Netherlands-based private equity firm Main Capital has realised “several times” its investment in VisionWaves,a Dutch software company it has sold to to Sweden-based, Stockholm Stock Exchange-listed IFS, the company said on Tuesday. The company declined to be specific about how much it received for its stake, the exact exit multiple or the internal rate of return on the deal. Main Capital had held a minority stake of undisclosed size in VisionWaves, according to Main Capital managing partner Charly Zwemstra, pictured, who said the company acquired the stake in 2011. Separately, Zwemstra said Main Capital expects to close its latest fund, Main Capital IV, “within a month” at its €85m hard cap, €10m above its target. The fund-raising began on 1 May.
The new fund will look to provide growth equity and buyout money to later-stage development software companies. News of the VisionWaves exit comes less than three weeks after Main Capital announced a close to four-times return through the sale of business solutions company Zetacom Group, another Main Capital II portfolio company, to transatlantic growth capital firm Gilde Healthcare. These were the fourth and fifth exits, respectively, from Main Capital II, the fund-raising for which took place in 2006, according to Zwemstra. Other exits from that fund included Actuera and Iaso. VisionWaves develops software for large companies that is designed to help them manage their operations more intelligently and effectively – sometimes referred to as the operational intelligence sector of IT, according to Main Capital. The company employs 35 people, and in addition to its Zeist, Netherlands headquarters, has a US outpost in Colorado. Pieter van Bodegraven, a partner at Main Capital, served as chairman of the supervisory board of VisionWaves during the time of Main Capital’s ownership, but is relinquishing that post as a result of the exit. “During the period of our investment, Main Capital focused on further internationalisation and building of [its] partner/re-seller network, which led to successful partners such as Capgemini, IFS, and Serco,” van Bodegraven said. “VisionWaves has an excellent future, and offers IFS a large opportunity in this market.” IFS is a provider of business software for enterprise resource planning, enterprise asset management and enterprise service management, with annual sales of around €320m. It was founded in 1983, and is based in Linköping, Sweden.
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