SILAE acquired by SILVER LAKE

Private equity firm Abenex, utilizing its dedicated Small Caps fund Abenex Croissance, has successfully completed the acquisition of healthcare software publisher Inlog from US-based industrial group Haemonetics. Executed on September 21, 2020, this corporate carve-out ends a 12-year integration within the American conglomerate, with Inlog's management team reinvesting alongside the new financial sponsor. The buyout is supported by a senior debt facility co-arranged by Banque Populaire Val de France and Caisse d’Epargne Rhône-Alpes. This transaction represents the fourth platform investment for the Abenex Croissance fund. For Abenex, the investment is designed to provide the necessary resources to institutionalize the internationally active software publisher and accelerate its operational growth. Leveraging this new financial backing, Inlog will expedite the development of new functional features for its CE-marked medical device software, which provides mission-critical blood product traceability and laboratory management solutions. Furthermore, the company aims to solidify its strategic partnerships with its base of over 250 French and European clients, which prominently includes university hospitals (C.H.U.) and the French Blood Establishment (EFS).

Apax Partners has entered into exclusive negotiations with Capgemini to acquire Odigo. This transaction marks a rare "triple-play" for the private equity firm, which previously held stakes in the company from 1997 to 1999 and again from 2007 to 2011 (when the company was known as Prosodie). Capgemini originally acquired the entity from Apax in 2011 for 382 million EUR. However, the anticipated synergies between the IT services giant and the software subsidiary did not fully materialize, leading to a decline in profitability over the last decade. The strategic rationale for Apax is to relaunch Odigo as a standalone software leader in the competitive CCaaS market. By carving out the asset from Capgemini, Apax aims to refocus the company’s R&D and sales efforts to regain market share in the cloud customer-service space.

Ambienta has acquired 70% of Namirial. The strategic rationale for the deal centers on capitalizing on the accelerating secular trend toward digital transformation in highly regulated industries. By acquiring a controlling interest, the sponsor aims to leverage the target’s market-leading position in Digital Transaction Management (DTM) to drive further international expansion and broaden the product portfolio. The partnership is specifically designed to capitalize on the convergence between digital services and environmental sustainability, as the digitization of business processes directly contributes to the reduction of paper, energy, and waste. Post-acquisition, the sponsor intends to support the company in scaling its organizational structure, professionalizing governance, and executing an ambitious growth strategy, including potential bolt-on acquisitions. The founders remain as significant minority shareholders, ensuring management continuity and alignment with the long-term value creation objectives.

Management of JVS Group completed a new OBO transaction alongside Parquest Capital and Bpifrance. The deal marks the exit of Apax Partners Development (formerly EPF Partners) and UI Gestion. Following the transaction, the management team retains a majority stake (approx. 60%), with Parquest taking a ~30% minority interest and Bpifrance holding ~10%. This operation is designed to provide JVS with the financial means to scale its CRM offerings and accelerate its acquisition strategy, building on the five successful integrations performed under Apax's tenure (including Start ABI and Sistec). Financing for the transaction was supported by a senior debt pool led by Crédit Agricole Nord Est.

California-based cloud human capital management provider Cornerstone OnDemand has successfully completed the acquisition of its competitor Saba Software. Prior to the transaction, the target was held as a portfolio company by private equity sponsor Vector Capital. The acquisition, which secured approval from the boards of directors of both companies and was executed through a mix of cash and stock, unites two prominent players in the HR software sector. For the buyer, led by CEO and co-founder Adam Miller, this strategic consolidation follows closely on the heels of its recent buyout of French startup Clustree. The newly combined entity effectively doubles its client portfolio, serving a total of 7,000 corporate organizations and 75 million users globally.

Hg has acquired a majority stake in smartTrade Technologies, facilitating the exit of minority shareholders Keensight Capital and Pléiade Venture. CEO and co-founder David Vincent, along with the broader management team, reinvested alongside Hg to maintain a significant stake in the business. The strategic rationale for the transaction was to accelerate smartTrade’s global expansion—particularly in Asia—and to strengthen its R&D capabilities in automated trading. Under Keensight’s five-year tenure, the company doubled its revenues while maintaining high profitability, leading to a successful "5x money" return for the exiting fund. This investment represents Hg’s 7th deal in the capital markets technology sector, underscoring its commitment to backing high-growth, technically advanced financial software platforms.

EcoVadis has secured a $200 million investment from CVC Growth Partners II, marking one of the largest equity investments in the ESG space at the time. This transaction represents the first investment from CVC Growth Partners' second fund. Existing investor Partech, which has supported the company since 2016, remains involved in the business. The strategic rationale for the deal is to accelerate EcoVadis' global expansion and further invest in its technology platform and sustainability intelligence solutions. Following a year of rapid growth (adding 10,000 companies to its network and opening offices in Tokyo, San Francisco, and Melbourne) the funding allows EcoVadis to meet the immense market demand created by evolving compliance regulations and corporate purpose commitments. CVC’s global reach is expected to play a critical role in scaling the business and establishing EcoVadis as the universal platform for supplier ESG ratings.

Omnes Capital acquired a majority stake in Opportunity, spinning it off from its parent company Volcacom (Apax Partners). The deal is structured as a Primary LBO with the management team, reinvesting significantly. Omnes invested over EUR14 million in equity. The financing includes EUR6 million in mezzanine debt (Andera Partners) and EUR10 million in senior debt. The goal is to triple the company's size through international expansion and M&A.

Keensight Capital entered into exclusive negotiations to acquire a majority stake in Sogelink from Naxicap Partners. Keensight prevailed in a highly competitive auction process managed by Oaklins, beating offers from Eurazeo PME (reportedly the highest bidder), Goldman Sachs, and Accel-KKR. Naxicap Partners chose to reinvest a minority stake alongside the management team and employees. The transaction is financed by a unitranche debt facility provided by Hayfin. The acquisition supports the continued growth of the group, which has achieved over 20% annual revenue growth for the past decade.

Platinum Equity entered into a definitive agreement to acquire all outstanding shares of Cision Ltd. for $10.00 per share in cash. The board unanimously approved the deal, which included a "go-shop" period until November 12, 2019. The acquisition was aimed at taking Cision private to allow for long-term strategic investments and innovation in earned media management without the quarterly pressures of public markets. Affiliates of GTCR, holding 34% of the shares, signed a voting agreement in favor of the deal.