Adelis Equity Partners, via Adelis Fund II, exits Presto and HVD Group to a Continuation Vehicle led by HarbourVest Partners alongside Adelis Fund III

Adelis Equity

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.

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Qics expands into the Nordic market with the acquisition of Danish Projectflow

Main Capital Partners

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).

Combining the strengths of both companies in adjacent verticals will result in a market-leading best-of-breed offering in North-Western Europe, providing a solid basis for further internationalization. This acquisition marks the first add-on acquisition for Qics since entering into the strategic partnership with Main Capital Partners c. 2 years ago.

ProjectFlow is a Danish company, founded in 1999 and headquartered in Odense, Denmark, that develops and delivers a project and portfolio management tool. With 16 FTE, ProjectFlow develops and delivers the SaaS product ProjectFlow 365 to customers in Denmark and Norway. ProjectFlow currently has +80 customers, of which approximately two thirds is active within the public sector. The remaining customers are active across several verticals. ProjectFlow’s customer base includes entities such as the Municipality of Copenhagen, BITZER Electronics A/S, GLS, and the Danish Tax Authority.

Qics, a Dutch software company headquartered in Katwijk, The Netherlands, with a development office in Slovakia, is a leading provider of professional services automation (PSA) software. With over 350 clients, including ICT and SaaS companies such as xxllnc, BCS , accountancy customers such as Joanknecht, Londen & Van Holland and healthcare companies such as Proteion and Vierstroom Hulp Thuis, Qics empowers business service providers and healthcare companies in their digital transformation journey through smart SaaS solutions encompassing planning, time tracking, invoicing, and business intelligence. Employing over 30 full-time equivalents, Qics stands at the forefront of PSA, driving efficiency and innovation for its diverse clientele.

Mutually interchangeable product suites

Qics and ProjectFlow form a strategic partnership, leveraging their synergistic PSA and PPM product suites within Project Management. This collaboration integrates ProjectFlow’s scalable software, known for its flexibility with modules like document management, and its integration with Jira, which is tightly integrated with Microsoft Office and with Qics’ scalable best-of-breed solutions in time registration, planning, invoicing, as well as in business intelligence. The acquisition of ProjectFlow not only fosters strong cross-sell opportunities, as Qics’ modules such as Invoicing and Business Intelligence will be offered directly to ProjectFlow’s customer base and vice versa. This combination also enhances the overall solution suite, catering to both internal and external project management needs within the Project Portfolio Management space. This strategic move positions Qics for substantial growth and innovation in the competitive ICT and SaaS customer landscape.

Market-leading player in North-Western Europe

By combining ProjectFlow’s robust standing in the Danish Project Management Software market with Qics’ strong position in the Netherlands, the merged entity is poised to emerge as a major player in the Benelux and Nordics regions for Project Portfolio Management. This combination establishes a solid foundation for future buy-and-build strategies, propelling the group towards becoming a market-leading player in North-Western Europe. Qics’ geographical presence offers ProjectFlow an opportunity to expand its footprint in the Benelux, capitalizing on the high Microsoft adoption. Additionally, the combined group stands to benefit from Main’s expertise in internationalization and sales scalability within an expanded international framework.

Karsten Ley Poulsen, CEO of ProjectFlow, mentions: “The strategic partnership with Qics represents an exciting chapter for ProjectFlow. We look forward to integrating our scalable project and portfolio management tool with Qics’ best-of-breed solutions, creating a powerful offering for our customers. This collaboration not only expands our market reach, but also enhances our ability to provide innovative solutions in the Project Management space.”

Eddy Plasier, CEO of Qics, adds: “The acquisition of ProjectFlow strengthens the current offering of Qics and positions us well for further growth in ICT, SaaS and other verticals  in both The Netherlands as in the Nordics. We are excited to work with their enthusiastic team on modern solutions for Project Management in its broadest sense and are convinced our shared customer base will benefit from this collaboration.”

