EuroPE Pulse - Weekly #6, 03/04
Dr. Clément MENGUE, Ph.D.
Global Strategy, Transactions & Research in TECH | CDD, TDD, Digital DD | Transformation & Growth | PE, VC & M&A Advisor | Investor
Prepare for a dive deep into the heart of innovation and strategic shifts defining our markets. This week’s highlights reel spans from big-ticket Private Equity maneuvers to the boundless terrains of tech M&A, not forgetting the pulsating VC scene. Here’s your exclusive ringside view to the financial choreography and tech symphony!
?? Private Equity Titans Making Waves
Springer’s Spectacular Spin: BC Partners plays its hand beautifully, setting the Springer Nature IPO back in play, baiting the market with a whopping €9bn valuation. A testament to the burgeoning confidence in public listings and an ace move for academic publishing.
Nordic Capital’s Smart Bet: Joining forces with Activeviam’s founders, Nordic Capital is doubling down on digitizing finance. Their majority stake acquisition is not just an investment; it’s a beacon for fintech evolution and marks a decisive move within specialized financial analytics.
Avenga’s New Haven: KKCG's acquisition of Avenga from Oaktree and Cornerstone is more than just a transaction; it's the redefinition of software engineering’s role in Europe’s innovation landscape.
Verdane's Tech Portfolio Expansion: Verdane’s strategic acquisition from VNV Global is a playbook on how to nurture high-growth tech firms. This move is not merely about ownership stakes; it’s about fueling the digital economy's backbone.
EQT’s Record-Breaking Fund: With €22 billion raised amid fundraising headwinds, EQT is setting the stage for what’s next in PE’s chapter. A signal loud and clear - the appetite for large-scale, transformative deals is far from satiated.
?? Insider Insights & Tech M&A Tidbits
Broadcom & VMware’s EUC Business Dance with KKR: A deal close to $3.8bn signals major realignments in the tech landscape. KKR’s audacious move highlights the strategic value locked within tech conglomerates waiting to be unleashed.
Total Specific Solutions DACH’s Strategic Acquisition – The German software company SoftSystem Software Systeme Dunkel GmbH, a leading provider of ERP solutions for building cleaners, now falls under Total Specific Solutions DACH’s expanding portfolio. This acquisition notches the 13th company to join TSS DACH, signifying a focused expansion into dedicated industry solutions within Europe.
Accenture Song Amplifies Commerce Capabilities – The acquisition of Mindcurv by Accenture Song marks a formidable expansion into composable commerce, leveraging Mindcurv’s prowess in digital experience services. This strategic move illustrates the increasing value placed on adaptable and scalable e-commerce solutions in transforming business operations across pivotal sectors.
?? Growth Tech & VC Spotlight
Elon Musk vs. OpenAI: A legal skirmish that’s more than mere litigation; it’s about shaping the destiny of Artificial General Intelligence. Musk’s move is a chess game in the tech titan realm with implications far beyond the courtroom.
AI’s Dichotomy in PE: Bain Capital’s stance on AI investments as "too speculative" draws a tangible line between hype and sustainable growth. A cautionary beacon for the feverish rush towards AI, urging a focus on proven, scalable ventures.
?? What’s Ringing Next Next week, cast your gaze on pivotal earnings reports and keep your radars tuned to evolving tech M&A narratives. Expect movements that might not just sway markets but could redefine sectors.
We thrive on dialogue. Share your perspectives, queries, or even a scoop. Your insights champion our collective wisdom and market agility. Stay curious. Stay informed.
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Best, Clément
Global Strategy & PE Advisory
Cell: +49 151 25 840 898 Email: [email protected]
LARGE CAP PRIVATE EQUITY
Mar 1 | Private Equity Wire
Private equity firm BC Partners has revived plans to list German academic publisher Springer Nature at a valuation of up to €9bn, including debt, amid improving sentiment for initial public offerings, according to a report by Reuters.
