Private equity firms play a crucial role in funding and supporting the growth of companies across industries, including Information Technology and tech-enabled services. In this blog post, we will explore the top European private equity firms with the largest dry powder and strong focus on investing in tech companies across Europe.
We will provide an overview of each firm’s investment strategy, their dry powder, and their successful investments and exits, primarily in the tech sector, based on Pitchbook data available until April 2023. The following firms have the capability to offer capital and strategic support that are essential for companies wanting to achieve significant growth.
Top 10 European PE firms by dry powder available
10. AlpInvest Partners
Dry Powder: 8.84 billion EUR
HQ: Amsterdam, The Netherlands
Web: https://www.alpinvest.com/
AlpInvest Partners is a highly experienced global private equity firm with a substantial dry powder of 8.84 billion euros, managing an impressive 59 open funds and overseeing assets under management exceeding 60 billion euros. Renowned for its track record of over 1,000 successful investments and a dynamic portfolio of 49 companies, AlpInvest has established a sterling reputation for its acumen in recognizing and allocating capital to cutting-edge enterprises across diverse sectors.
AlpInvest has made astute investments in an array of companies, exemplified by its acquisition of Profi Rom Food, a leading European retail chain based in Romania, in February 2017 for 575 million euros through a co-investment, buyout deal. Additionally, AlpInvest has demonstrated its prowess in the telecommunications sector through its strategic investment of 202 million euros in Euskaltel, a Spanish telecommunications company, in October 2012 as part of a co-investment growth deal. Notably, AlpInvest has played a pivotal role in fostering the remarkable growth of Euskaltel during its ownership tenure, culminating in a successful exit in August 2021 for a substantial 2 billion euros, delivering impressive returns to its investors. Apart from Euskaltel and Profi Rom Food, AlpInvest’s investment history boasts a roster of well-known companies, including Cushman & Wakefield and Avaya.
With a legacy of more than 250 successful exits, AlpInvest has firmly established itself as a trusted partner for generating significant returns through strategic investments and value creation. The firm remains steadfast in its commitment to fostering the growth and development of its portfolio companies and has a proven track record of successful collaborations with visionary leaders in the business world.
9. Bridgepoint Advisers
Dry Powder: 9.99 billion EUR
HQ: London, UK
Web: https://www.bridgepoint.eu/
Bridgepoint Advisers, a leading private equity entity, has a robust collection of 14 investment funds and oversees an astonishing 40 billion euros in managed assets. Acclaimed for its exceptional talent in discerning and investing in revolutionary companies across a wide range of industries, including the field of information technology, the firm boasts a remarkable history of achievements with more than 600 prosperous investments and a dynamic portfolio of 70 active companies. Armed with a substantial reserve of 9.99 billion euros as dry powder, Bridgepoint Advisers is aptly equipped to seize profitable prospects in the dynamic market landscape. The company primarily invests across four verticals, which are advanced industrials, business and financial services, consumer, and healthcare, with technology as a horizontal connected to everything everywhere.
Among its successful investments, Bridgepoint Advisers acquired Dr Gerard, a Polish food company in October 2013 through an LBO. Additionally, in January 2015, the firm made a successful investment in eFront, a renowned software provider of alternative investment management solutions, with a leveraged buyout worth 430 million euros. During its ownership period, Bridgepoint Advisers demonstrated its expertise in the sector by supporting eFront in achieving substantial growth. In May 2019, the firm successfully exited its investment in eFront for 1.16 billion euros, resulting in significant gains for its investors.
8. Nordic Capital
Dry Powder: 14.08 billion EUR
HQ: Stockholm, Sweden
Web: https://www.nordiccapital.com/
Nordic Capital is a distinguished global private equity firm that boasts a dry powder of 14.08 billion euros, managing 5 open funds and holding assets under management worth 25 billion euros. With over 400 total investments and an active portfolio of nearly 50 companies, Nordic Capital has a history of uncovering and placing investments in pioneering, growth-oriented companies across various industries, including information technology. Furthermore, Nordic Capital is dedicated to investing in companies that proactively address global challenges, contribute to building a prosperous society for all, and promote transformative sustainable change.
One of Nordic Capital’s remarkable investments in the IT sector was back in 2012 when it successfully completed a leveraged buyout (LBO) of Itivity Group, a Dutch software and IT services company, valued at 228 million euros. Over the course of nine years, Nordic Capital played a pivotal role in Itivity Group’s growth journey by facilitating the expansion of its product portfolio, customer base, and market position. The result was an outstanding achievement as Itivity Group was eventually sold for a staggering 2.14 billion euros in May 2021, realizing major profits to Nordic Capital’s investors. Besides Itivity Group, the Swedish private equity firm invested in other influential companies, such as Lindorff Group or Bank Norwegian.
Nordic Capital is renowned for its investment approach, which centers on long-term growth and value creation. The firm has established itself as a trusted partner for visionary company leaders who aspire to expand their businesses. Boasting a track record of over 110 successful exits, Nordic Capital has earned a sterling reputation for generating impressive returns for its discerning investors.
7. Cinven
Dry Powder: 15.35 billion EUR
HQ: London, UK
Web: https://www.cinven.com/
Cinven, a prominent global private equity firm with an impressive dry powder of 15.35 billion euros, manages seven open funds and oversees assets under management worth more than 30 billion euros. With a robust performance record of identifying and investing in progressive, expansion-minded companies across various sectors, including information technology, Cinven has established itself as a leader in the industry. One of the firm’s current funds has been named a Real Deals ‘Future 40 ESG Innovator’ which underscores Cinven’s special focus on making positive economic, social, and governance impacts through their investments.
Cinven’s extraordinary expertise in the tech sector is proved by several notable investments. One of these was the leveraged buyout of CPA Global, a leading intellectual property management company based in the United Kingdom, valued at 1.14 billion euros in 2012. Under Cinven’s guidance, CPA Global experienced major growth over the course of five years, showcasing Cinven’s ability to create value. In 2017, Cinven successfully exited CPA Global for 2.69 billion. It is a great example of the company’s rich history, which includes around 170 successful exits. Due to this fact, the company has a strong reputation for garnering considerable profits for its investors.
6. Intermediate Capital Group
Dry Powder: 22.08 billion EUR
HQ: London, UK
Web: https://www.icgam.com/
Intermediate Capital Group (ICG) is a highly regarded private equity firm that specializes in investment management and corporate finance. With a significant dry powder of 22.08 billion euros at its disposal, the firm expertly manages 34 open funds and boasts an active portfolio of 70 companies and a staggering 70 billion euros in assets under management. The London-based firm is committed to fostering a future workforce that prioritizes diversity as a core value. In ICG’s 2020 graduate programme, an impressive 63% of participants were female, while 37% identified as belonging to an ethnic minority group. Additionally, the firm actively supports young individuals from underserved communities through various initiatives and programs.
ICG has an exemplary history of prosperous investments spanning various industries, including the lucrative IT sector. In September 2017, the firm co-invested a substantial 1.53 billion euros in Norwegian Visma Group, a leading provider of cutting-edge business software and cloud services, in a secondary transaction. This investment underscores ICG’s astute acumen in identifying companies with innovative products and services.
Furthermore, ICG has a rich history of successful exits, with over 300 notable exits to its name, including the profitable exit of Poland-based media and communication service provider Aster City Cable in September 2011. This remarkable expertise emphasizes the firm’s commitment to delivering outstanding returns for its esteemed investors. ICG’s noteworthy investment in Visma Group, combined with its extensive experience and a history of lucrative exits, positions it as a compelling option for companies seeking exceptional growth and expansion opportunities.
5. CVC Capital Partners
Dry Powder: 23.55 billion EUR
HQ: Luxembourg, Luxembourg
Web: https://www.cvc.com/
Renowned for its exceptional reputation and formidable prowess, CVC Capital Partners stands as a distinguished private equity firm with a noteworthy dry powder of 23.55 billion euros dispersed among its seven active funds. The company prides themselves on integrating ESG within their operations and investment processes. With the aim of producing sustainable value for their portfolio companies and investors, the firm had near 1,000 total investments before, and currently manages over 150 thriving organizations that collectively amass a mammoth 137 billion euros in assets under management.
