction, Summit remains Odoos largest institutional shareholder.

This new milestone paves the way for many more opportunities and expansion projects. It will enhance Odoo’s capabilities for research and development, allowing for accelerated innovation in its product offerings.

“We are expecting to open five new subsidiaries within the next three years across Europe, Latin America and Asia-Pacific”, said Sebastien Bruyr, Odoo S.A. Chief Commercial Officer. Odoos Chief Finance Officer, Alessandro Mazzocchetti, added, “Im confident that Odoo will remain profitable in terms of EBITDA and Cash Flow as we expand our team and global reach. We will keep working hard to serve our customers and partners!”.

For Olivier Vanderijst, CEO of Wallonie Entreprendre WE, “The visionary and strategic nature of Odoo’s management and the rigour with which it has implemented this vision have led to an incredible valuation of 5 billion dollars, which has attracted the best investors in the world. This is why WE has signed this transaction, while remaining a shareholder in the company to support its future growth as a local player“.

J.P. Morgan SE acted as exclusive placement agent on this transaction

About Odoo S.A.

Since its creation in 2002, Odoo has emerged as a leading integrated business solutions’ provider. With its range of integrated, scalable and functional applications, Odoo offers a comprehensive, modular suite that meets the specific needs of every business, making it a suitable solution for organizations of all sizes and sectors, from start-ups to large corporations.

With revenues of 370 million euros in 2023, estimated at 500 million euros over the next 12 months, Odoo employs nearly 5,000 people worldwide, including more than 1,200 in Belgium. In addition, the company has built over 7,500 partners, creating more than 30,000 business-related jobs in 130 countries. With 19 offices worldwide Belgium 5, Luxembourg, Spain, Germany, Hong Kong, India, Australia, USA 2, Mexico, Kenya, Dubai, Indonesia, Brazil, Italy), Odoo serves a global community of 12 million users. For more information, visit the Odoo website at www.odoo.com.

About Summit Partners

Summit Partners is a leading growth-focused investment firm. Summit invests across growth sectors of the economy and, since the firm’s founding in 1984, and has invested in more than 550 companies in technology, healthcare, and other growth industries. Notable technology and software companies financed by Summit Partners include Acturis, Avast, Darktrace, Calypso, FLEETCOR, Flow Traders, Infor, Klaviyo, Ogone, RELEX Solutions, Smartsheet and Trintech. Summit maintains offices in North America and Europe and seeks to invest in category-leading, profitable growth companies worldwide. For more information, please visit www.summitpartners.com or follow on LinkedIn.

About CapitalG

CapitalG, Alphabet’s independent growth fund, invests in remarkable companies transforming the fields of enterprise infrastructure, security, and data; fintech; and consumer services and marketplaces. CapitalG partners with growth stage companies in their transition from startup to scale up through hands-on assistance from its in-house growth experts and connections to Google’s engineering, product, marketing, sales and people operations experts worldwide. More than 35000 Googlers and Alphabet leaders have engaged with CapitalG portfolio companies, including Airbnb, CrowdStrike, Databricks, Duolingo, Freshworks, Gusto, Lyft, Stripe, UiPath, Monzo and Zscaler, among others. Learn more at www.capitalg.com.

About Sequoia

Sequoia helps daring founders build legendary companies from idea to IPO and beyond. We aim to be the first true believers in tomorrow’s most valuable and enduring businesses. We partner with a few outliers each year and go all-in, providing them with the hands-on help required at every stage of the company building journey. Our expertise comes from 50 years of working with legendary founders like Steve Jobs, Larry Page, Jan Koum, Jensen Huang, Brian Chesky, Jack Dorsey, Eric Yuan, Lynn Jurich, Patrick Collison, Sebastian Siemiatkowski, and Christina Cacioppo. In aggregate, Sequoia-backed companies account for more than 25% of NASDAQ’s total value. Since our inception, the vast majority of the money we invest has been on behalf of nonprofits and schools like the Ford Foundation, Mayo Clinic and MIT, which means most of the returns we generate benefit these great causes.

