Tag Archives: Software

Visma attracts new investors for further international expansion in a transaction valuing the company at EUR 19 billion

HG Capital

  • Investment follows another period of strong growth and continued international expansion, with now 17-years of uninterrupted, year-on-year, revenue and EBITDA growth (18% and 22% CAGR respectively, during the period).

  • Visma will welcome around 20 new investors to the shareholder register, worth over €1bn of equity investment. In addition the transaction will result in c. €3bn new investment from existing shareholders including majority investor, Hg.

  • With revenue of €2.4 billion, Visma will continue its growth strategy of international expansion and product innovation, supported by a solid and knowledgeable shareholder base.

London, UK and Oslo, Norway. 21 December 2023.  Visma, a leading provider of mission-critical cloud software in Europe and Latin-America, today announces that it has expanded its shareholder base through a secondary sale to leading international shareholders, to support further international growth.

The transaction, which values Visma at EUR 19 billion, will welcome around 20 new investors to the shareholder register, worth over €1bn of equity investment, with new investors including Altaroc, Jane Street, NPS and NYC Retirement System.

The transaction will also result in around €3bn new investment from existing shareholders, including Hg, who will continue its 17-year long investment in the business with a majority stake, in addition to a group of co-investors including ICG, TPG and Visma management. 

“We are delighted to receive this further vote of confidence from Hg and other leading investors, in a transaction that confirms our stellar development and attractive outlook. Visma delivers the digital tools that businesses need to drive efficiency, innovate and stay competitive. Supported by a solid and knowledgeable shareholder base, we are perfectly positioned to continue our unique growth journey”, says Merete Hverven, CEO of Visma.

Visma’s growth journey

Today Visma is the largest privately-owned software business in Europe, and a leading provider of cloud accounting and ERP solutions to small and medium sized businesses in the region. After a period of significant international expansion, entering France, Germany, Portugal, Peru and Iceland in the last two years alone, the Group is currently present in 28 countries with more than 15,000 employees.

Meanwhile, divestments of non-core assets within IT consulting and cloud infrastructure services in 2022 has further focused the company’s business model on standardised SaaS (Software as a Service) products to the private and public sectors. Visma’s annualized repeatable revenue (ARR) stood at EUR 2.2 billion at the end of Q3 2023, representing a growth of 17 percent from the same period last year and 17 years of uninterrupted, year-on-year, revenue and EBITDA growth (18% and 22% CAGR respectively during the period).

“Visma’s success is a result of the fantastic efforts of our highly skilled and engaged employees. With our industry-leading investments in product development and AI-driven automation of critical business processes, we remain well equipped to capture the strong growth in digital services”, Hverven adds.

Nic Humphries, Senior Partner at Hg, said: “Today Visma is Europe’s largest private equity owned software business, growing twice as fast now compared to when we first invested in 2006, despite having become a business that’s over 20 times larger. This incredible achievement is the result of an investment in modern SaaS products over ten years ago, progressed by a thirst for innovation and a world-class management team led by Merete. We welcome our new investors and look forward to the next chapter of this European tech success story.”

For more information, please contact:

Lage Bøhren, Director of Communications at Visma
+47 921 57 801
lage.bohren@visma.com

Tom Eckersley, Head of Marketing at Hg
+44 20 8148 5401
Tom.Eckersley@hgcapital.com

About Visma

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EQT Private Equity to invest in software companies HVD Group and Next

eqt
  • HVD Group and Next provide cloud-based software to tradespeople and construction firms in the Nordics, targeting a range of professions including electricians, plumbers and contractors
  • The tradespeople and construction industry is one of the largest globally while being one of the least digitized. The modern software solutions offered by HVD Group and Next enable customers to embark on a digitalization journey that improves their efficiency and sustainability
  • EQT Private Equity will invest in HVD Group and Next together with the existing HVD Group shareholder Adelis, which will increase its investment

EQT is pleased to announce that the EQT X fund (or “EQT Private Equity”) has agreed to invest in the Nordic software companies HVD Group (Hantverksdata) and Next (Next One Technology). Both companies serve the tradespeople and construction industry, with HVD Group focused on installation and service professions – such as electricians, plumbers, heating and ventilation firms – while Next is focused on contractors. HVD Group’s platform complements that of Next, and the investment therefore paves the way for a further strengthened product offering, which builds on both companies’ strong customer satisfaction scores.

The tradespeople and construction industry is one of the largest globally and yet is still early on its digital transformation journey, which has resulted in low productivity growth over recent decades. HVD Group and Next support the tradespeople and construction workforce to transition from using analogue or complex solutions to instead using their end-to-end software platforms.

HVD Group was founded in Sweden and has over 10,000 customers across the Nordics and Germany. The Company offers cloud-based end-to-end field service management and enterprise resource planning software with key functionalities such as order, project and asset management, scheduling, time reporting, procurement and documentation handling. This enables users to spend less time on administration, while reducing waste and minimizing risk of errors both in the field and the back office.

