Silverpeak advises CloudTrade on sale to Advanced

This is Silverpeak’s third software transaction in the last two weeks, reinforcing our expertise and experience advising software companies in Europe on both funding and M&A.

CloudTrade was founded in 2010 to offer a fresh approach to electronic document processing. Their unique, patented technology, enables companies to evolve past their reliance on paper or labour-intensive manual processing and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade’s core product suite focuses on e-invoicing, including Universal Capture to automate all volumes and document types, Invoice Fraud Protection, as well as Intelligent Ordering Processing.

Silverpeak worked with the CloudTrade board to navigate multiple inbound approaches from global strategic buyers and generate competitive tension. This delivered multiple offers valuing the business at a strategic price, thus negating the need for a broader process. After engaging in a thorough preparation phase, the Silverpeak team worked to a tight timetable to quickly qualify the inbound approaches, negotiate the transaction and manage the process through to completion.

David Cocks, CloudTrade CEO, said, “Silverpeak spent the time to understand the goals of the shareholders and created an excellent Company overview with detailed numerical analysis. This gave us a firm foundation, and contingency should our first choice of purchaser fail. The team at Silverpeak took control of the whole process and without their diligence, tenacity and attention to detail I have doubts whether it would have actually happened. It was really encouraging and exciting to have an experienced team working on our side, fully aligned with our objectives.”

Paddy MccGwire, Silverpeak Managing Partner leading the transaction said, ”This is a great outcome for David and his team at CloudTrade, demonstrating significant leverage to the investment round he received just over 3 years ago. Many transactions have a hurdle that appears during the process that needs to be overcome. This was no different. Silverpeak’s imaginative solution, working with the buyer, ensured we kept on track. Advanced is a very suitable strategic home for the business where the technology and platform can be fully exploited.”

Silverpeak advises Safran software solutions on its acquisition by JDM technology group

SILVERPEAK ADVISES SAFRAN SOFTWARE SOLUTIONS, A LEADING VENDOR OF RISK AND PROJECT MANAGEMENT SOFTWARE, ON ITS ACQUISITION BY JDM TECHNOLOGY GROUP

Silverpeak, the financial advisor to growth technology companies, acted as the exclusive advisor to Safran Software Solutions AS. This is Silverpeak’s fourth deal advising SaaS and software clients in the last six months.

Safran’s world class software enables businesses to precisely plan and execute large projects across industries including oil and gas, engineering and construction, aerospace and defence, utilities, and the public sector.

Since 1997, Safran has worked closely with its customers to understand the complex requirements of planning and project controls. Risk management has been a key part of Safran’s value-add and is a strong differentiator, and a new SaaS product was launched in early 2021 to further extend the range of the Risk portfolio.

Safran has offices in New York, London, and Oslo, with an international sales team and a network of partners and resellers.

The Silverpeak team worked as the exclusive financial advisor to Safran and its shareholders, performing detailed valuation analysis, identifying strategic investors and acquirers, and negotiating the cross-border transaction through to a successful completion with JDM Technology Group.

JDM is a global group of leading software providers for the architecture, engineering, construction, maintenance and operations industries. The deal highlights the strategic fit between JDM and Safran.

Per Arne Jensen, Chairman Safran Software Solutions: “Through the process we were very pleased with Silverpeak’s work quality and ethics with regards to materiel production, buyer universe definition, negotiations and process management.”

Pietro Strada, the Managing Partner at Silverpeak leading the process added: “It has been a pleasure to work with Richard Wood and Progressus (Per Arne Jensen and Rune Jensen). Safran Software is a world leader for risk analysis and management software, and this was recognised during the process, which led to the strategic acquisition by JDM Technology Group. The Silverpeak team led by Chris White and myself is delighted to have advised Safran in this strategic deal.”

Silverpeak advises Login VSI on significant growth investment from Wavecrest Growth Partners

Today’s modern enterprises need a continuous understanding of the application experience delivered to their corporate users, a need that has grown given the increase in remote work caused by the COVID-19 pandemic. Business-critical applications are being deployed in enterprise data centres (on-premises) and the cloud, further increasing performance variability and driving the need for multi-environment digital workspace testing. Login VSI’s flagship product, Login Enterprise, is an automated testing platform that assures business continuity and application performance while reducing risk. It tests the desktop and business applications from pre-production to production, thereby eliminating poor performance and downtime, increasing user productivity, and directly saving enterprises money.

The shareholders of Login VSI engaged Silverpeak to explore their options due to its deep expertise in enterprise software. As part of the process, Silverpeak approached an international audience of PE growth investors in the US, Europe and Asia, running a competitive selection process from which Wavecrest Growth Partners was chosen as management’s preferred partner with a strong understanding of enterprise infrastructure software.