The firm’s unparalleled expertise in the ever-evolving realm of information technology renders it an irresistible choice for visionary leaders in search of investment opportunities. A prime example of CVC Capital Partners’ keen acumen in the IT sector is its strategic investment in Avast Software, a pioneering provider of PC security software based in the Czech Republic, a move made in March 2014. The Luxembourg-based company further proved its commitment to nurturing innovation and fostering growth in the digital industry, by co-investing with Summit Partners in AVG Technologies, a Czech cybersecurity firm, through a public-to-private leveraged buyout (LBO) transaction valued at 1.25 billion euros in September 2016. Both deals showcased the firm’s ability to identify and capitalize on the potential of promising tech companies poised for exponential growth.
Notably, the firm’s track record extends beyond investments, as exemplified by its successful exit from its investment in Formula One in July 2017, a company it had acquired in 2006. This exit marked a triumphant return for CVC Capital Partners and served as a testament to its ability to yield considerable profits for its esteemed investors.
4. Permira
Dry Powder: 25.06 billion EUR
HQ: London, UK
Web: https://www.permira.com/
With over 500 total investments and 75 billion euros in assets under management, Permira is a renowned private equity firm recognized worldwide for its specialized knowledge and proficiency in investing in companies. Permira always looks for the opportunity to partner with disruptive technology, tech-enabled and category-creating organizations led by visionary management teams. Boasting a dry powder of 25.06 billion euros and managing 17 open funds further strengthens Permira’s reputation in the IT industry and makes the company a preferred choice for tech firms on the verge of transactions.
In a public-to-private leveraged buyout (LBO) deal worth 5.47 billion euros, Permira co-invested with Canada Pension Plan in Mimecast, a London-based leading company specializing in email security and cyber resilience. This investment demonstrates Permira’s ability to identify innovative tech firms. Besides its notable impressive investment performance, Permira has a strong history of exits, as the company has done more than 160 such transactions successfully. This expertise spotlights the firm’s commitment to generating significant returns for its investors and many well-known past and present portfolio companies, such as McAfee, Zendesk, or Hugo Boss further solidify Permira’s reputation as a premier option for tech companies in search of an investor.
3. Hg
Dry Powder: 25.28 billion EUR
HQ: London, UK
Web: https://hgcapital.com/
Hg is widely recognized as a distinguished private equity firm with a formidable track record of investing in companies poised for growth. Boasting a substantial war chest of 25.28 billion euros in unallocated capital, the firm adeptly manages a diverse portfolio of 33 open funds. Hg’s dynamic portfolio presently comprises 53 companies, collectively valued at approximately 50 billion euros in assets under management. The London-based private equity firm has a core expertise in funding and supporting businesses operating in the software and technology-enabled sectors, including software-as-a-service (SaaS), cloud computing, cybersecurity, fintech, and healthcare technology.
This deep domain knowledge and experience in the sector is showcased in Hg’s history of transactions. In March 2019, the firm invested in Transporeon, a leading cloud-based logistics platform located in Germany, through a leveraged buyout worth 706 million euros. Hg recently exited its investment in Transporeon for 1.88 billion euros, meaning that the company has now made more than 120 successful exits. Additionally, Hg has made illustrious investments in companies such as The Access Group and Visma Group, both in the IT sector. These achievements exemplify the firm’s ability to identify innovative and growth-oriented companies and provide them with support to realize their potential.
2. EQT
Dry Powder: 31.42 billion EUR
HQ: Stockholm, Sweden
Web: https://eqtgroup.com/
EQT, a premier private equity firm with a global reach, is an excellent choice for tech companies seeking capital to propel their growth. Through 31 open funds the firm has a significant dry powder of 31.42 billion euros, which it uses to fund growth-oriented organizations across various industries. The Stockholm-based company is dedicated to sustainable investment and focuses on making positive environmental, social, and governance (ESG) impacts through their capital deployment. As of now EQT has close to 150 active portfolio companies, amounting to a substantial 114 billion euros in assets under management.
EQT’s investment in foodtech company SNFL Group in March 2022, a co-investment with AM FRESH Group and Paine Schwartz Partners, saw the firm lead a 1.6 billion euros growth round in the Spanish company. Two months later, EQT also made a successful exit from Wolt, a Finnish food delivery startup, after it had acquired the company in 2019. This exit emphasizes EQT’s capacity to enhance the value of its portfolio firms, in addition to its ability to deliver profitable outcomes to its stakeholders. A deep understanding of the IT industry and a proven track record of successful investments and exits means Swedish EQT is a top choice for either a buyout or a growth round.
1. Ardian
Dry Powder: 39.51 billion EUR
HQ: Paris, France
Web: https://www.ardian.com/
Ardian, one of the world’s largest private equity firms, presents a compelling choice for companies pursuing growth. With an impressive dry powder of 39.51 billion euros, the company’s investment strategy is to provide flexible capital to organizations in various industries, including IT. The firm had approximately 1,300 total investments in the past and manages 31 open funds currently. Ardian has a diverse active portfolio of around 200 companies, amounting to a staggering 130 billion euros in assets under management.
Ardian’s investments in Taxually, the Hungarian start-up providing tax reporting solutions and Poznan-based Allegro showcase the firm’s interest in the technology sector – Ardian co-invested in the Polish and European e-commerce market leader’s 3.1 billion euros buyout in January 2017, which is one of the largest transactions in the industry in the CEE region. Ardian has also made notable investments in other tech companies such as TDF Group in France or WorldPay in London.
A successful exit from Vivacom in November 2012 highlights Ardian’s ability to create value and generate substantial returns for their investors. Vivacom, a leading Bulgarian telecom operator, was sold for 1.2 billion euros, which was a significant achievement for the French private equity firm. With their knowledge and capabilities, Ardian is equipped to provide business guidance and agile capital to fund the expansion of established companies, offering the necessary support for growth.
And +1, as the most active technology investor in the CEE region
MCI Capital
Dry Powder: 51.67 million EUR
HQ: Warsaw, Poland
Web: https://mci.pl/en
As the most active technology investor in the CEE region, MCI Capital rightfully earns a place on this illustrious list. The prominent Polish private equity firm boasts a distinguished track record of over two decades in unlocking substantial value from IT investments, with a keen focus on the flourishing fintech, e-commerce, and digital media sectors (btw, we also supported our Client in an M&A deal with it). With a robust financial position, including significant dry powder of 51.67 million euros, and managing assets under management (AUM) totalling 576 million euros, MCI Capital is a formidable player in the industry.
Setting them apart is their proactive and hands-on approach with portfolio companies, characterized by strategic and operational support, leveraging their extensive network of industry contacts and resources to drive value creation initiatives. Their commitment to responsible investing is evident in their meticulous integration of sustainability and ethical considerations into their investment decision-making process, aligning with the ever-growing demand for responsible and ethical investment practices in the technology sector.
Noteworthy exits from MCI Capital’s portfolio include prominent companies such as Zettle by PayPal, Lifebrain, and Polish Allegro, underscoring their ability to deliver successful outcomes for their investments. A prime example of their expertise is their 2017 acquisition of Hungary-based Netrisk through a leveraged buyout (LBO) worth 56.5 million euros, followed by a successful partial exit just three years later, yielding a remarkable 55 million euros and retaining an approximate 24% share in the company. The Warsaw-based private equity firm managed another impressive transaction successfully in December 2018, by acquiring Polish tech company IAI SA through a public-to-private LBO. MCI Capital’s extensive experience, hands-on approach, commitment to responsible investing, and robust financial position exemplify their status as a reliable partner for technology entrepreneurs in Central and Eastern Europe (btw, we also made deal with them).
Private equity – active past years, bright future
The private equity market has a promising future, as demonstrated by its remarkable activity in 2021 and 2022. Record-breaking transaction values and volumes, driven by ample dry powder available to firms, highlight the industry’s strength and potential.