Next, also founded in Sweden, offers a cloud-based software solution to construction firms and has a strong complementary fit with HVD Group. With approximately 2,500 customers primarily in the Nordics, Next supports contractors, builders and service firms with project management software. Key functionalities include order and resource management, project financials, document handling, checklists and quality control, all of which enable efficient planning, execution and collaboration.

Ali Farahani, Partner within EQT Private Equity’s Advisory Team, said: “Investing in HVD Group and Next creates a strong Northern European platform with leading tech and product capabilities. We have followed the space for several years and are excited to back what is in our mind the most attractive platforms in one of the largest verticals globally. We are extremely impressed by the respective teams led by Mikael and Johan, and we look forward to bringing EQT Private Equity’s software experience to support the organizations through the next phase of continued high growth.”

HVD Group Chairperson Anders Böös and Adelis Partner Joel Russ added: “As long-term investors in HVD Group, we’ve seen the company go from strength-to-strength and it’s clear they have no intention of slowing down. We also know that the tradespeople software sector is robust and attractive given the size and growth, supported by many companies yet having to embrace the benefits from digitalization. That’s why we’re delighted to be moving forward on the journey together with EQT, HVD Group and Next.”

HVD Group CEO Mikael Viotti said: “We’ve made significant investments in our modern product and technology over the recent years, which has been well-received by our customers, and the opportunity to join forces with Next will only strengthen what we can offer to our customers. We look forward to partnering with EQT Private Equity and Next, while continuing to work with Adelis.”

Johan Jarskog, CEO of Next, also commented: “Next and HVD Group have an exciting and complementary fit. Not only from a product perspective, but also in terms of the culture and people, having followed Mikael and his team over the recent years. We are also confident that a combined offering will continue to drive our already high customer satisfaction, as we together with HVD Group will be able to offer an even more comprehensive product to our end users.”

Both transactions are expected to close in February 2024. EQT was advised by Vinge and Adelis was advised by White & Case. Next previous owner Monterro was advised by Houlihan Lokey.

With these transactions, EQT X is expected to be 30 – 35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT X will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About HVD Group 
HVD Group has 300+ employees, SEK 500+ million in revenues and 50+ years of experience providing software to tradespeople within installation, services and construction. The company has presence in Sweden, Finland, Norway, Denmark and Germany, offering a market leading cloud-based and modular system. HVD Group’s solutions and systems are developed by tradespeople for tradespeople. www.hvdgroup.com

About Next One Technology
Next One Technology is a leading provider of business and project management systems tailored for construction firms. Next has 2,500+ customers and SEK 200+ million of revenues. Next integrates all aspects of construction management into a unified platform that provides real time control of projects from early stages to finish. Next has 130+ employees and serves customers primarily in the Nordics. www.next-tech.co

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Main Capital takes a strategic step in the LegalTech market with a majority stake in Epona

Main Capital Partners

Main has acquired a majority stake in Epona, a leading provider of DMS and CRM software for the LegalTech market.

Main Capital Partners has acquired a majority stake in Epona, a leading provider of DMS and CRM software for the LegalTech market. Epona’s solutions enable law firms and corporate legal departments to increase the efficiency of their document related processes and to ensure compliance. The company is headquartered the Netherlands with additional offices in the US and Portugal.

Main Capital’s strategic investment in Epona, a leading LegalTech software company specializing in Document Management System (DMS) solutions, reflects the growing significance of technology in the legal industry. Epona’s impressive portfolio, serving approximately 300 law firms and 120 corporate legal departments globally, underscores its market leadership and widespread adoption. The company’s comprehensive suite of features, encompassing document management, email management, team collaboration, matter intake, contract management, workflow automation and CRM, positions it as an end-to-end solution for the complex document management needs of law firms and corporate legal departments.

Notable clients, such as Kromann Reumert, HSA Lawyers and other prominent law firms, benefit from Epona’s solutions, streamlining their document-centric processes and enhancing collaboration. Similarly, corporate legal departments at major enterprises find value in Epona’s integrated approach, especially given its integration with Microsoft Office 365, SharePoint, and Teams. Main Capital’s investment underscores Epona’s ability to meet the evolving demands of the legal sector, providing efficient, integrated solutions that resonate with both law firms and CLDs, fostering increased productivity and streamlined operations across the legal landscape. This strategic partnership is poised to drive Epona’s continued success and evolution in the international LegalTech landscape.

The experienced management team of Epona will retain a significant minority stake and stay closely involved post-closing. Together with the expertise of Main Capital in the B2B software segment, an envisaged growth strategy will be executed, in which product innovation, a client-centric approach and international expansion are key pillars. Furthermore, there is strong potential for a selective buy-and-build strategy, in which the focus will be on adding complementary product functionalities and further expanding Epona’s international footprint. The strategic partnership between Epona and Main Capital is further strengthened by their shared focus on key geographies, including the Benelux, DACH, Nordics and US, enabling Main Capital to bolster this collaboration with their local presence and dedicated teams.