The Silverpeak team played a critical role in negotiating a transaction structure, involving both primary and secondary, that ensured all shareholder objectives were met. As a result, the majority investment will provide full liquidity to existing investors, partial de-risking for management, as well as primary capital to enable the business to accelerate growth.

Eric-Jan van Leeuwen, Login VSI CEO, said, “Silverpeak engaged with us in a process that was highly collaborative. They helped us find the right investment partner for Login VSI at this stage of our growth. Their team and process were transparent and insightful.”

Paddy MccGwire, Silverpeak Managing Partner leading the transaction said, “It has been a pleasure to work with Eric-Jan, Gerhard and the Login team, helping them bring in the right partner for the next chapter of their journey. The majority of new business is already in the US, and this investment will enable them to fully exploit the opportunity.”

For more information please contact
Paddy MccGwire: pm@silverpeakib.com
Kieran Hall: kh@silverpeakib.com

Origami

Origami is a technology company on a mission to build a green energy world, powered by smart technology. As ambitious climate targets drive a transition to renewables, energy systems are becoming more distributed, complex, and volatile. We cannot turn the wind and sun on or off to meet supply and demand in the same way that we have done previously with power stations. Smart digital solutions are required to better manage our power grid as more and more renewable assets are added. Powerful real-time solutions are critical to coordinate networks of renewables, flexible demand and energy storage, to build a green energy system that is efficient, profitable, and sustainable for the long term.

Origami’s trading and automation software provides power traders with real-time data and machine-learning decision support tools to reduce risk, improve visibility and capture valuable opportunities within new and rapidly evolving energy markets. This new investment enables Origami to enhance its products, serve a growing customer base and scale up for international markets. The success of this funding round also highlights the increasing investor appetite to back leading tech companies pursuing the reduction of global carbon emissions.

Silverpeak was engaged due to its expertise in SaaS / Software and fund raising to advise Origami on its Series C financing, positioning the company as a future global software leader in the energy sector. As part of the process, Silverpeak approached an international range of financial investors (VC & mega infrastructure funds looking to fund enabling technologies) as well as strategic counterparties with a strong interest in renewable energy and ESG focused software investments.

Silverpeak assisted the Origami team in developing a clear and compelling equity story, prepared an in-depth international expansion fuelled business plan, actively supported management during their interaction with investors, and negotiated management friendly terms, resulting in a successful investment round with a Tier 1 ESG focused Financial Institution.

Peter Bance, Origami CEO, said, “Origami’s recent fund raise will help us become the leading independent technology platform for the energy sector, and accelerate the global transition to net zero. Silverpeak really understands technology companies, and they helped us ‘translate’ our equity story into a language that investors would easily understand.”

Paddy MccGwire, Silverpeak Managing Partner leading the transaction said, “Origami’s evolving SaaS platform is a game changer for the energy sector globally as it addresses the opportunities and liabilities of increasing volatility caused by renewable energy on the grid. We are very pleased to have advised the Origami team and sourced this Series C investment led by Barclay’s Sustainable Impact Capital with follow on from existing investors.”

Msite

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to MSite, the Liverpool-based provider of workforce management SaaS and solutions, on its acquisition by the Infobric Group (a portfolio company of Summa Equity). This acquisition unites the domestic market leadership of MSite and Infobric, in the UK and the Nordic region respectively, to create a European digital leader serving the construction sector.

MSite is a leading technology company in workforce management at construction sites. MSite’s platform is actively deployed by Tier 1 contractors such as Balfour Beatty, BAM, Morgan Sindall and Vinci Construction, as well as on the London 2012 Olympic Park. It is estimated that 40% of the UK’s construction workforce is enrolled on MSite’s platform today.

MSite will now become part of the Infobric Group. This acquisition is Infobric’s first outside the Nordic region and an important part of its international growth. MSite’s UK market-leading position lays the foundation for knowledge transfer that will strengthen Infobric’s offering for its entire customer base.

Silverpeak worked with MSite and its shareholders as their exclusive adviser to explore their options. Upon identifying the right time to launch the process, the Silverpeak team worked to a tight timetable to prepare the process, identify and pre-qualify potential buyers, negotiate the transaction and manage the process through to final completion, all within 4 months.

Neil Norman, Founder and CEO of MSite said: “To an entrepreneur, first exposure to the world of corporate finance advisors is daunting and you naturally question the value of their service. Frankly speaking, we could not have done this without the expertise and hard work of the Silverpeak team. At first, they challenged us to get ready for what was to come, then they expertly took the transaction across the line. If we do another deal, it will be with Pietro and the Silverpeak team.”

Pietro Strada, the Managing Partner at Silverpeak leading the process, added: “We are delighted to have advised MSite on this transformative transaction in the construction technology sector. Neil and his team have built a market-leading company centered around Msite’s SaaS platform, which has been validated by many of the most demanding and innovative UK construction companies. We thank MSite’s shareholders for their trust in Silverpeak and are proud to have delivered a great outcome for all.”