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Growth, Late Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. For more information about AVP, please visit www.axavp.com.

Contact: Sébastien Loubry, Partner Business development (sebastien@axavp.com)

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SeaCross joins Adelis’ recently established defence technology group

Adelis Equity

eaCross, the leading provider of navigation software for high-speed operations in littoral, coastal and open waters, welcomes Adelis Equity (“Adelis”) as new majority shareholder. SeaCross will join Adelis’ recently established defence technology group and marks the second investment of the group. The company group consists of leading niche software companies, with the joint mission to support the protection of people and societies.

SeaCross, the Swedish provider of navigation software for high-speed operations in littoral, coastal and open waters, enters a partnership with the recently established defence technology group founded by Adelis and its partners. The group will support SeaCross to realise its growth ambitions and back the management team, led by Axel Törneman, to successfully scale its business. SeaCross marks the second investment of the group, after the announcement of the partnership with Bruhn NewTech in July.

SeaCross is a leading provider of navigation software, focused on high-speed marine crafts navigating in littoral, coastal and open waters. The company serves customers across the globe and has a strong position in the defense market. Since its foundation c. 20 years ago, SeaCross has continuously developed its software in close collaboration with its customers. The company has grown strongly in recent years and sees strong interest in its products and services from customers across the globe to increase their marine navigation capabilities.

“We are very excited to join Adelis’ recently established defence technology group. We have a strong belief in that this group can help niche technology and software companies, like ourselves, to grow successfully and to even better support our customers. We really look forward to the partnership together with Bruhn NewTech, Adelis and the other partners in the group”, say CEO Axel Törneman and Chairman Harald Nilsonne, who will both remain shareholders in the company.

Continued commitment to deliver the best navigation software for high-speed crafts

In the partnership with Adelis and the defence technology group, SeaCross will continue to develop and invest in its software. The company remains committed to deliver on the end users’ high demand for a navigation software they can rely on, when navigating at high speed in the toughest condition possible.

“We are impressed by what Axel Törneman, Harald Nilsonne and their team have developed over the years. SeaCross plays in its own league when it comes to high-speed crafts navigation in littoral waters. We are pleased to welcome them to the defence technology group and look forward to the partnership ahead”, say Hampus Nestius and Joel Russ at Adelis.

Establishment of a defense technology and software group

SeaCross marks the second investment in the defense technology group established by Adelis and its partners. The group aspires to support Western and democratic countries to protect people and societies, as well as to support small- to mid-sized defense technology companies to scale and develop. The acquisition of SeaCross follows shortly after the first acquisition, of Bruhn NewTech, which was announced in July.

“We are very excited to get this group going and look forward to welcoming many more leading niche software and technology companies focused on the defense sector in the years ahead”, say Hampus Nestius and Joel Russ at Adelis.

The transaction closed in August, after having received applicable regulatory approvals. Financial terms of the transaction were not disclosed.

For further information:

Axel Törneman, SeaCross Marine AB

Hampus Nestius, Adelis Equity Partners

Joel Russ, Adelis Equity Partners

About SeaCross Marine

Born in Scandinavia, the SeaCross system was developed based on experience and knowledge derived from operating high-speed crafts in this exceptionally demanding navigational environment. Since the first product launch in 2006, SeaCross has evolved into a platform with unique functionality specifically designed for the most demanding environments and end users. This evolution continues through extensive collaboration with SeaCross customers – especially those whose needs exceed what the recreational market can offer. For more information, please visit https://www.seacross.se.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 42 platform investments and more than 230 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.