Marco Dissel, Co-Founder and Managing Partner at Epona, states: “Main Capital’s expertise will help Epona take the next step, including the expansion of business in even more countries following the envisaged international expansion plans. With our 20+ years of experience in the LegalTech market and the help of Main Capital, we will expand further and leverage our position as leading LegalTech software company to continue helping our clients in making them work quicker, easier and more secure within the Microsoft 365 platform.”

Sjoerd Aarts, Partner and Head of Benelux at Main Capital Partners, concludes: “Investing in Epona aligns with Main Capital’s commitment to fostering innovation and addressing the unique challenges within the LegalTech sector. The fast-moving dynamics of this market present exciting opportunities, and our investment in Epona underscores our confidence in their ability to capitalize on these trends. With Main Capital’s local office in the US, we are poised to actively support Epona’s rapid growth in this crucial market, working together with their ambitious management team to provide legal professionals with innovative solutions to tackle their ever-evolving needs. We look forward to a successful partnership that leverages our collective strengths to make a significant impact on the LegalTech landscape.”

Investing in Epona aligns with Main Capital’s commitment to fostering innovation and addressing the unique challenges within the LegalTech sector.

– Sjoerd Aarts, Partner and Head of Benelux at Main Capital Partners

Epona

Epona is a leading LegalTech software company that provides comprehensive document management system (DMS) and CRM solutions to approximately 300 law firms and 120 corporate legal departments on an international scale. Notable for its integration with Microsoft Office 365, SharePoint, and Teams, Epona offers a suite of features including document and email management, collaboration tools, matter intake, contract management and workflow automation. The company in headquartered in the Netherlands with additional offices in the US and Portugal.

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CINC Systems secures meaningful strategic investment from Hg to accelerate its growth as a premier software provider to the community association management industry

HG Capital

Hg will become a strategic growth investor in the business alongside CINC’s founder, Bill Blanton, its management team and current investors, Spectrum Equity.

  • The new investment follows a significant year of growth for the business, with record new bookings and 50% revenue growth in 2023.

  • Tom Kiernan, former CEO of ClickPay, will join the Board as part of the transaction, bringing additional industry expertise and relationships, as well as experience in constructing easy-to-use payment platforms for homeowners.

DULUTH, Ga, USA and New York, USA. December 14, 2023. CINC Systems (“CINC”), a leading cloud-based software company serving the community association management sector, today announced it has secured a strategic growth investment from Hg, a leading investor in European and North American software and services businesses.

On completion of the transaction, Hg will become a strategic shareholder in the business, investing alongside CINC’s founder, Bill Blanton, and its management team, as well as current investors Spectrum Equity.

CINC is a leading provider of accounting, homeowner management, bank integrations and payments software for the association management industry, comprised of homeowner association (“HOA”) and condominium associations. Founded in 2005, CINC has built a leading SaaS platform for this sector, serving more than 4 million units across about 35,000 associations and nearly 800 management companies, with deep integrations and strategic partnerships with more than 30 partner banks.

CINC recently announced the launch of several ground-breaking innovations for the industry at its annual user conference CINC Up, including the introduction of artificial intelligence (“AI”) in its management company-branded homeowner apps. The technology allows homeowners to use their apps to ask simple questions that bog down association managers – and receive informed answers in return.

Bill Blanton, CINC Systems Founder and Chairman, said: “I’m proud that our achievements have attracted the attention of two globally renowned SaaS-specialist investors. The addition of Hg’s expertise in expanding top-tier software businesses, complemented by Spectrum’s support, places us in an advantageous position to keep innovating our products to better serve our clients, add new clients and expand our reach.”

Ryan Davis, Chief Executive Officer of CINC Systems, said: “This is a really exciting day for us all. With Hg’s expertise, our foundation in this sector is now stronger than ever. The wealth of experience and knowledge that this collaboration brings, puts us in the perfect position to innovate and augment our product.”

CINC has scaled rapidly in recent years, investing to ensure fast-paced product innovation, a robust customer success team and enhanced sales and marketing efforts. This has resulted in a significant year of growth in 2023, with record new bookings and approximately 50% revenue growth. Today, its all-in-one software, bank integration and payments technology solution adds significant value to all participants in the HOA ecosystem, with more than $7 billion of annual payment volume being managed through its platform.

Hg brings significant sector expertise to CINC. Over the last 19 years, the firm has invested around $10 billion in the wider tax and accounting software segment across Europe and North America. Hg will use this experience to support the business, with continued investment in CINC’s go-to-market strategy and further innovation in new product launches, building on the momentum of the AI product launches, TresRE and VendorPay earlier this year.

Tom Kiernan, former CEO and co-founder of ClickPay, one of the industry’s leading payment platforms, will join the board as part of the transaction. This appointment will add Kiernan’s industry knowledge, strong relationships and deep payments expertise to help further strengthen the leadership team and support the business as it continues to rapidly grow.

Farouk Hussein, Partner at Hg, said: “Our extensive work confirms CINC’s product leadership as a system of record in this sector. It has a highly differentiated, purpose-built integrated solution for banking and accounting in a growing segment that is only in the very early innings of software adoption. We look forward to backing Ryan and partnering with the existing shareholders and management team to continue driving the CINC success story.”

