• The investment is made in partnership with ActiveViam’s founders and management to support and accelerate continued high-growth and expansion
  
• Nordic Capital, a leading investor in banking software, will leverage its long-standing expertise and experience from accelerating digitization of the financial services industry 

• The aim is to realize ActiveViam’s potential of improving the ever-growing needs of financial institutions’ regulatory compliance and real-time monitoring — as well as deep historical analysis — of performance, risk management and financial planning

Nordic Capital announced today it has acquired a majority stake in ActiveViam to support its next phase of growth. The investment is made in close partnership with ActiveViam’s founders and management who will invest alongside Nordic Capital.

ActiveViam is a leading provider of advanced analytics and decision-making solutions for financial institutions, including risk analytics and regulatory compliance software. The technology is purpose-built, scalable and handles massive datasets in sub-seconds. Founded in 2005 by industry experts, ActiveViam understands the data analytics faced by financial institutions across trading desks, risk and compliance, and its track differentiated core technology outperforms horizontal data aggregation and analytics tools.

ActiveViam serves a wide range of financial services organizations: Tier 1 and Tier 2 banks, hedge funds, asset managers, exchanges and regulators. The Company has lined up an extensive group of technology, system integrator, go-to-market and OEM partners, including Google, Accenture, AWS, Deloitte, ClickHouse, S&P Global, Snowflake, and Wolters Kluwer.

Financial analytics is a $10.4 billion addressable market growing at 13 percent a year, according to L.E.K. Consulting. Market drivers include continuous regulatory change, a focus on automation of manual processes, and an increasing need for a unified view of data spread across the fragmented IT ecosystem typical for large financial institutions.

As an experienced investor in the banking software sector, Nordic Capital aims to leverage its extensive expertise to scale the continued high organic growth of ActiveViam, by investing in the organization, driving continued excellence in R&D and new products, and by supporting partnerships and M&A.

Emil Anderson, Partner, Nordic Capital Advisors, said: “We are impressed by the ActiveViam team and what they have achieved:  they empower financial organizations to reduce risk and increase revenue by making better decisions, faster. Forty percent of Tier 1 banks worldwide work with ActiveViam technology, and the company has an especially strong footprint in Europe and North America.  With Nordic Capital’s prior experience in banking software, network of senior advisors, and internal operations resources, Nordic Capital is well positioned to support ActiveViam in its next stage of growth. Nordic Capital is excited about partnering with the founders and management to continue the company’s remarkable growth journey.”

Kathy Perrotte, CEO and Co-Founder, ActiveViam, said, “Nordic Capital’s investment is a great opportunity for ActiveViam and great news for our clients, partners and employees. As a large and respected private equity investor, Nordic Capital deploys its significant operational expertise, strategic capabilities and inventive approach to accelerate the growth of the technology leaders it invests in.  Nordic Capital recognizes the power, speed and flexibility of the technology our team has created for our financial services clients, and we look forward to their support as we make further advancements and explore acquisition opportunities.”

Nordic Capital has over 30 years’ experience of accelerating growth of innovative technology companies and is set to leverage its deep sub-sector and operational knowledge to create value and further boost the Company’s ambitious growth plans. As a leading specialized Technology & Payments investor globally, Nordic Capital has to date made 29 technology investments in companies with an aggregate enterprise value of close to EUR 24 billion.

As part of the transaction, Guidepost Growth Equity, which first invested in ActiveViam in 2019, will sell all its shares.

Raymond James was the exclusive financial advisor to ActiveViam on this transaction, and Broadhaven acted as financial advisor to Nordic Capital.

The parties have agreed that the terms of the transaction will not be disclosed. The transaction was completed on February 27, 2024.

About ActiveViam

ActiveViam is a pure player specializing in risk data analytics for the financial services sector, one of the fastest moving and most regulated industries. The Company has approximately 160 employees across offices in New York, London, Singapore, Sydney, Hong Kong, Paris and Frankfurt.  ActiveViam has pioneered the use of high-performance analytics in finance, helping the largest investment banks, asset managers and hedge funds make better decisions, explain results with confidence, and simulate the impact of their decisions. ActiveViam’s mission is to deliver train-of-thought analysis on terabytes of data in the most cost-effective way so its customers can explain their results with confidence and model the scenarios that will optimize their business. For more information please visit: www.activeviam.com.