Ivo van Deudekom, Investment Director at Main concludes: “The strategic move marks a natural progression for Qics, extending their Project Management capabilities into Project Portfolio Management (PPM) while also entering the Nordics. The synergies between Qics and ProjectFlow are evident in the highly complementary functionalities, customer bases, and geographical focus. This acquisition creates a powerful combination, poised to deliver innovative solutions and strengthen our presence in the Project Management landscape. Lastly, Qics makes use of ProjectFlow’s software for the integration of both organizations, which we consider a blueprint for other companies with buy-and-build strategies. We are excited about the opportunities this collaboration brings and look forward to the growth and success it will unlock.”

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

About

ProjectFlow

ProjectFlow is a Danish company, founded in 1999 and headquartered in Odense, Denmark, that develops and delivers a project and portfolio management tool. ProjectFlow develops and delivers the SaaS product ProjectFlow 365 to customers in Denmark and Norway. ProjectFlow 365 is utilized for project and portfolio management, resource management, and time registration. It is closely integrated with Microsoft 365. ProjectFlow currently has over 80 customers, of which approximately two thirds is active within the public sector. The remaining customers are active in energy/utilities, production, finance and professional services. Examples of such customers are: evida, sundhed and Dankske Spil. The clientele includes entities such as the Municipality of Copenhagen, Søstrene Grene, GLS, and the Danish Tax Authority. The company currently employs 16 FTE.

Qics

Founded in 2000, Qics is a dynamic company with approximately 30 employees dedicated to serving over 350 customers at a national and international level from offices in Katwijk and Slovakia. The diverse client base includes business service providers in accountancy (Lansigt Accountants and Tax Advisors and Vermetten Accountants and Advisors), consultancy (Verdonck, Klooster & Associates and House of Performance), IT (Ximedes and xxllnc), and the healthcare sector (Vierstroom Hulp Thuis and Florein Zorg). At the core of Qics’ portfolio are three robust SaaS solutions: QicsMilestones, QicsDashboards, and Assist Planner. QicsMilestones facilitates planning, time registration, and invoicing for business service providers, while QicsDashboards enables the creation of report models in Microsoft Power BI. Assist Planner is utilized by organizations offering care assistance. Currently boasting 20,000 users, all Qics products stand out for their user-friendliness, efficient and attractive design, and international scalability.

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DocuPhase Announces Major Investment by Aquiline Capital Partners and Level Equity

Aquiline

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.

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August Equity exits Agilio Software to Five Arrows and TA for a 9.2x return

August Equity

August Equity has realised its investment in Agilio Software, an international provider of healthcare operations software, through a sale to Five Arrows and TA Associates. The investment represents a money multiple return of 9.2x.

Shutterstock_1901894644

Five Arrows and TA Associates (TA) have joined forces to acquire the business which is headquartered in Sheffield and is led by Chairman, Sati Sian and Neil Laycock, Agilio’s CEO.

August first invested in Agilio in 2019 and has supported the business in making 10 acquisitions serving the primary care, dental and veterinary end markets, as well as supporting it to expand internationally.

The investment was led by August partner Mike Biddulph alongside director Katie Beckingham who both sat on the Agilio board.

Mike Biddulph, Partner at August Equity commented: “The leadership team at Agilio have done a fantastic job in growing the business into the UK’s leading healthcare operations software provider. It has been a privilege to support them on their initial journey and achieve such strong and dynamic growth. We are confident that the business will continue to thrive under the stewardship of Five Arrows and TA.”

August Equity and Agilio Software were advised by Arma PartnersCMS advised on Legals, Deloitte on Financial and Tax, OC&C on Commercial, Crosslake on Technology and Aon on Insurance.

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Codestone bolsters Digital Transformation and Microsoft footprint through third bolt-on with Cloud Business

FPE Capital

 

FPE portfolio company Codestone Group (‘Codestone’) today announced it has acquired Cloud Business, an award-winning business consulting, digital transformation, and IT managed services leader.

Cloud Business builds upon Codestone’s Security, Azure, Modern Workplace and M365 offerings, whilst complementing the Group’s recognized capabilities as #1 mid-market ERP solution partner, and leader in both the Enterprise Performance Management (EPM) and Data & Insights field.