Mike Farrell, Managing Director at Spectrum, said:“We’ve had a great partnership with Bill, Ryan and the entire leadership team at CINC. They’ve established CINC’s enviable position in the market, and we are excited to continue to support them, and collaborate with Hg, as the company enters its next phase of growth.”

 

Raymond James is acting as exclusive financial advisor to CINC and Spectrum Equity, and Troutman Pepper and Latham & Watkins LLP are acting as their legal advisors. Harris Williams is serving as exclusive financial advisor to Hg and Kirkland & Ellis LLP is serving as its legal advisor.

The terms of the transaction have not been disclosed.

For further information, please contact:

CINC Systems
Shea Dittrich
shea.dittrich@cincsystems.com

Hg
Tom Eckersley
tom.eckersley@hgcapital.com

About CINC SystemsCINC Systems is one of the largest providers of software in the association management industry and an innovator behind accounting and banking integration. Founded in 2005 by a banker as the industry’s first SaaS offering, CINC systems now employs over 200 people with customers throughout the country. In 2019, Spectrum Equity joined CINC and accelerated the company’s growth. The accelerated growth is due to the continued innovation it provides through CINC, its core software platform, and TresRE, the banking and payments solution that underpins the success of real estate management software providers.

CINC provides accounting and management software to about 35,000 associations around the United States, touching more than 4 million homes. Through CINC, association management companies are better able to serve their boards and homeowners with the technology required in today’s world. CINC offers deep accounting functionality that improves financial reporting performance, property management solutions that keep managers efficient and, in the field, websites and apps that keep homeowners engaged.

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 characterised 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 $65 billion in funds under management support a portfolio of more than 50 businesses, worth over $135 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. Additional information is available at www.hgcapital.com.

 

 

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Ardian arranges a financing package to support Stirling Square’s acquisition of Gestión Tributaria Territorial from AnaCap

Ardian

Ardian, a world leading private investment house, today announces it has arranged a financing package comprising a Unitranche Facility, a Committed Acquisition Facility and a PIK tranche to support Stirling Square Capital Partners’ (“Stirling Square”) acquisition of Gestión Tributaria Territorial (“GTT” or “the Company”), a leading Spanish tax software and services provider for the public sector.

AnaCap, who initially acquired the business in 2020, will re-invest as a minority investor alongside Stirling Square and GTT’s management team.

Headquartered in Alicante, Spain, GTT is a leading provider of tax collection and electronic administration software for national, regional and local administrations. Founded in 1998, the Company has a 25-year track record in building proprietary software to modernize public administration processes through technological innovation and digital transformation. As the market leader in Spain, GTT also serves international development organizations in Latin America and has c.4,500 customers globally, providing them with leading technological, organizational and management support solutions tailored to each customer’s specific requirements.

Stirling Square will work closely with the GTT management team to invest in expanding the business’ software platform, further diversifying its suite of products and supporting the long-term growth objectives of the Company, including through strategic acquisitions. The financing package provided by the Private Credit team at Ardian includes a sizeable Committed Acquisition Facility designed to support the Company’s ambitious buy and build strategy.

” We are delighted to support this new chapter of growth of Gestión Tributaria Territorial alongside Stirling Square and AnaCap, and honored to provide our bespoke financing solutions to the Company. We were impressed by GTT’s track record of growth and ability to provide mission-critical services to public administrations both in Spain and internationally, and look forward to supporting the Company’s future development. GTT is our second deal in Spain over the last 12 months, showing growing momentum for the Private Credit team at Ardian in Southern Europe.” Grégory Pernot, Co-Head of Private Credit France and Head of Private Credit Spain, Ardian

” We are thrilled to invest in GTT, a provider of mission-critical software services to the Spanish public sector, with an impressive track-record of developing software to support the digitalisation and increased transparency within the country’s tax system. As high-conviction investors, we are attracted to GTT’s strong market position, growth profile, long-term contracts with customers across the country’s public sector and the opportunity to support the business to enter new European markets. We were convinced by the tailor-made and flexible financing solution offered by Ardian, that will support the Company in its next phase of development. We look forward to the exciting journey ahead, alongside AnaCap and Ardian, and to bringing our sector expertise, local knowledge, pan-European presence and capital, to support GTT’s talented management team.” Enrico Biale, Partner, Stirling Square