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 23 billion in 140 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors.”

Media contacts:

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

US media contact – Brunswick Group
NordicCapital@brunswickgroup.com

ActiveViam
Erica Fidel
Vice President, Marketing
Tel: +1 646 688 4442
e-mail: efi@activeviam.com

Hilary Condit
Communications Consultant
Tel: +1 914 886 5027
hco@ext.activeviam.com

Adelis Equity Partners (“Adelis”) has raised a Continuation Vehicle to invest in Presto AB (“Presto”) and HVD Group (“HVD”, f.k.a. Hantverksdata), two portfolio companies in Adelis Equity Partners Fund II (“Adelis Fund II”). The Continuation Vehicle, which was led by HarbourVest Partners (“HarbourVest”), will invest alongside Adelis Equity Partners Fund III (“Adelis Fund III”) and the Adelis team.

Presto is the leading European player within fire safety and compliance services, having recently entered Germany through the acquisition of Jockel Brandschutztechnik Service GmbH, the German market leader in fire safety. Since being acquired by Adelis Fund II in December 2018, the company has quintupled its revenues to SEK 2.7 billion with healthy profitability.

Erik Hallert at Adelis says “Presto has had an impressive growth journey to date in the Nordics and has furthermore entered the German market through the transformative transaction with Jockel. We are excited about remaining as the majority shareholder in Presto and, together with management, taking part in the company’s continued growth in both existing and new geographic markets.”

HVD recently merged with Next One Technology (“Next”) to form a leading Northern European provider of ERP and project management software for the tradespeople and construction industries. Adelis Fund II acquired HVD in June 2018 and under Adelis’ stewardship, the business has more than tripled in size, increasing its share of recurring revenue from 66% to more than 90%. The merger with Next, in which the EQT X partnership became a co-investor in the group, further expanded the HVD business.

Joel Russ at Adelis says “After being partners with HVD for over five years and watching management and the company successfully develop into a leading, cloud-based software provider to the Nordic market for tradespeople, we continue to believe that the company is well-positioned in an attractive, growth market. We look forward to supporting HVD’s and Next’s continued growth.”

HarbourVest acted as lead investor in the EUR 430 million Continuation Vehicle, augmented by EUR 183 million of capital invested and committed from Adelis Fund III and the Adelis team.

Edward Holdsworth at HarbourVest says “We are pleased to expand our longstanding partnership with Adelis on this transaction and look forward to continuing to support the exciting growth prospects for Presto and HVD.”

Adelis was advised by Akin Gump, White & Case, PwC and Vinge on the transaction.

HarbourVest was advised by Kirkland & Ellis on the transaction.

The transaction is subject to customary regulatory approval and is expected to close in April 2024.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. 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 39 platform investments and more than 200 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.

About HarbourVest Partners

HarbourVest is an independent, global private markets firm with 40 years of experience and more than $117+ billion of assets under management as of September 30, 2023. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,150 employees, including more than 230 investment professionals across Asia, Europe, and the Americas.  Across our private markets platform, our team has committed more than $58 billion to newly-formed funds, completed over $50 billion in secondary purchases, and invested over $37 billion in directly operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities. For more information, please visit www.harbourvest.com.

Qics, a leading Dutch provider of professional services automation (PSA), announces the acquisition of ProjectFlow, a Danish software provider for Project and Portfolio Management (PPM).

We are excited about the opportunities this collaboration brings and look forward to the growth and success it will unlock.

– Ivo van Deudekom, Investment Director at Main Capital Partners

NEW YORK, Feb. 20, 2024 – DocuPhase LLC (“DocuPhase” or “the Company”), a provider of accounting and finance process automation software, announces a majority investment from Aquiline Capital Partners LP (“Aquiline”), a private investment specialist in financial services and related technologies, and Level Equity, a private investment firm focused on high growth software businesses.

Based in Tampa, Florida, DocuPhase provides software solutions to over 1,200 customers that enable finance teams to streamline invoicing and payment procedures, saving time, reducing errors, and lowering costs. The Company provides core software solutions across accounts payable automation, accounts receivable automation, and document management.

The investment from Aquiline and Level Equity will allow DocuPhase to continue to drive strong organic growth, expand its product suite, improve its offering through investment in product innovation, and grow its recently launched vendor payments solution to better serve its customer base.