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Rubicon Technology Partners Closes $500 Million Single-Asset Continuation Fund to Support the Continued Growth of Cin7

Rubicon

BOULDER, Colo., Nov. 18, 2024 /PRNewswire/ — Rubicon Technology Partners (“Rubicon”), a private equity firm focused exclusively on middle-market software investments, today announced the successful completion of a $500 million single-asset continuation fund to extend its partnership with Cin7, a global leader in cloud-based inventory management software. CVC Secondary Partners served as the lead investor, with participation from other institutional investors including Ares Management funds, funds managed by BlackRock, funds managed by Goldman Sachs Asset Management, and Schroders Capital. This transaction allows Rubicon to provide liquidity to existing investors while enabling Cin7 to accelerate its growth through organic initiatives and targeted acquisitions.

Cin7 supports over 8,500 businesses worldwide, offering end-to-end inventory and order management solutions that streamline supply chain operations across retail, wholesale, and e-commerce distribution channels. By enabling seamless operation and visibility across the inventory lifecycle, Cin7 has become a pivotal solution for businesses looking to manage their supply chain operations and scale effectively.

“This continuation fund reinforces our commitment to Cin7’s vision and growth,” said Jason Winsten, Partner at Rubicon. “We’re thrilled to continue supporting Cin7 in its mission to help businesses grow faster and more efficiently with seamless inventory management solutions.”

“We’re excited to deepen our partnership with Rubicon as we embark on Cin7’s next phase of growth,” said Ajoy Krishnamoorthy, CEO of Cin7. “Over the past five years, Rubicon has been instrumental in helping Cin7 become a global category leader—driving accelerated growth, executing strategic acquisitions, and enhancing our business. They’ve been a true thought partner along the way, and we look forward to continuing this successful collaboration with Rubicon and our new investors as we accelerate product innovation and expand our reach.”

“Cin7 is well positioned for continued growth, and we’re excited to help accelerate its expansion and market leadership,” said Rikesh Mohandoss, Partner at CVC Secondary Partners. “Our partnership with Rubicon and Management is a testament to Cin7’s proven capabilities and Rubicon’s successful track record in driving value.”

Evercore acted as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Rubicon.

About Rubicon Technology Partners

Rubicon Technology Partners is a middle-market private equity firm that invests in enterprise software companies with proven products and talented management teams to help grow and scale their businesses. Rubicon utilizes a collaborative approach to enable companies to adapt to the changing requirements of their businesses as they grow and scale using a set of proprietary processes, best practices and a portfolio-wide engagement model. Rubicon has over $4 billion in assets under management and is headquartered in Boulder, Colorado with additional offices in New Haven, Connecticut and Palo Alto, California. To learn more about Rubicon, please visit www.rubicontp.com.

About Cin7

Cin7 provides Connected Inventory Performance – cloud-based inventory management software with AI-powered forecasting capabilities that gives growing product businesses an automated and real-time view of the entire inventory lifecycle. Cin7’s Core and Omni products natively integrate with over 700+ applications, so business owners can consolidate, streamline, automate, and scale their inventory operation from one place. Founded in 2012, Cin7 has grown into a global force, supporting product sellers in 100+ countries, serving 8,000+ customers and processing over 125 million orders annually. For more information about Cin7, please visit www.cin7.com.

About CVC Secondary Partners

CVC Secondary Partners (formerly Glendower Capital) is a private equity firm focused on secondary private markets globally. Established in 2017 as a spin-off from a leading banking institution, the firm currently manages AUM of €15 billion across funds backed by leading institutional and private investors worldwide. Since 2022, CVC Secondary Partners has been part of leading global private markets manager CVC, having entered into a merger and strategic partnership to enhance combined capabilities and accelerate the development of its platforms. For more information, please visit www.glendower.com.

Certain statements quoted in the above article were made by an executive of a Rubicon portfolio company. Such executive has not received compensation for the above statement and this statement is solely his or her opinion and representative of his or her experience with Rubicon. Other portfolio company executives may not necessarily share the same views. A Rubicon portfolio company executive may have an incentive to make a statement that portrays Rubicon in a positive light as a result of the executive’s ongoing relationship with Rubicon and any influence Rubicon may have over the governance of the portfolio company and the compensation of its executives. It should not be assumed that Rubicon’s investment in such portfolio company has been or will ultimately be profitable.