Companies: BC Partners LLP
Feb 29 | Global Fintech Series
The investment is made in partnership with ActiveViam’s founders and management to support and accelerate continued high-growth and expansion Nordic Capital, a leading investor in banking software, will leverage its long-standing expertise and experience from accelerating digitization of the financial services industry The aim is to realize ActiveViam’s potential... The post Nordic Capital Makes Majority Investment in Activeviam, Provider of Advanced Analytics for Financial Institutions appeared first on GlobalFinTechSeries.
Companies: Nordic Capital AB
Feb 28 | Avenga
Discover the latest news as KKCG completes the acquisition of Avenga from Oaktree and Cornerstone. KKCG, a leading European investment and innovation group, announces the successful completion of its acquisition of Avenga, an end-to-end software engineering and consulting platform, previously owned by funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and funds managed by Cornerstone Investment Management, L.P. (“Cornerstone”).
Companies: Avenga Germany GmbH
Feb 24 | Verdane
Verdane, the European specialist growth investor, has acquired ownership stakes in a portfolio of four technology companies from VNV Global, a publicly listed investment firm in Sweden. The transaction sees Verdane invest in four high-growth European technology companies that both digitalise the economy and encourage more efficient use of resources.
Companies: Verdane Capital Advisors AS
Feb 26 | Private Equity Wire
Global buyout major KKR is closing in on a deal to acquire Broadcom’s VMware end user compute (EUC) business for around $3.8bn, following Broadcom's $69bn purchase of VMWare last year, according to a report from Reuters.
Companies: Broadcom Inc, Dell EMC, VMware Inc
Feb 27 | BNN Bloomberg
EQT AB has raised €22 billion ($24 billion) for its largest-ever private equity fund, overcoming a difficult fundraising market.
Companies: EQT Partners AB
Feb 23 | PYMNTS.com
Bain Capital’s tech fund reportedly stands out from others by not rushing to back the latest artificial intelligence (AI) startups. Darren Abrahamson, a partner on the Bain Capital Tech Opportunities team, told Bloomberg in a report posted Thursday (Feb. 22) that the fund’s focus lies in supporting later-stage companies that are looking to scale and grow [...] The post Bain Capital Tech Fund Says AI Investments Too Speculative appeared first on PYMNTS.com .
Companies: Bain Capital LP
Feb 26 | Verdane
Verdane Edda III has closed significantly past its target at €1.1 billion, doubling its predecessor fund Edda II. This is the firm’s second successful fund close in six months, following the announcement of Verdane Freya XI at €1.1 billion in September 2023. Verdane’s proven platform has attracted an increasingly global LP base, with US investors comprising 25% of Edda III commitments.
Companies: Verdane Capital Advisors AS
Mar 2 | Caproasia Online
Sweden Fintech Klarna Plans for United States IPO at $20 Billion Valuation, Founded in 2005 with Key Investors Including Sequoia Capital, Silver Lake, Bestseller Group, Dragoneer, Permira, Visa, Ant Group & Atomico 3rd March 2024 | Hong Kong Sweden fintech Klarna is planning for a United States IPO at $20 billion valuation. Klarna was founded [...] The post Sweden Fintech Klarna Plans for United States IPO at $20 Billion Valuation, Founded in 2005 with Key Investors Including Sequoia Capital, Silver Lake, Bestseller Group, Dragoneer, Permira, Visa, Ant Group & Atomico first appeared on Caproasia.
Companies: Alibaba Group Holding Ltd, Ant Group Co Ltd, Permira, Sequoia Capital Operations LLC, Visa Inc
Feb 27 | Private Equity Wire
Feb 2024 | While disruptive tech debates have explored all manner of potential applications – from the mundane to the very far-fetched – many have centred around the fact that AI’s reliability and customisability challenges will take time to iron out. This report explores the dichotomy of private equity’s interaction with AI – how it remains in the pilot and experimentation phase, while also driving changes in firms’ approach to deals, investments and portfolio value creation.