PE players have been actively utilizing their dry powder to expand their portfolio companies and drive M&A market activity, underscoring their ability to capitalize on investment opportunities. The diversification across sectors, such as healthcare, technology, energy, and real estate, further strengthens the market’s resilience and potential for sustained growth. Overall, the private equity industry is poised for a bright future, with PE firms driving M&A market activity and contributing to the industry’s ongoing success.
Revving up the startup race: venture capital funds slam the brakes on deals, funding only the most promising!
/Szerző: Horgos NorbertIn the fast-paced world of startups, the engines seem to be losing steam as Venture Capital Funds tighten their grip on the accelerator. Based on the latest data (end of October 2023) from Pitchbook, the funding landscape is experiencing a notable shift – which was initiated in the second half of 2022 – with a reduction in the number of completed deals.
VC funds slam the brake on deals
VC firms are becoming increasingly discerning, carefully selecting only the most promising and deserving startups to support. This change reflects a growing emphasis on quality over quantity, as funds concentrate their resources on backing the truly exceptional companies that have the potential to make a lasting impact in the market.
The current fiscal year has witnessed a notable downturn in the completion of venture capital deals, marking a considerable departure from the upward trajectory observed since 2016. This extraordinary reduction in the volume of completed transactions, when evaluated in the context of the past decade, highlights a momentous shift in the market dynamics. Nevertheless, it is crucial to contextualize this development, as comparable trends have emerged across both Western European and American markets.
While the magnitude of the decline may appear alarming, a broader perspective reveals a more nuanced picture of the prevailing landscape. However, one thing remains certain: the startup race is revving up in 2023 and only the most promising contenders will secure the fuel they need to accelerate towards success.
Growth trends – number of tech deals over the past years
Over the past years, the Central and Eastern European (CEE) region has exhibited a consistent and robust growth trend. As evidenced by the accompanying table, this growth trajectory has been remarkable and sustained, extending until the first half of 2022, with positive year-on-year growth figures recorded from the second half of 2017 until H2 of 2022. It is worth highlighting that the CEE region’s growth rate has demonstrated resilience amidst the challenges presented by the COVID-19 pandemic in 2020, setting it apart from the tech venture capital markets in Western Europe and the USA, which experienced a slight decline during this period. Moreover, it is noteworthy that even prior to the pandemic, the tech venture capital markets in Western Europe and the USA exhibited a slower rate of increase when compared to the thriving CEE venture capital market.
The COVID-19 pandemic, however, proved to be a notable turning point in the trajectory of recent trends, particularly within the CEE venture capital market. Following a period of significant growth, the pace of expansion began to be moderate, contrasting with the Western European and US markets which experienced a remarkable resurgence, with the US market achieving an impressive 31% growth rate within a year. Subsequently, all three markets experienced a considerable slowdown, culminating in a decline six months later. Notably, in 2023, the CEE market experienced the most pronounced downturn following its previous period of robust growth, with only a fraction of the deals being completed compared to the previous year.
The impact of downturn across all stages of VC cycle
The downturn has inevitably impacted all stages of the venture capital cycle. However, it is important to note that the severity of the impact varied across different stages. As depicted in the graph below, it becomes evident that venture capital firms are not really experiencing a shortage of funds. Rather, they have adopted a more discerning approach, exercised caution and carefully evaluating investment opportunities in startups. Consequently, the later stage, which typically requires a significant infusion of capital, experienced a relatively lesser decline compared to earlier stages.
Venture capital firms are adopting a more selective approach, prioritizing investments that exhibit strong growth potential, sustainable business models, and a clear path to profitability.
Implications on capital investments and average deal sizes
Following an analysis of the volume of successfully closed transactions, it is now imperative to address the implications of the venture capital market downturn on capital investment. The presented graphs indicate a gradual return to pre-COVID levels of capital investment in both Western Europe and the CEE region. Nevertheless, it is important to acknowledge that the extraordinary growth observed in 2021 and 2022 is unlikely to be replicated. As such, the market is now undergoing a process of normalization, marking a transition from the extraordinary highs observed in the previous years.
When considering investments across different stages, there are slight differences between Western Europe and the CEE region. In Western Europe, a unanimous peak was observed in 2021, followed by a gradual and subsequently rapid decline, except for the seed and later stages. Conversely, the CEE region exhibits a less predictable and stable pattern.
The provided tables reinforce the notion that VC firms are not experiencing a shortage of capital, albeit accompanied by a decline in the number of investments. This assertion is supported by the sustained value levels observed in early-stage investments in the CEE region, while angel and accelerator investments didn’t experience notable decreases either. It is worth noting that although later stage investments also declined, such figures can be disproportionately influenced by one or two outliers characterized by exceptionally high investment amounts. In contrast, preceding stages exhibit a more substantial sample size of deals, with fewer extreme values.
So, what key insights and strategic approaches should startups be aware of considering the current circumstances?
Unveiling the hidden dangers of questionable market reports: a must-read for business owners and investors
/Szerző: Horgos Norbert‘Hello Sir, are you interested in the global time travel machine market and how it’s poised to be booming in the coming years? If so, it’s your lucky day, because I’m presenting you with a once-in-a-lifetime offer – a market report available to you for an unbelievably discounted price of only 3300 dollars.’
The anecdote above serves as an extreme example of a shady market research company. However, they are more concerning than amusing, as they can easily mislead anyone regarding the trends and expectations in any market segment.
In this post, we’ll guide you through the challenging landscape of questionable market reports. By the time you finish reading, you’ll be equipped with the tools to identify doubtful data and safeguard your decisions and investments.
Our experience in this field
At Absolvo Consulting, daily comprehensive market analysis is an integral part of our work. With a primary focus on the technology sector, we thoroughly examine market size and trend progression within a wide array of studies sourced from multiple channels. Our method involves delving beneath the surface to critically evaluate the underlying data. This rigorous analytical approach equips us to accurately assess demand for a company, its promising opportunities, predict potential deals, investor appetite or pinpoint regions with the most promising activity. Our standard procedure includes checking multiple market studies concurrently for each project. Consequently, we’ve identified anomalies in various market reports, shedding light on significant disparities in expectations and projections.
The case study revealing essential insights
During one of our projects, we conducted an examination of a niche market in the IT industry. The results of this analysis serve to vividly highlight the stark contrast between trustworthy and dubious market reports. We compared the forecasts provided by a single reputable research company (in green) with those offered by eight less reliable research firms (in red), and the findings are quite enlightening. In each row, the first value signifies the current estimated market size, while the second value denotes the projected market size.
In this specific niche market, the estimated market size was roughly four times greater when considering the average questionable research company in comparison to the evaluation of the industry expert. However, instances of extreme ‘over-estimations’ were also observed, with projections reaching levels 30 to 40 times higher than the actual market size. These exaggerated base market size estimates significantly influenced the forecasts. Consequently, even though the Compound Annual Growth Rate (CAGR) is the highest in the case of the trustworthy firm, its projections remain the most conservative, resulting in the smallest anticipated market size.
Background checks are necessary
While in some cases, the forecast numbers themselves may raise a few eyebrows, most of the time, they aren’t that unusual. This is especially true when your rational sense is somewhat clouded by the hope of your niche segment being the one with the most significant growth potential. If you’re not relying on data from a renowned industry authority, it becomes crucial to conduct a background check on the source.
In our experience, well-founded research takes substantial staff and resources to produce, as extensive data acquisition and primary research is required for meaningful insights. Respectively, several renowned research companies are specialists in their selected fields, with a relatively narrow focus of industries.
This raises doubts about the credibility of relatively unknown companies that claim to offer an extensive collection of reports or claim to cover a wide range of industries. It’s also worth noting that dubious market research companies often target niche segments where reliable data is scarce or entirely unavailable.
Another key characteristic we’ve observed is that questionable market research firms tend to maintain a front-end presence in the EU or US, with their backend operations often situated in other geographic locations (e.g. several back-end operations of questionable research entities may be found in India, however, it’s important to emphasize that not every Indian market research firm provides dubious data). What’s particularly noticeable, though, is the consistent presence of market reports of dubious companies on the first pages of Google search results. This observation implies that they invest significantly in SEO services, ensuring their high visibility in search listings.