Cin7 Logo

Cin7 is a leading provider of cloud-based inventory management software that empowers SMB and mid-market product sellers to succeed in the modern, global, multichannel economy by automating the sale, purchase and delivery of products to consumers and B2B customers. The extensive functionality delivers impressive value to the core of product seller operations. Cin7’s solution empowers product sellers to grow by adding and improving sales channels while simultaneously increasing operational efficiency and removing costly operational mistakes.

Learn About Cin7

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Rubicon Technology Partners Closes $500 Million Single-Asset Continuation Fund to Support the Continued Growth of Cin7

CVC Capital Partners

Boulder, CO – Rubicon Technology Partners (“Rubicon”), a private equity firm focused exclusively on middle-market software investments, today announced the successful completion of a $500 million single-asset continuation fund to extend its partnership with Cin7, a global leader in cloud-based inventory management software. CVC Secondary Partners served as the lead investor, with participation from other institutional investors including Ares Management funds, funds managed by BlackRock, funds managed by Goldman Sachs Asset Management, and Schroders Capital. This transaction allows Rubicon to provide liquidity to existing investors while enabling Cin7 to accelerate its growth through organic initiatives and targeted acquisitions.

Cin7 supports over 8,500 businesses worldwide, offering end-to-end inventory and order management solutions that streamline supply chain operations across retail, wholesale, and e-commerce distribution channels. By enabling seamless operation and visibility across the inventory lifecycle, Cin7 has become a pivotal solution for businesses looking to manage their supply chain operations and scale effectively.

“This continuation fund reinforces our commitment to Cin7’s vision and growth,” said Jason Winsten, Partner at Rubicon. “We’re thrilled to continue supporting Cin7 in its mission to help businesses grow faster and more efficiently with seamless inventory management solutions.”

“We’re excited to deepen our partnership with Rubicon as we embark on Cin7’s next phase of growth,” said Ajoy Krishnamoorthy, CEO of Cin7. “Over the past five years, Rubicon has been instrumental in helping Cin7 become a global category leader—driving accelerated growth, executing strategic acquisitions, and enhancing our business. They’ve been a true thought partner along the way, and we look forward to continuing this successful collaboration with Rubicon and our new investors as we accelerate product innovation and expand our reach.”

Quotes

Cin7 is well positioned for continued growth, and we’re excited to help accelerate its expansion and market leadership,

Rikesh MohandossPartner at CVC Secondary Partners

“Cin7 is well positioned for continued growth, and we’re excited to help accelerate its expansion and market leadership,” said Rikesh Mohandoss, Partner at CVC Secondary Partners. “Our partnership with Rubicon and Management is a testament to Cin7’s proven capabilities and Rubicon’s successful track record in driving value.”

Evercore acted as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Rubicon.

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Apiary-backed LearnPro acquires Infographics

Apiary-backed LearnPro is pleased to announce the acquisition of Infographics, expanding its suite of virtual reality and e-learning software tailored for the UK emergency services sectors.

Roar acquires Infographics

This acquisition enhances the portfolio through the addition of the market-leading FireWatch, FloSuite and Prevent + Protect products, complementing existing software offerings, including XVR Simulation, pdrPro, and learnPro.

The addition of Infographics underscores LearnPro Group’s status as a leading software provider within the global emergency services and critical infrastructure market, while also addressing the growing demand for risk prevention solutions.

“We are thrilled to welcome Infographics to the LearnPro Group,” stated Costi Karayannis, CEO of LearnPro. “This acquisition strengthens our commitment to the UK Fire sector but also enables us to expand our ecosystem of management tools for the global emergency services and critical infrastructure sectors. We believe that the synergy of our combined capabilities will deliver even greater value to our customers.”

Ed Leeming, Investment Manager at Apiary Capital, added, “We are excited to support Costi and the LearnPro team as they drive their expansion strategy. Infographics aligns perfectly with LearnPro, and together, their combined resources will significantly benefit their user base.”

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