Nordic Capital takes majority stake in Anaqua

Announced in November 2024, the transaction entered into between private equity firm Astorg and Nordic Capital governs the sale of a majority stake in intellectual property management software provider Anaqua. Initiated through bilateral exclusive negotiations following preliminary market discussions reported earlier in the year, the agreement enables Nordic Capital to add the enterprise software platform to its portfolio while orchestrating a liquidity event for the vendor. At the time of this secondary buyout transaction, the software business generated annual earnings before interest, tax, depreciation, and amortization of $50–100M. For Astorg, the divestiture concludes a five-year investment holding cycle initiated in 2019, which marked the sponsor's inaugural direct platform transaction in the United States. Under Astorg's ownership period, the platform accelerated its commercial development through targeted organic expansion into Japan and broader European territories, the introduction of specialized modules for mid-market clients, and programmatic bolt-on acquisitions. This divestment represents Astorg's fourth portfolio company monetization of 2024, alongside previous realizations from Audiotonix, Acturis, and Normec, contributing to €3.3bn in aggregate gross proceeds realized at over 3.0x Gross MOIC across these transactions. Following the close of the transaction, the incoming financial backer plans to support the executive management team, led by chief executive officer Bob Romeo and chief operating officer Justin Crotty, in executing the next stage of commercial development across new client segments and international markets. The definitive execution of the share purchase documentation remains subject to prior consultation with competent employee representative bodies and customary antitrust clearances, with final completion scheduled for the first quarter of 2025. Transaction advisory mandates for Astorg and the company were granted to Arma Partners and Jefferies LLC as exclusive financial advisors, alongside Latham & Watkins as legal counsel, while Nordic Capital retained William Blair as its financial advisor.

By taking control of Anaqua, Nordic Capital continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Britax Childcare in 2020.