Dan Gaertner, CEO of DocuPhase said: “This investment in DocuPhase marks a significant milestone in our company. The infusion of capital validates our product’s strength and potential while empowering us to accelerate our growth and expand our reach. I’m genuinely excited for our employees and our customers; having the combined support of Aquiline and Level Equity is a game changer for DocuPhase. We are poised to continue innovating and delivering exceptional value to our customers and creating additional career growth opportunities for our employees.”

Joe Pappalardo, a Partner at Aquiline, commented: “In an increasingly digital world, it is imperative for finance departments to drive efficiencies through automation and adoption of best of breed software. DocuPhase’s broad and robust suite of solutions drives real ROI for their customers, and has helped drive the Company’s strong growth and retention. Aquiline is thrilled to partner with Dan and the DocuPhase team to execute our collective vision for the business.”

Ben Levin, Co-Founder and CEO of Level Equity, commented: “Level is excited to make another investment focused on the office of the CFO where we see consistent and continued product innovation driving real business value. Dan and his team have demonstrated the powerful ability to innovate and expand the product suite while simultaneously accelerating growth and profitability.”

Leonis Partners served as the exclusive financial advisor to DocuPhase in the transaction.

Enables seamless data compliance and on-demand data access to support critical secondary use cases

MINNEAPOLIS, FEB 14, 2024 – Perforce Software (“Perforce”), a provider of solutions to enterprise teams requiring productivity, visibility, and scale along the development lifecycle that is backed by Francisco Partners and Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), announced today that it has signed a definitive agreement to acquire Delphix (or the “Company”). Delphix’s industry-leading Data Management software platform enables scalable automation, governance, and compliance of enterprise data throughout the application lifecycle. Financial terms of the transaction were not disclosed.

“The addition of Delphix to our portfolio adds critical data management capabilities that help enterprise organizations realize an automated and accelerated DevOps pipeline,” said Jim Cassens, CEO of Perforce. “In addition to data automation and compliance, we are also excited to provide our customers with the operational efficiencies and reduced costs afforded by the Delphix platform through lower storage expenditures and footprint. We look forward to working with the Delphix team to continue delivering data management innovation to our customers.”

Many enterprise organizations today consider data to be one of their most important assets. The ability to harness, mine and analyze data generated daily is critical to making thoughtful decisions and creating competitive advantages. Delphix supports customers as they look to scale data usage for analytics and testing purposes, while releasing applications up to 200% faster. The Company’s capabilities in data virtualization and data masking allow organizations to more easily spin up, refresh, and tear down private and public cloud-based data environments, enhancing application delivery pipelines.

“We founded Delphix over 15 years ago to help companies automate data and accelerate digital transformation. Today, we enable data governance, compliance, and automation across the multicloud for many of the world’s biggest brands,” said Jedidiah Yueh, CEO of Delphix. “As part of Perforce, we will be positioned to continue innovating and help more customers realize the strategic power of our data platform.”

The addition of Delphix builds on Perforce’s existing infrastructure automation offering through acceleration of on-demand delivery, self-service test environments, and continuous testing offerings to deliver Shift Left testing with accurate, compliant, and timely test data. With this acquisition, Perforce continues to demonstrate its commitment to provide customers with scaled DevOps solutions that help solve the world’s largest enterprises’ automation challenges.

“This strategic acquisition positions Perforce to harness the growing demand for enterprise- scale data management in testing, AI modeling, and analytics,” said Evan Daar, Partner at Francisco Partners, and Sean Courtney, Senior Vice President at Clearlake. “The addition of Delphix further enhances the capabilities Perforce can offer to its valued customers, and we look forward to catalyzing this opportunity to drive continued momentum for the platform.”

The acquisition is subject to customary closing conditions and is expected to close in the second quarter of 2024. Centerview Partners acted as exclusive financial adviser to Delphix in connection with the transaction.