PARTICIPANTS

  • PRIVATE CREDIT ARDIAN: GRÉGORY PERNOT, CLÉMENT CHIDIAC, ADÉLAÏDE HOMOLLE

    • FINANCING LEGAL ADVISOR: WHITE & CASE (FERNANDO NAVARRO, ALFONSO GARCIA FREIRE, JUAN SAMPEDRO MARTINEZ) AND WILLKIE FARR & GALLAGHER (PAUL LOMBARD, RALPH UNGER)
    • GESTIÓN TRIBUTARIA TERRITORIAL: CARLOS RICO ALONSO, RICARDO FRANCÉS
    • STIRLING SQUARE CAPITAL PARTNERS: ENRICO BIALE, BEN HOPPER, MANUEL GARI
    • ANACAP: NASSIM CHERCHALI, IÑIGO QUEROL, ALESSANDRO MANFE
    • FINANCING ADVISORS: MARLBOROUGH PARTNERS (PEDRO MANEN DE SOLA-MORALES, FÉLIX FINKLER, MOHAMMED RAHMAN)
    • FINANCING LEGAL ADVISORS: HERBERT SMITH FREEHILLS (ARMANDO GARCIA MENDOZA, CARMEN HERMOSIN, MIGUEL ALVARGONZÁLEZ)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East, are strongly committed to the principles of responsible investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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Björn Lundén acquires KYC and AML provider Due Compliance

Main Capital Partners

Björn Lundén, Swedish accounting and financial administration software provider, acquires Stockholm-based Due Compliance AB (“Due Compliance”).

Björn Lundén, Swedish accounting and financial administration software provider, acquires Stockholm-based Due Compliance AB (“Due Compliance”). Due Compliance provides tools for AML, KYC and Risk Assessments. The acquisition will help Björn Lundén expand its presence in the European financial software market. The acquisition was backed by leading European software investor Main Capital Partners.

The acquisition of Due Compliance represents Björn Lundén’s fifth add-on acquisition since Main Capital Partners became a majority investor in July 2021 and enables Björn Lundén to expand the product portfolio to both existing and new customers, further strengthening the group’s position in the Nordics and rest of Europe.

Due Compliance offers comprehensive KYC & AML tools to ensure compliance in easy-to-use solutions integrated into existing ERP and CRM systems. In accordance with current legislation and directives, the products simplify monitoring, screening, and checks for the end customers.Due Compliance services a wide range of end customers’ specific needs with over 300 customers to date.

The market for KYC software is predicted to grow at a CAGR of 21% in the coming seven years, driven by the need for user-friendly cloud-based solutions for management of customer data and the need to navigate an increasingly complex regulatory landscape. Underlying factors driving the market growth include increased regulatory pressure, financial crime, data security needs and the globalization of digital processes.

Wessel Ploegmakers, Partner and Head of Nordics at Main, comments: “Due Compliance represents Björn Lundén’s fifth acquisition of the group. The acquisition marks an important step towards expanding the offering with regulatory driven tools with an improved value proposition for both existing and new customers. We see many opportunities for the Björn Lundén group to continue its growth journey, which includes both inorganic and organic initiatives, to become a European leader offering a full suite of cloud-based accounting, ERP and RegTech solutions.”

Ulf Svensson, CEO at Björn Lundén, adds: “I am pleased to announce the acquisition of Due Compliance, which offers modern and comprehensive software solutions for KYC & AML for accountancy firms, law firms and more. There is an increasing demand for KYC & AML solutions in the accounting industry driven by regulation. With the experience and knowledge of the management of Due Compliance and with this internationally scalable software, we look forward to a very interesting future with fast expansion both in the Nordics and the rest of Europe. ”

Petter Flink, Co-Founder and CEO at Due Compliance, concludes: “We are proud that, in a short period of a few years, we have managed to create and establish a unique and leading tool for AML and KYC controls in accordance with Swedish and European legislation. We have now found in Björn Lundén the ideal partner to take a further step in the development of our company, ourselves and our services for the benefit of even more customers and countries. We look forward with great confidence to realizing our plans and ideas in close symbiosis with Björn Lundén’s strong team and brand.”

We see many opportunities for the Björn Lundén group to continue its growth journey, which includes both inorganic and organic initiatives, to become a European leader offering a full suite of cloud-based accounting, ERP and RegTech solutions.

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

About

Björn Lundén

Björn Lundén, founded in 1987, provides accounting and financial software solutions targeted at accountancy firms and SMEs throughout the Nordics and the Benelux market. From its offices across Sweden, Denmark and the Netherlands, the company serves over 60.000 end companies. The company has developed a comprehensive portfolio of solutions and tools for administration, finance, accounting, tax, legal, personnel administration, time, project & expense management and ERP and in addition offers knowledge tools, books and courses in the aforementioned areas. Björn Lundén group has +240 employees today.

Due Compliance

Due Compliance has since 2019 been a provider of tools to make it easier for companies to fulfil their legal obligations according to Money Laundering Legislation (AML) and EU’s various AML directives. The needs and requirements differ between different industries and Due Compliance offer tailor-made, solutions integrated into existing systems for, among others, Lawyers, Law Firms, Accountants, Accounting Consultants, Financial Advisors and Real Estate Agents. Due Compliance has over a short period of time gained a strong position in the Swedish market and currently also growing in Norway.

 

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Apax Funds acquire OCS and Finwave, creating a leading financial software platform

Apax

Funds advised by Apax Partners LLP (“Apax”) completed the acquisition of OCS from Charme Capital Partners and of Finwave from the Lutech Group, creating one of the preeminent players in financial software in Europe. The two companies will continue serving customers under the OCS and Finwave brands.