Codestone was FPE’s eighth investment from FPE Fund II in 2021, the firm’s second specialist software and services fund. This third bolt-on further develops Codestone’s accelerated growth and rapid customer base expansion following the acquisitions of Clarivos in May 2022 and DSCallards in November 2022. The Group has trebled its turnover since the FPE investment and now stands at 340 people.

Chris Kay, Investment Director at FPEWe are delighted to welcome Cloud Business to the Codestone Group, and combining the two companies’ leading Microsoft practices across Security, Azure and Modern Workplace within Codestone’s broader Digital Transformation, Data, and Business Application practices. It is a pleasure to work with both the respective management teams, and we are confident that together the two businesses can continue to drive innovation and transformation for their customers

Darryl Sackett, CEO at CodestoneThe addition of Cloud Business’s expertise and wonderful people talent enhances Codestone’s consistently high-quality customer engagement model. We are focused on end-to-end value creation for all customers in all sectors and geographies who are trying to answer the question of how to do more with technology while staying secure. From the Digital Strategy, Edge computing, mission critical infrastructure and all processes that run any modern business, we guide organisations through this increasingly complex landscape. We unlock innovation and free up budget for our customers to reinvest. Cloud Business enables us to do this for more customers in a broader way with a strong cultural fit aligned to our core values.

James Palmer, Chair of Cloud BusinessWith a worldwide footprint, a dedicated team comprising hundreds of skilled experts, and a remarkable three-decade legacy in business technology consulting, Codestone provides Cloud Business a larger platform from which we can leverage our deep proficiency in IT consultancy and transformational services. The new organisation also significantly broadens the core capabilities we will be able to offer both new and existing clients. We are excited by the vision that Darryl and the Codestone leadership team have for the company and are thrilled to be part of the journey.

 

Perforce to acquire Delphix, adding enterprise data management software to its devops portfolio

Clearlake

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

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Egress Group acquires Stalis to offer comprehensive data management solutions for healthcare providers

FPE Capital

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 JohnConnor TrendellHarriet 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.

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Main Capital enters the Nordics Procure-to-Pay market with first Norwegian platform investment Millum

Main Capital Partners

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

Moving forward, Main will act as a strategic partner to the management team, supporting Millum in its growth journey. By pursuing a selective buy-and-build strategy and by adding complementary solutions to fuel cross-selling, Millum has strong potential to further internationalize. This strategic move marks Main Capital’s first stand-alone platform investment into the Norwegian market.

Millum, founded in 2002 in Norway by CEO Bjørn Anskau, business developer Knut Øksby, and CFO Roberto Padin, has emerged as a frontrunner in the procurement technology domain. The company’s SaaS-based “Procure-to-Pay” platform caters to hotels, restaurants and canteens, streamlining processes, simplifying the flow of information and enhancing trade efficiency. Millum currently serves more than 95% of the suppliers and more than 90 purchasers within the hospitality sector across the Nordics, including renowned clients, such as Strawberry Hotels, Scandic Hotels, and Coor Service Management.

Attractive product market and international scalability

Millum has built an attractive modular product portfolio which is well positioned for further growth and international expansion. The company, active in the procurement market, will be able to benefit from Main Capital Partners’ expertise, gained through previous investments in the procurement and broader supply chain management sector. Millum has a strong presence in Norway, with a growing presence in Sweden and Denmark, positioning it as a leading player in the Nordic market. With Main’s international growth support, Millum is poised to explore adjacent verticals and to continue growing internationally across the Nordics and Europe. Main will also support the company in a selective buy-and-build strategy to internationalize and strengthen the product offering with new solutions to establish a comprehensive one stop shop offering.

Bjørn Anskau, CEO of Millum, mentioned: “As we join forces with Main Capital Partners, we are excited about the possibilities that lie ahead for Millum. This partnership not only signifies our shared commitment to excellence but also accelerates our mission to revolutionize procurement processes in the Nordic region and beyond.”

The collaboration between Main Capital Partners and Millum is poised to unlock new opportunities for international expansion, leveraging Millum’s robust platform and Main Capital’s expertise in supporting companies on their global growth journeys.