Negative consequences
Frequently, we come across mentions of dubious market reports within companies’ materials, such as pitch decks. This situation can be detrimental for both startups seeking investment and companies aiming to attract potential buyers. Inaccurate data has the potential to impact a company’s valuation and the expectations of its stakeholders, sometimes even leading to a deal falling through. Moreover, it can erode a company’s credibility in the eyes of investors who are aware of those market segments (with several active investments) or have conducted thorough research and identified exaggerated or inaccurate figures. Such discrepancies can somewhat tarnish a company’s professional image.
Conversely, investors can likewise experience adverse consequences resulting from an inaccurate approach. This could lead to overpaying for a company or having unrealistic expectations based on improper market projections provided by the seller. In light of these scenarios, it’s evident that using accurate, reliable data in company materials is mutually beneficial for both parties involved in a deal.
The vital takeaways
Tech savvy & wealthy: Ranking Europe’s top 10 Private Equity firms by dry powder for tech deals
/Szerző: Horgos NorbertPrivate equity firms play a crucial role in funding and supporting the growth of companies across industries, including Information Technology and tech-enabled services. In this blog post, we will explore the top European private equity firms with the largest dry powder and strong focus on investing in tech companies across Europe.
We will provide an overview of each firm’s investment strategy, their dry powder, and their successful investments and exits, primarily in the tech sector, based on Pitchbook data available until April 2023. The following firms have the capability to offer capital and strategic support that are essential for companies wanting to achieve significant growth.
Top 10 European PE firms by dry powder available
HQ: Amsterdam, The Netherlands
Web: https://www.alpinvest.com/
AlpInvest Partners is a highly experienced global private equity firm with a substantial dry powder of 8.84 billion euros, managing an impressive 59 open funds and overseeing assets under management exceeding 60 billion euros. Renowned for its track record of over 1,000 successful investments and a dynamic portfolio of 49 companies, AlpInvest has established a sterling reputation for its acumen in recognizing and allocating capital to cutting-edge enterprises across diverse sectors.
AlpInvest has made astute investments in an array of companies, exemplified by its acquisition of Profi Rom Food, a leading European retail chain based in Romania, in February 2017 for 575 million euros through a co-investment, buyout deal. Additionally, AlpInvest has demonstrated its prowess in the telecommunications sector through its strategic investment of 202 million euros in Euskaltel, a Spanish telecommunications company, in October 2012 as part of a co-investment growth deal. Notably, AlpInvest has played a pivotal role in fostering the remarkable growth of Euskaltel during its ownership tenure, culminating in a successful exit in August 2021 for a substantial 2 billion euros, delivering impressive returns to its investors. Apart from Euskaltel and Profi Rom Food, AlpInvest’s investment history boasts a roster of well-known companies, including Cushman & Wakefield and Avaya.
With a legacy of more than 250 successful exits, AlpInvest has firmly established itself as a trusted partner for generating significant returns through strategic investments and value creation. The firm remains steadfast in its commitment to fostering the growth and development of its portfolio companies and has a proven track record of successful collaborations with visionary leaders in the business world.
HQ: London, UK
Web: https://www.bridgepoint.eu/
Bridgepoint Advisers, a leading private equity entity, has a robust collection of 14 investment funds and oversees an astonishing 40 billion euros in managed assets. Acclaimed for its exceptional talent in discerning and investing in revolutionary companies across a wide range of industries, including the field of information technology, the firm boasts a remarkable history of achievements with more than 600 prosperous investments and a dynamic portfolio of 70 active companies. Armed with a substantial reserve of 9.99 billion euros as dry powder, Bridgepoint Advisers is aptly equipped to seize profitable prospects in the dynamic market landscape. The company primarily invests across four verticals, which are advanced industrials, business and financial services, consumer, and healthcare, with technology as a horizontal connected to everything everywhere.
Among its successful investments, Bridgepoint Advisers acquired Dr Gerard, a Polish food company in October 2013 through an LBO. Additionally, in January 2015, the firm made a successful investment in eFront, a renowned software provider of alternative investment management solutions, with a leveraged buyout worth 430 million euros. During its ownership period, Bridgepoint Advisers demonstrated its expertise in the sector by supporting eFront in achieving substantial growth. In May 2019, the firm successfully exited its investment in eFront for 1.16 billion euros, resulting in significant gains for its investors.
HQ: Stockholm, Sweden
Web: https://www.nordiccapital.com/
Nordic Capital is a distinguished global private equity firm that boasts a dry powder of 14.08 billion euros, managing 5 open funds and holding assets under management worth 25 billion euros. With over 400 total investments and an active portfolio of nearly 50 companies, Nordic Capital has a history of uncovering and placing investments in pioneering, growth-oriented companies across various industries, including information technology. Furthermore, Nordic Capital is dedicated to investing in companies that proactively address global challenges, contribute to building a prosperous society for all, and promote transformative sustainable change.
One of Nordic Capital’s remarkable investments in the IT sector was back in 2012 when it successfully completed a leveraged buyout (LBO) of Itivity Group, a Dutch software and IT services company, valued at 228 million euros. Over the course of nine years, Nordic Capital played a pivotal role in Itivity Group’s growth journey by facilitating the expansion of its product portfolio, customer base, and market position. The result was an outstanding achievement as Itivity Group was eventually sold for a staggering 2.14 billion euros in May 2021, realizing major profits to Nordic Capital’s investors. Besides Itivity Group, the Swedish private equity firm invested in other influential companies, such as Lindorff Group or Bank Norwegian.
Nordic Capital is renowned for its investment approach, which centers on long-term growth and value creation. The firm has established itself as a trusted partner for visionary company leaders who aspire to expand their businesses. Boasting a track record of over 110 successful exits, Nordic Capital has earned a sterling reputation for generating impressive returns for its discerning investors.
HQ: London, UK
Web: https://www.cinven.com/
Cinven, a prominent global private equity firm with an impressive dry powder of 15.35 billion euros, manages seven open funds and oversees assets under management worth more than 30 billion euros. With a robust performance record of identifying and investing in progressive, expansion-minded companies across various sectors, including information technology, Cinven has established itself as a leader in the industry. One of the firm’s current funds has been named a Real Deals ‘Future 40 ESG Innovator’ which underscores Cinven’s special focus on making positive economic, social, and governance impacts through their investments.
Cinven’s extraordinary expertise in the tech sector is proved by several notable investments. One of these was the leveraged buyout of CPA Global, a leading intellectual property management company based in the United Kingdom, valued at 1.14 billion euros in 2012. Under Cinven’s guidance, CPA Global experienced major growth over the course of five years, showcasing Cinven’s ability to create value. In 2017, Cinven successfully exited CPA Global for 2.69 billion. It is a great example of the company’s rich history, which includes around 170 successful exits. Due to this fact, the company has a strong reputation for garnering considerable profits for its investors.
HQ: London, UK
Web: https://www.icgam.com/
Intermediate Capital Group (ICG) is a highly regarded private equity firm that specializes in investment management and corporate finance. With a significant dry powder of 22.08 billion euros at its disposal, the firm expertly manages 34 open funds and boasts an active portfolio of 70 companies and a staggering 70 billion euros in assets under management. The London-based firm is committed to fostering a future workforce that prioritizes diversity as a core value. In ICG’s 2020 graduate programme, an impressive 63% of participants were female, while 37% identified as belonging to an ethnic minority group. Additionally, the firm actively supports young individuals from underserved communities through various initiatives and programs.
ICG has an exemplary history of prosperous investments spanning various industries, including the lucrative IT sector. In September 2017, the firm co-invested a substantial 1.53 billion euros in Norwegian Visma Group, a leading provider of cutting-edge business software and cloud services, in a secondary transaction. This investment underscores ICG’s astute acumen in identifying companies with innovative products and services.
Furthermore, ICG has a rich history of successful exits, with over 300 notable exits to its name, including the profitable exit of Poland-based media and communication service provider Aster City Cable in September 2011. This remarkable expertise emphasizes the firm’s commitment to delivering outstanding returns for its esteemed investors. ICG’s noteworthy investment in Visma Group, combined with its extensive experience and a history of lucrative exits, positions it as a compelling option for companies seeking exceptional growth and expansion opportunities.
