Oakley Capital has tapped its €800m Private Equity III fund to buy Portuguese business management software provider Primavera.
The firm said it would combine the business with its existing portfolio company Ekon, a Spanish provider of enterprise resource planning software, to create a new group under the name Grupo Primavera, which it says will be the largest independent provider of business software in Iberia.
Primavera provides ERP and cloud business software solutions to more than 32,000 small and medium-sized enterprises across Portugal and Portuguese-speaking Africa.
Grupo Primavera will comprise Primavera, Ekon and five additional bolt-on acquisitions made over the last twelve months.
Oakley said the Iberian business software market continues to benefit from long-term structural growth, as SMEs digitise and adopt cloud technology.
Portugal and Spain lag international benchmarks in cloud adoption, at about 25% and 30%, respectively, compared to over 60% in Northern Europe.
Peter Dubens, managing partner of Oakley Capital, said, “This is another example of Oakley’s ability to invest in founder-owned technology businesses and execute buy-and-build strategies.
“With the adoption of cloud technology in Iberia being behind the rest of Europe, we see significant value and further potential in growing the largest independent business software platform to service SMEs within the region.”
Oakley closed its third fund on €800m in 2017, €50m above its original hard cap.
Earlier this year Oakley stormed past its target for its first lower mid-market fundraise, hitting about €455m after just six months in the market.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/oakley-capital-creates-iberias-biggest-independent-business-software-provider-with-primavera-buyout.html