OCS is a leading consumer-finance digital partner, delivering end-to-end omnichannel software and services in Italy, Spain, and Mexico. OCS supports banks and specialized financial institutions, guiding them through the LendTech revolution, redesigning consumer finance models thanks to deep industry expertise and advanced software capabilities. 

Finwave is a leader in specialized financial software for factoring, leasing, UTP/NPL, post trading and global custody. Finwave has long-term relationships with top-tier financial institutions and credit providers, with a strong focus on the Italian market.

The combination of OCS and Finwave creates a €100 million revenue European financial software platform of scale. Together, OCS and Finwave will leverage their collective expertise and talent to accelerate the development of innovative software solutions to support the evolving needs of financial institutions and operators. As a combined group, OCS and Finwave will be better positioned to serve their customers in Italy and internationally, with a large offering covering consumer finance, corporate finance and capital markets software and solutions.

Gabriele Cipparrone, Partner at Apax, commented: “We’re incredibly excited about this transaction. The combination of OCS and Finwave will create a truly unique, European financial software platform of scale, with huge potential for future growth. We look forward to partnering with both teams to execute on our vision for the combined business, creating a digital-first, future-proof business, and trusted technology partner.”

Gianni Camisa, CEO of OCS, said: “I would like to thank Charme Capital Partners – personally and on behalf of the entire OCS team –  for having been a capable and very professional shareholder and partner to all of us. Under their tenure OCS successfully transitioned to a structured, managerialized company, introducing an experienced management team and reinforcing the existing structure with an extensive hiring plan. Under Charme ownership, OCS grew, implemented a new vision and strategy, expanded internationally, and set ambitious targets in terms of innovation and product development. With Apax we will take a further leap forward. The Apax Funds’ acquisition of OCS and the combination with Finwave marks the beginning of another exciting chapter in our history of supporting Italian financial institutions with their technology needs. As one of the leading software businesses in Europe focused on the retail financial market, this transaction will allow us to continue delivering innovative solutions, as we have done for the past four decades, while empowering us to expand our offering and presence across Europe. Apax, like ourselves, are tech experts with a deep understanding of the power of digital, and I am excited to embark on this journey”.

Willy Burkhardt, CEO of Finwave, said: “This is a great milestone for Finwave. The Apax funds’ strategic plan is to acquire and integrate leading players in the market to create innovative solutions for credit management and capital markets. OCS and Finwave are the leading players in Consumer and Corporate Finance Software. Both companies offer premium technology solutions that provide the foundation for strong future growth. We are starting today with €100 million in revenues and almost 1,000 people highly skilled in financial market software, and we are well positioned to grow in Italy and in Europe.”

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For over 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax.

Please visit www.apax.com

 

About OCS

Based in Milan, Brescia, Turin, Madrid and Mexico City, OCS is a leading digital partner and software provider in the banking and financial sector. Since 1984, the company has supported the evolution of the market. Today, with a solid experience and deep knowledge of the different processes, OCS works alongside its customers to guide them through the LendTech revolution, redesigning with them the ‘consumer finance’ models thanks to the most advanced modular digital solutions. OCS offers the opportunity to establish stronger relationships with end customers, taking advantage of the introduction of new processes and technologies. In addition to the know-how and the development and integration capabilities, OCS combines expertise and consultancy in compliance with current European regulations and standards.

Please visit www.ocsnet.it/en

 

About Finwave

Finwave represents the evolution and synthesis of the skills and experiences of the prestigious companies Arcares, Liscor, Finance Evolution and CSTTech. This merger has created a unique and dynamic entity, with a turnover of almost 50 million euros, positioning as the primary company in Italy for credit management software and other specific needs of the banking world. Finwave stands out for the ability to meet the needs of all players in the financial market, offering end-to-end platforms and distinctive expertise in several key areas from Factoring to Lending, from Consumer Credit to UTP/NPL, from Bank applications to Wealth Management, from Security Services to Fund management, up to Compliance. Finwave works end-to-end, developing complete application and infrastructure solutions and working with the best technology partners in the market to build an integrated ecosystem which grows and evolves with customers business goals. Finwave knows the specific processes of each industry, and is able to optimize them covering every step, from onboarding and operations right through to regulatory reporting.

Please visit www.finwave.it/en

GLOBAL MEDIA CONTACT

Katarina Sallerfors

t: +44 20 7872 6300

Luke Charalambous

t: +44 20 7872 6300

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Fortino Capital closes 2nd Private Equity fund at €377M

Fortino Capital

Antwerp/Amsterdam/Munich, December 8th, 2023 – Fortino Capital, a European B2B software venture capital and growth equity firm, announces the final closing of its 4th investment fund. Fortino Capital PE II is a €377 million fund dedicated to ambitious B2B software founders across Europe.