About Delphix

Delphix is a leading vendor of test data management software. Delphix’s solutions allow companies to automate data security measures, rapidly deploy test data to developers, and shorten application development cycles. More than 30% of the Fortune 100 companies have transformed their application development with Delphix. To learn more about Delphix and its product offering, visit www.delphix.com

About Perforce

Perforce powers innovation at scale. Perforce solutions future-proof competitive advantage by driving quality, security, compliance, collaboration, and speed – across the technology lifecycle. We bring deep domain and vertical expertise to every customer, so nothing stands in the way of success. Privately held and funded by Clearlake and Francisco Partners, our global footprint spans more than 80 countries and includes over 75% of the Fortune 100. Perforce is trusted by the world’s leading brands to deliver solutions to even the toughest challenges. Accelerate technology delivery, with no shortcuts. Get the Power of Perforce.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch nearly 25 years ago, Francisco Partners has invested in more than 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About Clearlake

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.^® The firm’s core target sectors are technology, industrials, and consumer. Clearlake currently has over $75 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, Ireland, and Singapore. More information is available at www.clearlake.com

Media Contacts

PERFORCE

Maxine Ambrose

Ambrose Communications

perforcepr@ambrosecomms.com

FRANCISCO PARTNERS

Whit Clay / Sarah Braunstein

Sloane & Company

wclay@sloanepr.com / sbraunstein@sloanepr.com

CLEARLAKE

Jennifer Hurson

Lambert

jhurson@lambert.com

FPE Capital LLP (‘FPE’), the specialist software & services focused lower mid-market growth investor, announces that their portfolio company Egress Group (‘Egress’) has acquired Stalis, specialists in healthcare data migration and archiving. Together, the two companies will offer a unique proposition to the healthcare sector – providing comprehensive end-to-end data management services and solutions.

Egress was FPE’s first investment from FPE Fund III, the firm’s third specialist software and services fund, the successful final close of which was announced in May 2022 at a raised hard cap of £185m. FPE’s investment in Egress was focused on leading the expansion of the management team and helping to accelerate growth within the sizeable and expanding UK market.

The acquisition brings together renowned providers in their respective data management fields, combining more than half a century’s experience working on large-scale, complex, multi-system change programmes. Stalis, 100% focused on healthcare since its inception in 1984, is best known as a leading supplier of data migration and data quality expertise, as well as archiving solutions, in this sector. This is complemented by Egress’s proven track record successfully delivering multiple healthcare system integration and interoperability programmes.

Llewellyn John, Partner at FPEWe are delighted to be welcoming Stalis into the Egress Group and are very excited about the synergy between the two organisations. The combined team represents the leading healthcare data management experts, with longstanding expertise across all major EPR vendors and systems and are both committed to advancing innovation in the healthcare sector by delivering unmatched end-to-end data management.

Joe Rooke, CEO of Egress GroupThe opportunity presented by combining the experience and track record of both Egress and Stalis is really special. Together, we can offer healthcare organisations true, end-to-end data management expertise, which is a unique proposition. Approaching all the data objectives of those organisations with one vision will be incredibly beneficial and, together, we can deliver that.

Kate, and the Stalis team, are a natural complement to our own organisation and staff. We share common values and company cultures, with like-minded individuals all passionate about what they do and the industries we work with.

Kate Bryan, Managing Director at StalisThis is an incredibly exciting next chapter for Stalis, which we believe will offer significant opportunities and very real benefits for our customers and also for all of our employees.

When we met Joe and the Egress team, it was obvious we all shared the same commitment to the healthcare sector, really wanting to make a difference to providers, their teams and, ultimately, the people they care for.

The NHS faces many challenges and data is one of the keys to unlocking real service transformation and innovation in care delivery. But those decisions and changes are only going to be as good as the data they are based upon. As a team, we understand this and will continue to support healthcare organisations to achieve complete data confidence throughout what are complex and challenging system change programmes.

Stalis will continue to operate as Stalis, with a complete focus on healthcare. No organisational changes are planned and all the senior leadership team, including Kate Bryan as MD, are remaining in post.

The transaction was led by Llewellyn John, Connor Trendell, Harriet Hunt and Harry Gill from FPE. Egress were advised on the transaction by Stephenson Harwood (Legal), Cortus Transaction Services (Financial), Tax Advisory Partnership (Tax) and Graph Strategy (Commercial). Headpoint Advisers advised the shareholders of Stalis.

Main announces the majority investment in Millum, a Norwegian Procure-to-Pay software provider for the hospitality sector.