HQ: Luxembourg, Luxembourg
Web: https://www.cvc.com/
Renowned for its exceptional reputation and formidable prowess, CVC Capital Partners stands as a distinguished private equity firm with a noteworthy dry powder of 23.55 billion euros dispersed among its seven active funds. The company prides themselves on integrating ESG within their operations and investment processes. With the aim of producing sustainable value for their portfolio companies and investors, the firm had near 1,000 total investments before, and currently manages over 150 thriving organizations that collectively amass a mammoth 137 billion euros in assets under management.
The firm’s unparalleled expertise in the ever-evolving realm of information technology renders it an irresistible choice for visionary leaders in search of investment opportunities. A prime example of CVC Capital Partners’ keen acumen in the IT sector is its strategic investment in Avast Software, a pioneering provider of PC security software based in the Czech Republic, a move made in March 2014. The Luxembourg-based company further proved its commitment to nurturing innovation and fostering growth in the digital industry, by co-investing with Summit Partners in AVG Technologies, a Czech cybersecurity firm, through a public-to-private leveraged buyout (LBO) transaction valued at 1.25 billion euros in September 2016. Both deals showcased the firm’s ability to identify and capitalize on the potential of promising tech companies poised for exponential growth.
Notably, the firm’s track record extends beyond investments, as exemplified by its successful exit from its investment in Formula One in July 2017, a company it had acquired in 2006. This exit marked a triumphant return for CVC Capital Partners and served as a testament to its ability to yield considerable profits for its esteemed investors.
HQ: London, UK
Web: https://www.permira.com/
With over 500 total investments and 75 billion euros in assets under management, Permira is a renowned private equity firm recognized worldwide for its specialized knowledge and proficiency in investing in companies. Permira always looks for the opportunity to partner with disruptive technology, tech-enabled and category-creating organizations led by visionary management teams. Boasting a dry powder of 25.06 billion euros and managing 17 open funds further strengthens Permira’s reputation in the IT industry and makes the company a preferred choice for tech firms on the verge of transactions.
In a public-to-private leveraged buyout (LBO) deal worth 5.47 billion euros, Permira co-invested with Canada Pension Plan in Mimecast, a London-based leading company specializing in email security and cyber resilience. This investment demonstrates Permira’s ability to identify innovative tech firms. Besides its notable impressive investment performance, Permira has a strong history of exits, as the company has done more than 160 such transactions successfully. This expertise spotlights the firm’s commitment to generating significant returns for its investors and many well-known past and present portfolio companies, such as McAfee, Zendesk, or Hugo Boss further solidify Permira’s reputation as a premier option for tech companies in search of an investor.
HQ: London, UK
Web: https://hgcapital.com/
Hg is widely recognized as a distinguished private equity firm with a formidable track record of investing in companies poised for growth. Boasting a substantial war chest of 25.28 billion euros in unallocated capital, the firm adeptly manages a diverse portfolio of 33 open funds. Hg’s dynamic portfolio presently comprises 53 companies, collectively valued at approximately 50 billion euros in assets under management. The London-based private equity firm has a core expertise in funding and supporting businesses operating in the software and technology-enabled sectors, including software-as-a-service (SaaS), cloud computing, cybersecurity, fintech, and healthcare technology.
This deep domain knowledge and experience in the sector is showcased in Hg’s history of transactions. In March 2019, the firm invested in Transporeon, a leading cloud-based logistics platform located in Germany, through a leveraged buyout worth 706 million euros. Hg recently exited its investment in Transporeon for 1.88 billion euros, meaning that the company has now made more than 120 successful exits. Additionally, Hg has made illustrious investments in companies such as The Access Group and Visma Group, both in the IT sector. These achievements exemplify the firm’s ability to identify innovative and growth-oriented companies and provide them with support to realize their potential.
HQ: Stockholm, Sweden
Web: https://eqtgroup.com/
EQT, a premier private equity firm with a global reach, is an excellent choice for tech companies seeking capital to propel their growth. Through 31 open funds the firm has a significant dry powder of 31.42 billion euros, which it uses to fund growth-oriented organizations across various industries. The Stockholm-based company is dedicated to sustainable investment and focuses on making positive environmental, social, and governance (ESG) impacts through their capital deployment. As of now EQT has close to 150 active portfolio companies, amounting to a substantial 114 billion euros in assets under management.
EQT’s investment in foodtech company SNFL Group in March 2022, a co-investment with AM FRESH Group and Paine Schwartz Partners, saw the firm lead a 1.6 billion euros growth round in the Spanish company. Two months later, EQT also made a successful exit from Wolt, a Finnish food delivery startup, after it had acquired the company in 2019. This exit emphasizes EQT’s capacity to enhance the value of its portfolio firms, in addition to its ability to deliver profitable outcomes to its stakeholders. A deep understanding of the IT industry and a proven track record of successful investments and exits means Swedish EQT is a top choice for either a buyout or a growth round.
HQ: Paris, France
Web: https://www.ardian.com/
Ardian, one of the world’s largest private equity firms, presents a compelling choice for companies pursuing growth. With an impressive dry powder of 39.51 billion euros, the company’s investment strategy is to provide flexible capital to organizations in various industries, including IT. The firm had approximately 1,300 total investments in the past and manages 31 open funds currently. Ardian has a diverse active portfolio of around 200 companies, amounting to a staggering 130 billion euros in assets under management.
Ardian’s investments in Taxually, the Hungarian start-up providing tax reporting solutions and Poznan-based Allegro showcase the firm’s interest in the technology sector – Ardian co-invested in the Polish and European e-commerce market leader’s 3.1 billion euros buyout in January 2017, which is one of the largest transactions in the industry in the CEE region. Ardian has also made notable investments in other tech companies such as TDF Group in France or WorldPay in London.
A successful exit from Vivacom in November 2012 highlights Ardian’s ability to create value and generate substantial returns for their investors. Vivacom, a leading Bulgarian telecom operator, was sold for 1.2 billion euros, which was a significant achievement for the French private equity firm. With their knowledge and capabilities, Ardian is equipped to provide business guidance and agile capital to fund the expansion of established companies, offering the necessary support for growth.
And +1, as the most active technology investor in the CEE region
HQ: Warsaw, Poland
Web: https://mci.pl/en
As the most active technology investor in the CEE region, MCI Capital rightfully earns a place on this illustrious list. The prominent Polish private equity firm boasts a distinguished track record of over two decades in unlocking substantial value from IT investments, with a keen focus on the flourishing fintech, e-commerce, and digital media sectors (btw, we also supported our Client in an M&A deal with it). With a robust financial position, including significant dry powder of 51.67 million euros, and managing assets under management (AUM) totalling 576 million euros, MCI Capital is a formidable player in the industry.
Setting them apart is their proactive and hands-on approach with portfolio companies, characterized by strategic and operational support, leveraging their extensive network of industry contacts and resources to drive value creation initiatives. Their commitment to responsible investing is evident in their meticulous integration of sustainability and ethical considerations into their investment decision-making process, aligning with the ever-growing demand for responsible and ethical investment practices in the technology sector.
Noteworthy exits from MCI Capital’s portfolio include prominent companies such as Zettle by PayPal, Lifebrain, and Polish Allegro, underscoring their ability to deliver successful outcomes for their investments. A prime example of their expertise is their 2017 acquisition of Hungary-based Netrisk through a leveraged buyout (LBO) worth 56.5 million euros, followed by a successful partial exit just three years later, yielding a remarkable 55 million euros and retaining an approximate 24% share in the company. The Warsaw-based private equity firm managed another impressive transaction successfully in December 2018, by acquiring Polish tech company IAI SA through a public-to-private LBO. MCI Capital’s extensive experience, hands-on approach, commitment to responsible investing, and robust financial position exemplify their status as a reliable partner for technology entrepreneurs in Central and Eastern Europe (btw, we also made deal with them).
Private equity – active past years, bright future
The private equity market has a promising future, as demonstrated by its remarkable activity in 2021 and 2022. Record-breaking transaction values and volumes, driven by ample dry powder available to firms, highlight the industry’s strength and potential.