To date Fortino has raised across 4 funds, a total of over 800M Euros. It closed its first VC fund in 2016 at 80M, followed by PE I at 242M in 2017 and VC II at 105M in 2021. Fortino Capital has invested in 53 businesses in the past 10 years and has realized 22 exits.

Fortino Capital’s new PE II fund has made 4 investments in software companies including Van Roey (BE), Speak Up (NL), Symbio (DE) and Addactis (FR/BE) and has already realized one early exit. Symbio has recently been acquired by the German software company Celonis. This fund is looking to establish long term partnerships with passionate entrepreneurs who have the ambition to accelerate the scaling of their businesses. In this fund Fortino will typically deploy minimum €10M initial equity tickets in established companies and scale-ups with the following characteristics: B2B SaaS and PaaS applications with a minimum turnover of 5M, being profitable in the core, and headquartered in Europe.

The Software As A Service market is very dynamic, offering lots of opportunity. Multiple forces of change and innovation are at play. As specialists in the domain, Fortino is well equipped to underwrite valuations with insight and bring the operating support to accelerate growth.

Fortino Capital aims to make a positive contribution by leveraging its international network, C-level and entrepreneurial experience and by sharing best practices amongst its portfolio of B2B SaaS companies. It also grants access to its own talent acquisition resources that help its portfolio attract the right talent.

Duco Sickinghe, Executive Chairman of Fortino Capital: “We are pleased to announce at the occasion of our 10th anniversary, that we have successfully closed our second PE fund. We are grateful for the trust and support of so many loyal investors that have extended their commitment to Fortino and we are warmly welcoming our new Belgian, Dutch and German investors.”

Duco Sickinghe, Fortino Capital

Renaat Berckmoes, CEO of Fortino Capital: “This fund will allow us to accompany more founders and management teams on their quest for growth and building better companies. We are targeting investing in at least 15 B2B software platforms across Europe. We have a well filled pipeline and expect to be able announcing some further investments early next year.”

Fortino partner, Renaat Berckmoes

About Fortino Capital

Fortino Capital is a European investment company with a focus on high-growth B2B software solutions managing two private equity growth funds and two venture capital funds. With offices in Belgium, the Netherlands and Germany, Fortino backs exceptional and ambitious entrepreneurs in Europe. Fortino Capital’s private equity growth portfolio includes VanRoey (BE), BizzMine (BE) MobileXpense (BE), Efficy CRM (BE), Tenzinger (NE), SpeakUp (NE), Cenosco (NE), Maxxton (NE), Stardekk (BE) and Bonitasoft (FR). Fortino’s Venture Capital portfolio includes Vaultspeed (BE), Vertuoza (BE), TechWolf (BE), Zaion (FR), Salonkee (LUX), Sides (DE), GetVisibility (IE), Billy Grace (NE), BuyBay (NE), D2X (NE), Peers (DE) and Kosli (NO) among others.

Fortino Capital Partners
T. +32 2 669 10 50
contact@fortinocapital.com

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Sogelink’s Next Growth Chapter backed by Partnership between CVC Capital Partners and Keensight Capital

CVC Capital Partners

CVC Capital Partners (“CVC”), a global private markets manager focused on private equity, secondaries and credit and Keensight Capital (“Keensight”), one of the leading private equity managers dedicated to pan-European Growth Buyout1 investments, are pleased to announce they have entered into an  exclusivity agreement to invest2 together  in Sogelink (“the Company”), a leading European provider of software solutions for infrastructure, construction, and property management professionals.

Founded in 2000 and headquartered in Lyon, Sogelink is a software, cloud and mobile solutions provider and has driven the digitalization of its ecosystem over two decades. The Company responds to mission-critical needs of all stakeholders across the value chain by addressing specific industry pain points, delivering tangible value. Sogelink’s comprehensive software offering digitizes each step of the construction process: infrastructure design, pre-build checks, construction management, and post-build risk. Employing over 600 people across six countries, the Company generates more than €120m of revenues and €50m of EBITDA, serves over 18,000 blue chip clients and 220,000 users, and is extremely well-placed to further strengthen its position as a leader of the Construction Tech market in Europe.

Since Keensight’s majority investment in 2019 alongside Naxicap Partners, the Company has reinforced its position in the Construction Tech space through sustained innovation, continuous product development, and geographic expansion. Its position as a pan-European champion has translated into a path of robust double-digit revenue growth. In addition to its strong organic performance, the Company also continued its European consolidation efforts through, amongst others, the acquisition of Locatiqs, Geodesial, and Focus Software.

Fatima Berral, CEO of Sogelink, says, “After four years of productive and successful partnership with Keensight Capital, that made Sogelink an undisputed European leader in the Construction Tech industry, I am delighted to open a new chapter in the group’s development with a partnership between CVC and Keensight, whose capabilities will surely reinforce our growth ambition.”

John Clark and Jean-Christophe Germani, Managing Partners at CVC, comment: “We have been tracking Sogelink closely for several years and have been very impressed with its capabilities and business model. The Company’s leading position and pan-European reach set it up well for further organic and non-organic growth and we look forward to working closely with Fatima and her high quality team, as well as Keensight, to accelerate Sogelink’s growth, while continuing to focus on delivering best-in-class solutions to its existing valued client base.”