“Millum’s market-leading position in Norway, coupled with its proven international scalability, aligns seamlessly with Main’s vision for strategic investments,” stated Wessel Ploegmakers, Partner & Head of Nordics at Main Capital Partners. “We see tremendous potential in Millum’s product portfolio and look forward to accelerating its growth trajectory by exploring new markets and expanding its international footprint.”

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

About

Millum

Millum AS was founded in 2002 by Knut Øksby, Bjørn Anskau and Roberto Padin as main founders (together with two main investors) in Norway and is based at Fornebu, outside Oslo. Millum is a software company providing the preferred procurement system for hotels, restaurants and staff restaurants in the Nordics. The solution simplifies the procurement process for actors in the food service industry. Millum has 35 employees in total and operate across the Nordics. The total trading volume through Millum’s solution was NOK 11 billion in 2023.

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Warburg Pincus and TA Associates enter into an agreement to sell Procare Solutions to Roper Technologies

Warburg Pincus logo

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.

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Sarah McGrath Bloom, Warburg Pincus

Sarah.bloom@warburgpincus.com

Nicole Marino, Procare Solutions

press@procaresoftware.com

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Main Capital Partners invests in German Therapist Software Provider buchner

Main Capital Partners

Main announces the majority investment in buchner, a market leading software provider for general therapists in Germany.

Main will support buchner to further expand its fast-growing software business and accomplish the company’s mission of facilitating practice organization and thus freeing up more resources available for therapy.

Founded in 1991 in Kiel, Germany, by Ralf Buchner, buchner employs c. 160 employees and caters c. 45,000 physiotherapists, occupational therapists, speech therapists, podiatrists and other healthcare professionals. Through its innovative software offering, buchner helps therapists in digitizing key processes in their practice management. buchner’s software solutions thereby help improving efficiency and decreasing the complexity of managing therapists’ day-to-day operations. Key functionalities include patient and prescription management, invoicing, BI, calendar and workforce management. Among its clients are Hanse Therapie and IBKM.

The experienced management team around Ralf Buchner retains a significant minority stake in the company and will work closely together with Main in the company’s next growth phase. The envisioned growth strategy will put at the core buchner’s software offering and customer centricity. In addition, buchner will remain the ‘trusted partner’ for therapists in navigating industry complexities and assist customers in seamlessly adapting to a continuously evolving regulatory environment. The strategic roadmap also includes a dedicated buy-and-build strategy focused on selectively enriching the product and services portfolio as well as entering adjacent customer verticals.

Ralf Buchner, Founder and CEO of Buchner & Partner GmbH, commented: “We are delighted to join forces with Main and are confident that this partnership will support us in maintaining and improving our market position as the go-to partner when it comes to practice management for general therapists. Together with Main, we will continue to put our customers in the center of our strategy by innovating our products and helping our customers to navigate through the daily challenges of being a general therapist.”

Dorian Berndt, Investment Director at Main Capital Partners, concluded: “We are excited about the partnership with buchner and spearheading the company’s next growth phase together with the management team. buchner is a household name for general therapists in Germany and well-positioned to benefit significantly from the ongoing digitization. In particular, we are impressed by the company’s recurring software revenue growth of well north of 20% for years, the management team’s ambition and strong dedication to customers. Going-forward, we see various growth avenues, which will include – next to organic growth initiatives – also strategic acquisitions to improve the customer value proposition and enter adjacent customer verticals.”

We are excited about the partnership with buchner and spearheading the company’s next growth phase together with the management team.

– Dorian Berndt, Investment Director at Main Capital Partners

About

buchner & Partner GmbH

buchner & Partner GmbH was founded in 1991 as a pure form mailing service for therapeutic practices by Ralf Buchner in Kiel, Germany. buchner serves over 45,000 customers, which are comprised of healthcare therapists, physiotherapy-, ergotherapy-, logopedic practices and other cure providers. Among their clients are Hanse Therapie and IBKM. Buchner’s software includes practice management functionalities like invoicing, patient documentation, calendars, and workforce management. Besides its software, the company hosts seminars, provides consulting services, and runs a web shop.

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