MIDDLE MARKET PRIVATE EQUITY
Feb 29 | Invest Europe
In the fast-paced arena of private equity, Europe’s Mid-Market has emerged as the unsung hero. Over the last 15 years, this segment has become a beacon of success for investors and a catalyst for growth in the European economy. Financially overperforming. Invest Europe’s research paints a compelling picture of the Mid-Market's financial performance.
Feb 28 | Primepulse
The investment firms GENUI and PRIMEPULSE have signed an agreement to sell their stakes in mindcurv to Accenture Song.
Companies: Accenture PLC, Mindcurv GmbH, Primepulse SE
Feb 28 | Finance Magazin
Der Private-Equity-Investor Capvis schlie?t sein Büro in Frankfurt und will sein Team künftig in der Schweiz konzentrieren. Grund sei eine neue Investitionsstrategie – die mit weniger Personal auskommen soll.
Feb 26 | Connecting Africa
Digital infrastructure firm Equinix is planning to invest US$390 million in Africa over the next five years to build data centers.
Companies: Equinix Inc, MainOne Cable Co Ltd
Mar 1 | plusserver
plusserver baut sein Partnernetzwerk aus und sichert sich mit Fujitsu einen weiteren bedeutenden Player in seinem strategischen ?kosystem.
Companies: PlusServer GmbH
Mar 1 | Valantic
In an era where digitalization takes center stage, HG Commerciale (HGC) – in collaboration with valantic – has set new standards. Their vision was clear: to create an innovative rental platform that caters to HGC’s rental service requirements and customer needs. Together with valantic, they have developed a platform that is not only robust and efficient but also lays the foundation for future expansion.
Companies: Commerciale Wepler, Valantic GmbH
Feb 28 | Plasteurope.com
The investment includes a project to build a new recycling line for polyAI in Sweden and is supported jointly with Axjo Plastic (Gislaved, Sweden; www.axjoplastic.com ) by up to EUR 24 mn of funds. A feasibility study for this project has already started, Tetra Pak said. The plant will have a capacity of 10,000 t/y to recycle polyAI, with volumes sourced from Sweden, Denmark, and Norway, the company added.
Companies: PolyAI Ltd, Tetra Pak, Inc.
Mar 1 | IG&H
What can Germany and the Netherlands learn from each other?
Companies: IG&H Holding BV
Mar 3 | MarketWatch
February jobs data and the final stretch of fourth-quarter earnings season will keep investors busy this week. On Friday, the Bureau of Labor Statistics will report February employment figures. Economists’ average estimate is for a gain of 200,000 nonfarm payrolls and a steady unemployment rate at 3.7%.
Companies: Broadcom Inc, Brown-Forman Corp, Costco Wholesale Corp, Target Corp
Mar 1 | TMF Group
When entering into a carve-out deal, there’s an expectation that the seller will continue to provide certain services to support the buyer while it establishes operations. Often the parties enter into what is known as a Transition Services Agreement (TSA) that governs the temporary provision of services to the new company.
Companies: TMF Group BV
TECH M&A & INVESTMENT
Feb 28 | Total Specific Solutions
The German software company SoftSystem Software Systeme Dunkel GmbH (“DIGRAS”), owner of the DIGRAS solution, software for building cleaners, has joined TSS DACH (“TSS”). With this acquisition, TSS now has a dedicated solution for building cleaners. This is the 13th company to join TSS DACH. DIGRAS has a complete ERP for building cleaners, from quotation preparation to payroll recording and post-calculation;
Companies: Constellation Software Inc, Topicus.com Inc, Total Specific Solutions (TSS) BV
Feb 28 | Business Wire
Founded in 2011, Mindcurv is one of the leading German companies providing end-to-end digital experience services solving complex challenges in the core business of leading European clients across several industries, including manufacturing, retail, consumer good, life sciences and chemicals. As a certified member of the MACH Alliance, Mindcurv helps businesses design and implement innovative scalable digital experience platforms, with operations in several countries enabling it to deliver...