Quotes

The Company’s leading position and pan-European reach set it up well for further organic and non-organic growth and we look forward to working closely with Fatima and her high quality team, as well as Keensight, to accelerate Sogelink’s growth.

John Clark and Jean-Christophe GermaniManaging Partners at CVC

Jean-Michel Beghin, Managing Partner of Keensight Capital, and Arjan Hannink, Partner, add: “We are delighted to announce our continued partnership with Sogelink through this strategic re-investment. Over the past four years, our collaboration, particularly with the dynamic leadership of Fatima and the rest of the management team, has been pivotal in driving the Company’s international expansion and enlarging its offering. As we embark on this next phase of growth, we are excited to join forces with CVC and we look toward this renewed partnership with Management to drive forward the Company’s success in the coming years.”

1Growth Buyout: investment in profitable, private companies experiencing strong growth, in minority or majority positions, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs, in order to finance organic growth projects, acquisition strategies or provide historic shareholders with liquidity.

2Subject to regulatory clearances and employees representative bodies opinion.

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Solidity and continued profitability in the German software market

Main Capital Partners

German software companies remain profitable and have grown in the past year. Further evidence to these trends was demonstrated during the 2nd edition of the Main Software 50 Germany ranking.

German software companies remain profitable and have grown in the past year. Further evidence to these trends was demonstrated during the 2nd edition of the Main Software 50 Germany ranking. The ranking gives acclaim to the most outstanding software companies in the industry that drive the digitalization of the German economy. This year’s top three winners are Anny GmbH, Brain-SCC GmbH, and Cleversoft Group.

The Main Software 50 is the leading ranking of the most successful, privately held software companies in Germany. Since 2012, software companies in the Netherlands register for the Main Software 50 each year. Now returning for the second time, the ranking has extended to the German software market. The event is an initiation of software investor Main Capital Partners to highlight the importance of the often under-reported economic and societal impact of the enterprise software sector. Main indexes hundreds of companies that sign up each year based on seven objective business metrics: revenue, revenue growth, profitability, cloud/SaaS services revenue, recurring revenue, international revenue and revenue from partner channels. The results are verified by independent research institute Fraunhofer ISI.

Sven van Berge Henegouwen, Partner and Head of the DACH office, mentions: “With the Main Software 50 we aim to applaud and recognize achievements in the German software industry. It’s a source of pride for us to extend the ranking to Germany for the second time, underscoring our commitment to showcasing and celebrating excellence in this dynamic sector.”
Key statistics of the Main Software 50 Germany 2023

The key statistics of the Main Software 50 Germany edition 2023 once more shows solidity in the profile of German software companies. The 2021 and 2022 financial data show that the top 50 software companies have grown. The total growth has increased from 23% last year to 28% in 2023 and the average contribution of SaaS (software as a service; software solutions delivered via subscription models) to the revenue of the top-50 players on the list remained the stable (66% in 2022). Alongside, the revenue per FTE has increased from 109.000 in 2022 to 120.000 in 2023. These numbers demonstrate the robustness of software companies’ business models and the predictability of their revenue streams. Software companies build more resilience to market dynamics such as rising inflation, while companies that work a lot on project basis experience significantly more impact when the market conditions deteriorate. The expected growth for the coming two years has however decreased significantly due to the challenges in the German market.

The winners of the Main Software 50 Germany Awards
Five awards were presented at the award ceremony: the Overall Champions Awards for the top three, the Highest Growth Award for the company (with more than 1 million euros in revenue) that managed to achieve the highest revenue growth in 2023 and the Cloud Champion Award for the company that with the highest revenue from cloud-based activities.

This year integrated risk management software company, Cleversoft Group, a former portfolio company of Main, managed to secure third place. Cleversoft was last years’ winner of the Overall Champion’s Awards and thus manages to remain in the top 3. Digital administration software company, Brain-SCC GmbH, climbed straight to 2nd place in the ranking. This year’s No. 1, is rewarded to Anny GmbH, a booking workflow automation and resource management software supplier, founded in 2020 and based in Köln, Germany. In addition to familiar faces, there were also numerous new entrants who signed up for this year’s leading ranking. Circula GmbH, a software company for Travel Expense Management walked away with the Cloud Champion award. Lastly, the Overall Champion, Anny GmbH, also took home the prize for the Highest Growth Award. Anny GmbH achieved a revenue growth of 780% and more than doubled in number of FTE’s in 2022.

“Main Software 50 recognizes the success of the German software industry, which continues to demonstrate its innovative capabilities and profitability. The companies that made the list are a testament to the strength of the German software industry and to its contribution to the economy. The list also serves as a benchmark for other companies in the industry, showing them how to improve and develop their company further.” van Berge Henegouwen concluded.

With the Main Software 50 we aim to applaud and recognize achievements in the German software industry

– Sven van Berge Henegouwen, Partner & Head of DACH at Main Capital Partners.

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