Millum’s market-leading position in Norway, coupled with its proven international scalability, aligns seamlessly with Main’s vision for strategic investments

– Wessel Ploegmakers, Partner & Head of Nordics at Main Capital Partners

Sale reflects Procare’s industry leading position in child care management, providing an essential software service in early childhood education

NEW YORK, January 25, 2024 – Warburg Pincus, a leading global growth investor, today announced the signing of a definitive agreement to sell Procare Solutions (“Procare”), a leading provider of integrated child care center management software and payments processing, to Roper Technologies, Inc. (“Roper”) (Nasdaq: ROP), for a total enterprise value of $1.86 billion. TA Associates (“TA”), a leading global private equity firm, also sold its minority interest in Procare as part of the transaction.

Procare is a leading provider of center management software and integrated payment processing solutions to child care centers in the US, enabling administrators to maintain a core system of record and workflow for operational, compliance, staffing, billing, and accounting functions. Procare provides a broad, high-quality product suite that serves the unique and complex demands of more than 37,000 child care centers. Founded in 1992, Procare is a true end-to-end solution that supports customers of all sizes, from single-center operations to complex nationwide enterprises.

Warburg Pincus partnered with Procare over five years ago, working with the company to capitalize on its leading position in the child care industry through customer expansion, product innovation and strategic acquisitions. Procare’s significant growth was fueled by the combination of accelerating new center additions and continued adoption of new product modules such as its payments processing, family engagement and curriculum offerings.

“Our mission at Procare is to meet the complete management and family communication needs of all child care organizations, helping centers improve the education of young learners. I am proud of the successes and growth of our company and look forward to working with the Roper team to take us to the next level,” said JoAnn Kintzel, CEO of Procare. “I would also like to thank Warburg Pincus and TA for their support and partnership, resulting in this exciting new chapter for our company. Through our partnership, we have achieved incredible growth and had substantial impact on the child care industry, providing essential technology and automation tools for centers and families to navigate everything from addressing day-to-day needs to managing child care through a global pandemic.”

“It has been a privilege to support Procare through a period of transformative growth, partnering closely with the management team to build on its market leading position. We are proud of Procare’s financial success and the key role it plays in supporting the child care industry,” said Ash Somani, Managing Director, Warburg Pincus. “Over the course of our partnership, Procare focused on enhancing its suite of next-generation SaaS solutions, becoming an essential partner for digital adoption in child care centers across the country,” added Michael Ding, Principal, Warburg Pincus. “Procare is a strong example of our firm’s focus on growth and sector collaboration, combining the experience of our technology and financial services teams with the ultimate goal of building an industry leader with sustainable value. We wish JoAnn and the Procare team the best in their next chapter,” added Chandler Reedy, Managing Director, Co-Head of Business Services, Head of Strategic Investments, Warburg Pincus.

“We are thrilled by the growth trajectory Procare exhibited during our partnership and we look forward to watching Procare continue to expand and drive further momentum,” said Jason Mironov, Managing Director, TA.

The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and customary closing conditions.

William Blair & Company, LLC served as lead financial advisor and Raymond James & Associates, Inc. served as an advisor to Warburg Pincus. Kirkland & Ellis LLP served as legal counsel to Warburg Pincus.

ABOUT WARBURG PINCUS

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 260 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Warburg Pincus is one of the most active growth investors in enterprise technology and cloud-based platforms and has invested more than $32 billion in technology companies since inception, such as Avalara, Clearwater Analytics, Crowdstrike, Infoblox, Internet Brands, Modernizing Medicine, Net Documents, and WebPT. Since its founding in 1966, Warburg Pincus has invested more than $116 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

ABOUT PROCARE SOLUTIONS

For more than 30 years, Procare Solutions has been helping early childhood educators simplify operations and create meaningful connections with families, so they can focus on what matters most – the children in their care.  From registration, attendance tracking, staff management and lesson planning to family engagement, tuition collection and reporting, we help ease the challenges faced of running a child care business.  Our dedicated team of support professionals also make it easy to get up and running quickly and answer questions along the way. That’s why over 37,000 customers choose Procare. We are proud to be number one in child care management software. For more information, visit ProcareSoftware.com.

ABOUT TA ASSOCIATES

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries—technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

CONTACT

Sarah McGrath Bloom, Warburg Pincus

Sarah.bloom@warburgpincus.com

Nicole Marino, Procare Solutions

press@procaresoftware.com