V-Nova

V-Nova is a London-based, IP and software company founded by Guido Meardi, Pierdavide Marcolongo and others. The company’s technology improves data compression as the core enabler of a vast portfolio of innovative applications based on the game-changing use of AI and parallel processing for video and image compression and analytics.

The capital raised will be used to further develop and accelerate the commercial rollout of V-Nova’s video compression software:

  • MPEG-5 LCEVC, the first and only enhancement standard that improves any video codec, can address the totality of the video distribution market. It boosts the quality of experience of existing video services and enables new user experiences while improving video delivery to the end-user in a cost and energy-efficient way.
  • SMPTE VC-6 is a professional production codec that offers higher quality at faster speeds than existing alternatives. Furthermore, VC-6 accelerates AI media indexing multi-fold, enabling the next generation of intelligent media.

Silverpeak was appointed due to its expertise in Deeptech, relationships with global growth investors and reputation as a trusted advisor to the best tech companies. The deal team worked with management to determine the ideal funding strategy. Silverpeak then ran the optimal process exploring multiple funding options, which culminated in the $33m financing by prominent tech entrepreneurs, investment firms and returning shareholders.

Guido Meardi said: “Silverpeak has been at our side with huge dedication and provided very valuable support throughout the deal. They have brought unparalleled skills in presenting V-Nova’s unique story and created a lot of interest from investors. Their professionalism, drive and execution capabilities gained them the trust of our Board and management team. It has been a pleasure working with them.”

Pietro Strada, a Managing Partner at Silverpeak added “We are proud to have advised V-Nova and to have worked with Guido, Pierdavide, Antonio (Filippi) and the other team members. V-Nova is a true global leader and has huge potential. We are confident that this financing round will accelerate its growth and propel it to even greater successes.”

Silverpeak advises fibre broadband network operator Zzoomm on £100m investment by Oaktree

Zzoomm was founded by industry veteran Matthew Hare, who launched rural broadband player Gigaclear a decade ago, and this year hired former Virgin Media and TalkTalk executive Richard Sinclair as its chief operating officer. The company has built a full-fibre network in Henley-on-Thames over the past 12 months and plans to expand to similar locations to build a telecoms company focused on market towns that need higher internet speeds. The Oaktree investment will fund a rollout to pass 1m homes with freshly laid fibre optic cables within five years.

Silverpeak was appointed due to its expertise in growth fundraising and connections with global investors. A range of infrastructure investors with strong interest in telecoms and tech infrastructure were approached. The deal team advised the company on the funding strategy and managed the process from start to finish.

Matthew Hare said: “Silverpeak has been at my side with huge dedication and provided very valuable support throughout the whole deal. They have created a lot of interest from investors, helped us to choose the right financial partner and skillfully negotiated the deal. The Board really trusted their advice”.

Pietro Strada, a Managing Partner at Silverpeak added: “It has been a pleasure to work with Matthew and the Zzoomm team and helping them bring in the right partner for the next phase of their journey.”

For more information please contact Pietro Strada: ps@silverpeakib.com

Silverpeak advises Armilar Venture Partners on Continuation Fund transaction

Armilar Venture Partners, the largest venture capital firm in Portugal, is an investor in several leading software companies, having started to invest more than a decade ago. Since then, their stakes have grown enormously in value, as the companies went from strength to strength and some became widely regarded as the market leaders in their sector.

Armilar Venture Partners wanted to offer its limited partners a liquidity option through a Continuation Fund.

Silverpeak was appointed due to its track record with enterprise software/SaaS growth companies, deep relationships with late-stage technology investors, and excellence in execution of complex transactions. The deal team designed an accelerated process, targeting a selection of knowledgeable investors who could confidently invest with a limited due diligence process. Silverpeak advised Armilar Venture Partners on structuring the transaction and managed the process from start to finish.

Joaquim Sérvulo Rodrigues, Partner at Armilar Venture Partners said: “Silverpeak provided exemplary support throughout this complex transaction. The strength of their relationships with investors enabled us to solicit indicative offers within a few weeks of their engagement. Their team then skilfully negotiated the right structure to accommodate the requirements of all parties. We were able to rely on their advice throughout the entire process.”

Pietro Strada, a Managing Partner at Silverpeak added: “We thoroughly enjoyed working with Duarte, Joaquim and the Armilar Venture Partners team in establishing their new Continuation Fund. They have an impressive track record with great tech companies. This new vehicle will facilitate additional value creation over the next few years for their limited partners and the new investor.”

Trafi

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to Trafi, the Vilnius and London based multi-modal urban transport platform, on its financing round led by Sumitomo Corporation and Aioi Nissay Dowa Insurance. The two Japanese corporates were joined by existing investors Octopus and the European Bank for Reconstruction and Development (EBRD).