Feb 23 | Bechtle
Bechtle akquiriert mit der iDoo Tech S.L. einen zertifizierten Reseller von Apple Produkten im B2B-Umfeld in Spanien. Neben dem Hauptsitz in Saragossa ist das Unternehmen mit Niederlassungen in Madrid und Barcelona vertreten.
Companies: Apple Inc, Bechtle AG
Feb 27 | Canadian Business Journal
Volaris Group, a global leader in vertical market software, today proudly announced its acquisition of Zeit AG, a provider of workforce management solutions catering to the needs of complex European organizations. Zeit’s technology helps customers address time tracking for employees and projects, workforce and shift planning, and attendance [...]
领英推荐
Companies: Constellation Software Inc, Volaris Group Inc
Feb 25 | The Business Times (Singapore)
KKR & Co is nearing a deal worth about US$4 billion to buy a software business from Broadcom, according to people with knowledge of the matter. The acquisition could be announced as soon as Monday (Feb 26), said the people, who asked not to be identified because the details have not been made public.
Companies: Broadcom Inc, Kohlberg Kravis Roberts & Co
Feb 25 | Handelsblatt
KKR soll sich demnach in der Auktion für die End-User-Computing-Einheit gegen Mitbewerber durchgesetzt haben. Schon am Montag k?nnte die übernahme bekanntgegeben werden.
Companies: Broadcom Inc
Feb 23 | Getronics
In her new roler, Mleczak will lead Getronics' commercial efforts, driving business growth and strengthening customer relationships in an ever-evolving technological landscape. The post Getronics Appoints Elisabete Mleczak as Chief Commercial Officer appeared first on Getronics.
Companies: Getronics NV
Feb 23 | BNN Bloomberg
Nasdaq-listed Equinix Inc. will invest $390 million in Africa over the next five years building data centers and expanding current operations in South Africa and the west of the continent.
Companies: Equinix Inc, US Bancorp
Feb 21 | Silicon Semiconductor
Siemens AG has acquired Inspekto GmbH, a startup in the field of high-performance visual inspection and part of the portfolio of venture capitalist D11Z. Ventures (formerly Zukunftsfonds Heilbronn). This transaction marks a significant step in the development of Inspekto. Thomas Villinger, Managing Director of D11Z.
Companies: Siemens AG
Feb 21 | Research Live
Professional services firm Accenture has agreed to acquire customer experience analytics company GemSeek. Founded in 2011 and headquartered in Sofia, Bulgaria, GemSeek specialises in advanced analytics and customer experience programme management. The company was formerly part of Future Thinking Group.
Companies: Accenture PLC
GROWTH TECH & VC SPOTLIGHT?
Mar 1 | Y Combinator
A. The Risk Of Artificial General Intelligence 15. Over the course of the 20th century, the United States gradually shifted from a primarily human labor-based economy to a primarily human knowledge-based economy, with economic value increasingly created primarily by human intelligence. As the century progressed, another paradigm shift was already underway: value creation through artificial intelligence (AI).
Companies: Alphabet Inc, DeepMind Technologies Ltd, Google LLC, Irell & Manella LLP, Microsoft Corp, OpenAI LLC
Feb 28 | Y Combinator
Cash-for-Azure-access deal went through just as latest LLM landed. The European Commission is investigating Microsoft's €15 million ($16.3 million) investment in French startup Mistral, which came just after the latter released a large language model to compete with OpenAI's ChatGPT. Founded in 2023 by researchers from Google DeepMind and Meta, Mistral has raised over €385 million ($417.1 million) from investors such as Andreessen Horowitz and Lightspeed.