PE players have been actively utilizing their dry powder to expand their portfolio companies and drive M&A market activity, underscoring their ability to capitalize on investment opportunities. The diversification across sectors, such as healthcare, technology, energy, and real estate, further strengthens the market’s resilience and potential for sustained growth. Overall, the private equity industry is poised for a bright future, with PE firms driving M&A market activity and contributing to the industry’s ongoing success.
Kockázati tőke, private equity, cégeladás, M&A 2023-ban
/Szerző: AbsolvoNapjaink kihívásokkal teli piaci környezete számos növekedést tervező, esetleg tőkebevonást vagy M&A tranzakciót fontolgató cégtulajdonost állít dilemma elé: hogyan finanszírozzam cégem további növekedését, hol és hogyan találok befektetőt, érdemes-e egyáltalán most tranzakcióban gondolkodni? Március 9-i üzleti eseményünkön meghívott Vendégeinkkel, cégtulajdonosokkal és nemzetközi befektetőkkel konkrét példákon, megvalósult tranzakciókon és személyes tapasztalatokon keresztül mutatjuk be azokat a sarokpontokat, amelyek most különösen fontosak a nemzetközi befektető-keresés és egy sikeresen és jó feltételekkel zárható tranzakció szempontjából.
Régiós stratégiai befektetővel növekszik tovább a Growww Digital
/Szerző: Szlávy ZsuzsannaÜgyfelünk, a Growww Digital Magyarország vezető CEE régiós piacokra specializálódott digitális marketing ügynöksége, amely 9 országban 10 nyelven nyújt testreszabott performance marketing, közösségi média, márkakommunikáció, valamint tartalommarketing szolgáltatásokat piacvezető vagy dinamikusan növekvő webáruházak számára.
Az általuk kezelt digitális csatornán Ügyfeleik átlagos YoY növekedése az elmúlt 7 évben 75% volt, mely többszöröse a CEE régió e-kereskedelmi iparágának átlagos évi növekedési ütemének.
Stratégiai befektetővel növekednek tovább
2022. decemberben sikeres tranzakciót zártak a CEE régió vezető független full service digitális marketing ügynökségével, a lengyel Bluerank-kel, amely kisebbségi tulajdonrészt szerzett a magyar vállalkozásban. A szakmai befektetés célja a Growww Digital ambiciózus növekedési és nemzetközi terjeszkedési terveinek támogatása. A tranzakcióval egyidőben management buyout is megvalósult, a Growww Digital egyik alapító-tulajdonosát vásárolta ki alapítótársa, a management néhány tagja ill. az új résztulajdonos Bluerank.
„Ilyen jellegű és nagyságrendű szakmai befektetés ritka, mint a fehér holló a régióban. Ezért is roppant megtisztelő számunkra a Bluerank bizalma. Ez még jobban megerősíti bennünk, hogy jó úton haladunk” – jelentette ki Szabó László, a Growww Digital társalapítója és ügyvezetője.
A Bluerank szakmai befektetőként és társtulajdonosként lép a budapesti székhelyű digitális marketing ügynökségbe, amely így jobban ki tudja szolgálni a régió piacait, kiaknázva a földrajzi szinergiát. Az üzletbővítés mellett tudásátadásban, piacismeretben és szakmai tapasztalatcserében is partnerségre lépnek, emellett új know-how-k, exkluzív licenszek, mint pld. a Google Analytics 360 marketingplatform, válnak elérhetővé a Growww Digital számára, hogy ambiciózus növekedési terveit valóra váltsa.
„Az elmúlt hét évben átlagosan 75 százalékos bevételnövekedést értünk el az általunk kezelt marketingcsatornákon. Ezt szeretnének tovább javítani a megújult és kibővül erőforrásaink révén. Szeretnénk a magyar e-kereskedők legjobb partnere lenni bel- és külföldön egyaránt. Hiszem, hogy a Bluerank-kel szövetségben ezt a célunkat teljesíteni tudjuk” – tette hozzá Szabó László.
Társalapítói exit
Az új tulajdonostárs érkezése mellett a korábbi tulajdonosi körben is történtek változások. A Growww Digital másik társalapítója, Dunder Krisztián kiszáll a cégből, mivel alkotó emberként úgy érzi, a cégépítésben vállalt szerepe a befektető érkezésével a csúcsára ért. A szakember két évtized online üzletfejlesztési munka után egyéb területeken keres új kihívásokat.
A kilépő társalapító tulajdonrészét a Bluerank és a menedzsment két tagja vásárolta meg, valamint növelte részesedését a társaságban a társalapító Szabó László, aki az ügyvezetői feladatokat is ellátja a jövőben.
A tranzakciót több hónap előkészítés előzte meg, melyet M&A tanácsadóként az Absolvo Consulting, jogi tanácsadóként pedig a Jalsovszky Ügyvédi Iroda támogatott.
Felhasznált forrás: hivatalos sajtóközlemény
Jelentős változások a régió kockázati tőke piacán – mit várhatunk 2023-ban?
/Szerző: AbsolvoAz elmúlt 15 évben a régió (Európa, és benne a CEE régió is) kockázati tőke piaca hatalmas növekedésen és fejlődésen ment keresztül. Az ökoszisztéma szereplői (VC-k, startupok / scaleupok egyaránt) szervezettebbek, tapasztaltabbak, tájékozottabbak lettek, óriási kockázati tőke állomány halmozódott fel és került kihelyezésre a régióban az ígéretes cégek növekedésének beindításához, gyorsításához, nemzetközi piaci potenciáljának kiaknázásához.
Számos sikeres és tanulságos exiten vagyunk túl, és „felneveltünk” néhány unikornist is. A finanszírozási lehetőségek növekedtek, változtak, diverzifikálódtak, és ma már a vállalkozás minden életciklusában, az iparágának, céljainak leginkább megfelelő finanszírozási formához juthat hozzá akár kifejezetten erre specializálódott befektetőktől.
A fejlődés ütemét jól mutatja, hogy az európai kockázati tőke befektetések az elmúlt 5 évben értékben évi átlag 41%-kal növekedtek; a CEE régió növekedése – megelőzve a DACH régiót is – még az európai átlagnál is dinamikusabb; a CEE régióban évi átlag 55%-kal (!) nőtt a VC befektetések értéke 2016-2021 között, és a 2021-es rekord évben elérte a 2,9 milliárd EUR-t (forrás: Dealroom.co)
A vezető nemzetközi kockázati- és magántőke befektetők – mint pld. a Sequoia, az Index Ventures, a BainCapital vagy a Rakuten – is egyre élénkebb érdeklődéssel fordultak a régió felé, aktívan keresik az ígéretes befektetési célpontokat. Megjelenésükkel és aktivitásukkal még több tőke áramlott a régióba, így lehetőség nyílt a korábbiakhoz képest nagyobb méretű befektetési körök realizálására, igazán izgalmas és jelentőségteljes nemzetközi exitek-re, és nagyban hozzájárultak ahhoz is, hogy a régióban egyre sikeresebb befektetések jöhessenek létre.
34 unikornis, és számos ígéretes startup / scaleup a „csőben”
A CEE régióban alapított és kockázati tőkével növekedett cégek összesített értékeltsége 2010-hez képest 19-szeresére, 186+ milliárd EUR-ra növekedett, elsődlegesen a régióból származó unikornisoknak (1-10 milliárd USD valuation) és dekakornisoknak (10 milliárd+ valuation) köszönhetően.
A régió sikertörténetei nagy jelentőséggel bírnak az ökoszisztéma jövőbeni fejlődését tekintve is, hiszen a sikersztorit építő tehetségek, alapítók, menedzserek, szakemberek a későbbiekben gyakran indítanak új vállalkozást, vagy angyalbefektetőként viszik tovább és osztják meg tapasztalataikat, építik / támogatják a jövő sikeres startupjait és gyorsítják az ökoszisztéma fejlődését.
Az unikornisok száma 2021-ben elérte a 34-et, melynek növekedési trendje jól mutatja a kockázati tőke piac fejlődését és a nemzetközi befektetők aktivitását; 2015-ig 6, 2015 után 28 cég érte el a bűvös 1milliárd USD+ valuation-t.
Forrás: Dealroom, Google and Atomico CEE report
A „pipeline” is izgalmas jövőt vetít előre; a régió ökoszisztéma térképén számos ígéretes scaleupot, jövőbeni unikornist tartanak számon:
Forrás: Dealroom, Google and Atomico CEE report
Kockázati tőke piac Európában – mi változhat a csúcsot hozó 2021-hez képest? Mire számítsunk 2023-ban?
A pandémia hatására 2020-ban lassult a befektetések növekedési üteme, a bizonytalanság és a kiszámíthatatlanság miatt számos befektető inkább kivárt, ill. az új befektetések helyett nagyobb fókuszt kapott a folyamatban lévő befektetések stabilizálása.
2021 már rekordévet hozott a kockázati tőkebefektetések számát és összértékét tekintve is (egyébként nem csak VC, hanem a private equity és M&A piacokon is), hiszen óriási befektetésre váró összegek halmozódtak fel a piaci szereplőknél, és a kihelyezési kényszer is egyre fokozódott. A Pitchbook adatai szerint a VC befektetések száma és értéke is soha nem látott csúcsot ért el 2021-ben Európában, míg 2022-ben a globális gazdasági válság berobbanó hatásainak következtében ugyan visszaesés tapasztalható, de a befektetési aktivitás erős maradt, az első félévben realizált befektetések száma és összértéke így is meghaladta a pandémia előtti évek teljes éves adatait:
Forrás: Pitchbook, European Venture report
A kiszámíthatatlan gazdasági környezet, a piaci ingadozások, és a tőzsdei aktivitás „leállása” miatt sok befektető húzta be ismét a féket, mondván, hogy megvárják, amíg a piac kicsit stabilizálódik, hogyan alakulnak, meddig csökkenek az értékelések, milyen átrendeződések következnek be az iparágak / befektetési célpontok terén, mibe lesz érdemes fektetni, stb.
Az európai technológiai árfolyamok már 2022. első félévében visszaestek a 2021 előtti szintre, és a technológiai szegmensekben korábban tapasztalt szárnyaló VC valuation szintek terén is erőteljes, kb. 20-30%-os csökkenés tapasztalható minden befektetési fázisban. A tőzsdei exit aktivitás ugyanis gyakorlatilag leállt, több mint 300 napja (2022. október 6-i állapot szerint) egyetlen 50M USD-nél nagyobb tech IPO-t sem regisztráltak, melyre a 2000. év óta nem volt példa. Ennek hatása rövid távon mindenképp átgyűrűzik a kockázati tőke piacra is, érettségi fázistól függően eltérő mértékben és gyorsasággal.
A csökkenő valuation mellett lényegesen hosszabbá válik a befektetési folyamat időigénye is, így a „békeidőben” megszokott 9-12 hónap runway helyett 18-24 hónap tartalék biztosítása lehet indokolt, hogy a következő körös tőke megérkezéséig a vállalkozások ne fussanak ki a pénzből, így törekedni szükséges a hosszú távon fenntartható, biztonságos növekedés és a racionalizált költségek (beleértve a humán erőforrást is) biztosítására. A piaci bizonytalansággal párhuzamosan logikus, hogy a befektetés előtti átvilágítás súlya és mélysége is nő, hiszen a befektető meg akar bizonyosodni arról, hogy valóban a „papíron bemutatott” és megismert cégbe fektet be, nincsenek váratlan meglepetések.
Biztonságos, fenntartható növekedés – változások a metrikákban
2020 és 2022 között jelentős változások következtek be a befektetési döntés során vizsgált metrikák tekintetében is.
A korábbi, „gyorsan-bármi-áron növekedés” megközelítés helyét egyre inkább átveszi a biztonságos, fenntartható növekedést, és hatékony tőkefelhasználást biztosító lehetőségek preferálása, mely olyan mutatók vizsgálatát is eredményezi, mint például a CAC vs. MRR/ARR (customer acquisition costs vs. monthly / annual recurring revenue), a burn vs. ARR, ROIC (return on invested capital) és MOIC (multiple on invested capital), margin, ill. hogy várhatóan mikor éri el a vállalkozás a break-even pontot, ill. mikor válik EBITDA pozitívvá.
Összefoglalva:
Ha a következő 1-2 évben következő körös tőkebevonásban gondolkodunk nemzetközi befektetőktől, akkor:
A bejegyzés Andrea Lauren, a régiós tech cégekbe közel 10 éve befektető cseh Rockaway Capital partnerének 2022. október 6-án, a nemzetközi The ScaleupFest rendezvényen bemutatott előadása alapján készült.
Sikeres M&A tranzakciót zárt a PingPong UX a globális piacvezető Contentsquare-rel / Hotjar-ral
/Szerző: AbsolvoAngliai székhelyű Ügyfelünk, a user experience kutatás, tesztelés és elemzés területén működő PingPong UX Ltd sikeres M&A tranzakciót zárt a kategóriában globális piacvezető szerepet betöltő francia Contentsquare-rel, amely az elmúlt évek során összesen 1.4 milliárd USD tőkével gyorsította fel növekedését.
A PingPong egyedülálló platformja a user experience kutatás és tesztelés teljes folyamatát átfogja, ezáltal gyorssá és hatékonnyá teszi az ügyfél-visszajelzéseken alapuló termékfejlesztést; megoldását 200+ ügyfél és 175k+ teszt user használja több mint 100 országban világszerte.
A PingPong platformja a Contentsquare tagvállalatába, a felhasználói viselkedést elemző máltai-amerikai óriás Hotjar-ba fog integrálódni „Hotjar Engage” név alatt.
Mozgalmas 6 év – út a PingPong alapításától a Hotjar Engage-ig
A PingPong-ot 2016-ban alapították azzal a céllal, hogy a user kutatás folyamatát egyszerűsítsék, szakítsanak a korábbi lassú, körülményes és szétaprózott gyakorlattal, és egy jobb, használhatóbb, produktívabb és kényelmesebb folyamatot alakítsanak ki.
A PingPong platform útja egy egyszerű, „saját zsebből” finanszírozott prototípus elkészítésével kezdődött, melyet kezdetben a család és a barátok visszajelzései alapján fejlesztettek, finomítottak tovább. Hat év kemény munkának, építkezésnek és a csapat töretlen elkötelezettségének köszönhetően mára a PingPong egy erős és megbízható user-testing platformmá nőtt, 175 ezer fős teszt user csapatot tudhat maga mögött, és számos nemzetközi nagy, erős márka és ügyfél használja elégedetten platformját.
Az utóbbiakhoz csatlakozott tavaly a több mint 180 országban, 1,1 millió website-on alkalmazott Hotjar, akik user kutatásaikhoz a PingPong platformját kezdték el használni.
A Hotjar célja lehetővé tenni minden vállalkozás számára, hogy termékfejlesztéseiket a userek igényeinek megfelelően alakítsák, melyhez elengedhetetlen a felhasználók, a döntéseik és motivációik tökéletes megértése és a velük való azonosulás. A PingPong épp ehhez kínál könnyen, gyorsan és hatékonyan használható felületet, mely biztosítja a fejlesztéshez, a finomhangoláshoz szükséges közvetlen user-visszajelzéseket annak érdekében, hogy olyan termék születhessen, amit örömmel és elégedetten használnak majd.
Az akvizíciót követően a PingPong „Hotjar Engage” név alatt, változatlan termékjellemzőkkel integrálódik a Hotjar portfóliójába, meglévő termékei, az Ask (Surveys and Feedback) és az Observe (Heatmaps and Recordings) mellé.
A jövő – soha nem látott növekedési lehetőség a Contentsquare / Hotjar tagjaként
A Contentsquare sikertörténete egy kis francia padlásszobában egy ambiciózus fiatal vállalkozó keze nyomán kezdődött 10 évvel ezelőtt; az elmúlt évek során a növekedésük gyorsítására összesen 1,4 milliárd USD tőkét vontak be (legutóbbit idén, egy 600 millió USD összegű Series F befektetési kört), ma pedig már több mint 1500 fős globális csapattal dolgoznak.