Companies: Alphabet Inc, DeepMind Technologies Ltd, Microsoft Corp, OpenAI LLC
Feb 29 | Klarna
Klarna, the AI-powered payments network and shopping assistant, today announced financial results for the full year, 2023. The company booked its biggest ever year in terms of GMV, while at the same time improving adjusted operating result by 95% over the year. Sebastian Siemiatkowski, CEO of Klarna said, “2023 was a year of firsts for Klarna.
Companies: Klarna Bank AB (publ)
Feb 27 | Dark Reading
Attackers have compromised more than 8,000 subdomains from well-known brands and institutions to mount a sprawling phishing campaign that sends malicious emails numbering in the millions each day. MSN, VMware, McAfee, The Economist, Cornell University, CBS, Marvel, and eBay are among the entities caught up in "SubdoMailing" — named by researchers from Guardio Labs who discovered the campaign, which is at the heart of a larger cybercriminal undertaking and undermines the trust and credibility of...
Companies: Dell EMC, eBay Inc, VMware Inc
Feb 27 | High-Tech Gründerfonds
Altium and Valispace are joining forces to accelerate the execution of a shared vision for empowering engineers. HTGF was the first institutional investor and led the seed round in 2018 and has closely supported Valispace throughout all phases of their growth journey. As part of the deal HTGF will sell its shares. Louise Lindblad, co-founder of Valispace: “We’re now excited to, together with Altium, continue our mission of empowering engineers to build great products,
Companies: High Tech Gruenderfonds Management GmbH
Feb 27 | Coparion
Plan A, a carbon accounting and ESG (environmental, social, and governance) reporting platform for corporations, has raised $27 million in a Series A round of funding led by U.S. VC giant Lightspeed Venture partners. Technically the funding is an extension of a $10 million Series A round it announced nearly two years ago, meaning for all intents and purposes this is the closing of a $37 million Series A round, taking its total raised to $42 million across its six year history.
Feb 27 | Coparion
Lanes & Planes, a leading SaaS provider specializing in B2B solutions for corporate travel in Europe, announced a Series B investment of €33.2 million led by U.S. based investor Smash Capital. Existing investors Battery Ventures, coparion, DN Capital and All Iron also participated in the round. The investment will fuel Lanes & Planes’ growth and expansion efforts during a time of rapidly increasing business travel.
Feb 26 | Allen & Overy
At this point, it is self-evident that companies are grappling with an ever-evolving (think: tougher) cyber risk terrain. However, two recent cases against companies and their Chief Information...
Companies: SolarWinds Corp
Feb 26 | 500 Global
Yahoo Finance's Jared Blikre and Zack Guzman spoke with 500 Global Founding Partner and CEO Christine Tsai about the growth her firm has seen in the venture capital sector and unicorn startups. Video Transcript. ZACK GUZMAN: Well, as we've been discussing, a bevy of IPOs coming out from the private world, Rivian the latest one that we've been discussing today.
Companies: Apollo Global Management Inc, Yahoo Inc
Feb 26 | 500 Global
When it launched in Southeast Asia in 2014, the early stage venture capital company 500 Startups called its investment program “500 Durians,” after the pungent fruit, “precisely because it really was an acquired taste,” managing partner Vishal Harnal told Rest of World. “It was for a few rare connoisseurs that were looking at getting access to this market called ‘Southeast Asia.’
Companies: Astellas Pharma Inc, Carsome Sdn Bhd
INSIDER SCOOP & MARKET BUZZ
Mar 1 | Mergermarket
LTE Charts of the Week showcase the power of Mergermarket’s Likely to Exit (LTE) predictive analytics engine. Find more financial sponsor exit opportunities by activating a two-week trial to Mergermarket or log in if you are a subscriber. Carlyle’s exit from UK-based video game developer and publisher Jagex to CVC Capital Partners and Haveli Investments for a reported GBP 900m (USD 1.1bn) is one of the largest financial sponsor exits of the year so far.
Mar 1 | Mergermarket
Advent International-backed Ultra Electronics is exploring a sale of its signature management and power business, said five sources familiar with the matter. Lazard is advising on the potential divest, four of the sources said. The business generates around USD 50m in EBITDA, these sources noted. Books have not yet been distributed to prospective buyers, they added.
Feb 29 | Bloomberg
Companies: Microsoft Corp
Feb 29 | Heise Online
Der Schweizer Telco Swisscom steht in übernahmeverhandlungen mit Vodafone Italia, best?tigte das Unternehmen jetzt.
Companies: Swisscom AG, Vodafone Group PLC
Feb 28 | Bloomberg Law
US private equity firm is seeking to hire financial advisers. Other buyout firms and industry players have shown interest KKR & Co. is exploring options including selling its controlling stake in India’s JB Chemicals & Pharmaceuticals Ltd. amid interest from potential buyers, according to people familiar with the matter.
Companies: Kohlberg Kravis Roberts & Co
Feb 27 | Bloomberg Law
Societe Generale SA is in advanced talks with French financial group BPCE SA over the sale of its equipment-finance unit, known as SGEF, according to people familiar with the matter.
Companies: BPCE S.A., Societe Generale SA
Feb 27 | MarketWatch
Raymond James Financial has cash to spend and it is actively pursuing potential acquisitions, but any deal announcement could still be a long way off, CFO Paul Shoukry said Tuesday. Shoukry, who spoke Tuesday at UBS’ Financial Services Conference in Key Biscayne, Fla., said the wealth management company had hired a new head of corporate development and was “in the flow” with investment bankers.
Companies: Raymond James Financial Inc
Feb 26 | S&P Global/Market Intelligence
CVC plans Sogelink investment; Verlinvest aims to unload Sula Vineyards stake S&P Global Market Intelligence presents In Play Today, a periodic summary of potential private equity deal activity, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.
Feb 25 | 24/7 Wall St
Last year, Steve Schwarzman of Blackstone Inc. (NYSE: BX) made $897 million. He is already among the richest people in America, with a net worth of $42 billion. He and another investment banker and former United States Secretary of Commerce, Peter Peterson, started the company with about $400,000 in 1985. At one tech company, management [...] The post Blackstone CEO Made $897 Million. appeared first on 24/7 Wall St..
Feb 23 | Reuters
Italian energy group ENI is considering either a Milan listing for its sustainable mobility unit Enilive or selling a minority share to a specialised fund ahead of a subsequent floating, daily Corriere della Sera reported on Friday.
Companies: ENI S.p.A.
EPAM SPOTLIGHT?
Feb 23 | Financial Express
India is now the second-largest delivery centre for EPAM Systems, a US-based engineering service firm. The company has added 2,701 employees in the last two years, taking the total headcount to 7,050 at the end of December 31, 2023. In 2021, India was the fourth-largest delivery centre for EPAM with more than 4,000 employees.
Companies: EPAM Systems Inc
Feb 27 | Fintech Hong Kong
The 2024 Consumer Banking Report by EPAM provides an insightful exploration into the dynamics of Hong Kong’s banking sector, highlighting the factors that influence consumer decisions, their shifting preferences, and how technology is forging the future of banking.
Companies: EPAM Systems Inc
Feb 23 | Fintech News Singapore
2023 was no exception, marked by highly publicised bank failures, rising interest rates, and various global economic challenges. Amidst these upheavals, one constant emerged: People remain content with their banks. In the fourth iteration of the EPAM 2024 Singapore Consumer Banking Report, 9,000 retail banking consumers across nine countries were surveyed, revealing consistent satisfaction across different demographics.
Companies: EPAM Systems Inc
Board Director & Trusted Advisor , CEO, Business Owner, Chair, CFO, AI Consultant, Cyber, Digital Solutions, Board Strategic Planning Facilitation | M&A 100+ Deals, $400M+ Capital Raised
8 个月Exciting times ahead in the world of private equity and tech investing! ?? Let's see how these strategic moves shape the industry.