2019 óta a Contentsquare dinamikus növekedését intenzív akvizíciós stratégiával is támogatja; az elmúlt 2 évben felvásárolta a Clicktale-t, a Pricing Assistant-ot, az Adapt My Web-et, a Dareboost-ot, az Upstride-ot – majd 2021 szeptemberben a Hotjart is.
A PingPong UX alapítói és tulajdonosi csapatát az Absolvo M&A csapata támogatta Horgos Lénárd és Makai Gábor irányításával a tranzakciós folyamat során.
Felhasznált forrás: PingPong UX blog – Hotjar has acquired PingPong
Equity Reggeli – tulajdonosok beszámolói tőkebevonás, cégeladás, exit témában
/Szerző: AbsolvoRENDEZVÉNY – Szeptember 13-án olyan alapítók, cégtulajdonosok személyes beszámolóit mutatjuk be, akik vagy a közelmúltban zártak kockázati tőke ill. M&A tranzakciót, vagy már évekkel ezelőtt értékesítették cégüket / hajtottak végre exitet. Meghívott Vendégeink saját élményeiket, tapasztalataikat, az átélt kihívásokat és a levont tanulságokat fogják megosztani konkrét példáikkal fűszerezve a tranzakciókkal vagy az exitet követő életútjaikkal kapcsolatban, így mutatva egy lényegesen árnyaltabb képet tranzakciót tervező vagy arra készülő vállalkozó-társaiknak az üzleti reggelin.
2,4 milliárd Ft kockázati tőkével növekedhet tovább a Continest
/Szerző: AbsolvoAz egyedi fejlesztésű, összecsukható mobilkonténereket gyártó és forgalmazó Ügyfelünk, a Continest Technologies Zrt. 2,4 milliárd Ft befektetési összegű, szindikált tőkebevonási kört zárt a jelenlegi kockázati tőkebefektető DBH, valamint a Focus Ventures és a Hiventures részvételével. A tőkebevonás többek között a jelenleg is meghatározó nemzetközi tevékenységük kiterjesztését, új piacokon való megjelenést és egy új gyáregység létrehozását célozza.
A Continest 2017-ben a Sziget rendezvényein debütált, 2019-ben pedig már a svédországi alpesi sí világbajnokság teljes szervizközpontjának építését a Continest konténereivel oldották meg. Az iroda- és rendezvényfelhasználáson túl a védelmi ipar és az egészségügy (mobil COVID tesztlaborok) számára is készítenek testreszabott megoldásokat. Innovációjuknak köszönhetően 80%-kal csökkennek a mobil infrastruktúra kialakításával járó logisztikai költségek és a környezeti teher.
A villámgyors első sikerek után 2019-ben a hagyományos és új szegmenseket célzó termékfejlesztések gyorsításának, a további európai piacszerzés és növekedés biztosításának finanszírozására 4 millió EUR kockázati tőkét vontak be.
A 2019-ben alapított Continest Technologies Zrt. már működésének második évében, 2020-ban több mint 820 millió Ft árbevételt ért el, amely mutató 2021-ben már 1,6 milliárd Ft-ra emelkedett.
„Az elmúlt évek világpiaci folyamatainak, valamint a fenntartható fejlődés iránti elvárás erősödésének hatására globális szintű igény mutatkozik az ideiglenes infrastruktúrához kapcsolódó megoldásokra. Ezért is látjuk úgy, hogy az összecsukható, moduláris konténertechnológia számára a következő évek meghatározóak lesznek. Az új és a meglévő tőkebefektetőinkkel közösen, egy rendkívül stabil finanszírozási háttérrel nyílik lehetőségünk a szintlépésre, valamint arra, hogy újabb piacokon jelenjünk meg, még inkább hozzájárulva ezzel a hazai exporthoz. A kettes számú gyáregységünk megépítése, amelyet idén szeptemberben fogunk átadni, megnyitja előttünk a lehetőséget ahhoz, hogy még nagyobb volumenben tudjunk gyártani, valamint, hogy tovább fejlesszük a gyártástechnológiánkat” – mondta el a tőkebevonás kapcsán Tegzes Dániel, a Continest Technologies Zrt. stratégiai igazgatója.
2021-ben a társaság átadta első konténergyárát Székesfehérváron, amely jelenleg évente 1000 darab összecsukható konténer gyártására alkalmas és összesen 53 alkalmazottnak ad munkahelyet. A Continest-gyárban a jövőben az ipar 4.0 megoldások alkalmazása, a társaság korszerű lemezüzemében és hegesztő csarnokában pedig robottechnológia támogatja majd a hatékony gyártást. Jelentős létszámbővülést is tervez a társaság: közel 50 új munkahelyet hoznak létre még 2022-ben. A második üzemben a konténerek saját felületkezelésére is lehetőség lesz, a gyártott éves konténerszám pedig eléri a 3000 darabot.
A társaság jelenleg olyan fejlesztéseken dolgozik, mint a komplett konyhatechnológiával felszerelt konyhakonténer, az áruszállításra is alkalmas cargo konténerek, valamint folyamatban lévő projekt továbbá az ún. vertikális farm konténer, amelyet a Green Drops Farmmal és a Baptista Szeretetszolgálattal közösen fejlesztenek, lényege pedig, hogy a hidropónia alapú növénytermesztés keretében, termőföld nélkül alakítanak ki növénytermesztésre alkalmas felületeket. Mindezek mellett a Continest folyamatosan fejleszti egészségügyi és katonai felhasználású konténereit is. Utóbbi kapcsán 2022 májusában elsőként kötött együttműködési megállapodást a VEX – Magyar Védelmi Export Ügynökség a társasággal, amelynek értelmében a haditechnikai ügynökség a nemzetközi marketingben és disztribúcióban fogja segíteni a Continest-et.
„Hosszú és kihívásokkal teli volt a tőkebevonás folyamata, de ilyen kiváló csapattal nem lehetett kérdés a siker. A kockázati tőke jellegéből fakadóan nem a hardver és gyártó tevékenységet keresi elsődlegesen, de a Continest egy kiváló példa arra, hogyan lehet egy ilyen típusú vállalkozást néhány év tudatos munkával 1 milliárd+ árbevételű üzletté fejleszteni, és egy gyártócéget vonzóvá tenni a kockázati tőkebefektetők számára” – mondta a Continest csapatát támogató tranzakciós tanácsadó team vezetője, Horgos Lénárd, az Absolvo partnere.
„ A Continest-nél egyedülálló módon áll össze a nyilvánvaló és dinamikusan növekvő globális piaci potenciál, a valóban innovatív és széles körű felhasználást lehetővé tevő technológia, és a kivételes, elkötelezett, ambiciózus és újító szemléletű menedzsment, amely már bizonyította, hogy képes előre vinni a vállalkozását. Nagy megtiszteltetés számunkra, hogy a 2019. évi sikeres első körös tőkevonás után a Continest ismét bizalmat szavazott az Absolvo csapatának, és közösen dolgozhattunk a mostani tranzakció előkészítésén és megvalósításán. Óriási öröm szerepet vállalni a társaság fejlődésének újabb mérföldkövénél, de az útnak még nincs vége, sőt, meggyőződésem, hogy egy új magyar sikersztori van születőben!” – tette hozzá Horgos Lénárd.
Felhasznált forrás: hivatalos sajtóközlemény
Equity Reggeli a cégértékelésről
/Szerző: AbsolvoRENDEZVÉNY – A június 8-i üzleti reggeli fő témája a cégértékelés, a cégérték meghatározásának gyakorlati módszerei, valamint a cégérték és a vételár összefüggései, mely kiemelt érdeklődésre tarthat számot mindazon cégvezetők, tulajdonosok körében, akik a közeljövőben pénzügyi vagy stratégiai befektetőt terveznek keresni, esetleg cégeladást vagy cégfelvásárlást terveznek. Meghívott Vendégeink között olyan pénzügyi befektetőket és sikeres M&A tranzakciót végrehajtó vállalkozásokat üdvözölhetünk majd, mint a Sandberg Capital, a Day One, a Lead Ventures ill. a TechTeamer.