Silverpeak advises ClearSpace SA on $29m financing round, in another successful spacetech transaction

Silverpeak advises Irish hoteltech pioneer, Avvio, as it joins forces with US private equity backed Sceptre Hospitality Resources (SHR)

Silverpeak worked closely with management and shareholders on this transaction, leading a global twin-track private equity and strategic process accompanied by a full suite of vendor due diligence; reaching out to an international audience within a highly competitive process. Silverpeak supported management on the refinement of their business plan and operating model, shaped the equity story, negotiated key transaction terms and skilfully navigated the shareholders through an increasingly complex and evolving economic backdrop.

The eventual acquirer optimally allowed for an exit event as well as participation for management as part of a wider hotel technology group. Headquartered in Houston, Texas, SHR is a revenue generating platform that helps hotels to execute their best revenue generation strategies through its tightly integrated central reservation system (CRS), customer relationship management, and revenue management systems. It supports over 1,500 independent, group, casino and long-stay hotels, manages over 6 million reservations, sells 19 million room nights and drives £2 billion revenue per year through its Windsurfer CRS.

Frank Reeves, CEO & Co-Founder of Avvio Limited said, “Silverpeak understood what we wanted and delivered a great buyer paying an attractive price. Throughout the process Silverpeak’s team were passionate about the Avvio business and sector whilst providing wise counsel, problem solving and strategic positioning. Our dedicated Silverpeak team were impressive from day-1 and quickly established a strong, collaborative relationship with us. I was impressed by their global reach to all the relevant strategic buyers and private equity bidders, and they designed a process that allowed me to continue as an investor in the business going forward“.

Sean Finnan, Chairman of Avvio Limited said, “I found the Silverpeak team energetic on the details and thoughtful on the strategic approach which led to a very positive outcome for all concerned. Would definitely recommend them to anyone evaluating partners for a company sale”

Paddy MccGwire, the Managing Partner at Silverpeak said “Avvio is an exceptional hotel software business led by co-founder CEO Frank Reeves, with strong international growth.  We ran a global twin-track PE and strategic sale process, selecting Texas headquartered SHR,, as they were not only a great strategic  fit, but also provided an opportunity for the CEO Frank to roll some of his proceeds into the combined business”.

Silverpeak has advised Vaarst on the extension of their Series B financing round, bringing the fundraising total to over $26m

Silverpeak, the mid-market technology specialist that represents European growth businesses in M&A and financing transactions, acted as the exclusive financial advisor to Vaarst and its sister company Rovco in extending the round from the initial $20m raised.

Vaarst is a leading provider of subsea 3D computer vision and SLAM technologies; supporting offshore wind, wave and tidal, scientific, and maritime security sectors. It also uses ground-breaking AI-based technology to revolutionise how energy companies manage subsea infrastructure and improve asset integrity.

Rovco delivers Vaarst technology into the energy transition space, mainly focused on its use for subsea surveys in the offshore wind sector where it is a market leader in the UK, and also in oil field decommissioning and subsea cable laying.

Vaarst and Rovco had already accelerated their global expansion plans following the first close of the Series B raise in March, entering the US market through the strategic appointment of Mitch Johnson, their new Americas Director. Its existing customers now include Iberdrola, SSE and Deepocean, and the company has recently signed a contract with Van Oord to perform subsea investigation works on Dutch offshore wind farm Hollandse Kust Noord.

Silverpeak was engaged due to its expertise in the deeptech and software sectors, as well as extensive knowledge of the international investor market. The company was positioned as an autonomous robotics leader in the global blue technology sector and attracted a range of international financial investors as well as strategic counterparties with a strong interest in renewable energy and ESG-focused investments.

David Ford, Partner at Silverpeak, leading the process said “We are delighted to be the ongoing /retained advisers to the Vaarst and Rovco teams as they accelerate their global growth plans. The additional investment announced here demonstrates Vaarst’s technology lead in the marine robotics marketplace, and also the ability of the Rovco team to execute complex offshore contracts effectively.”

For more information please contact David Ford, Partner: df@silverpeakib.com

Silverpeak advises Camplify

Silverpeak, the mid-market technology specialist that represents European growth businesses in M&A and financing transactions, has acted as the exclusive financial advisor to Camplify Holdings Limited (ASX:CHL) on the acquisition of Germany’s largest peer-to-peer (“P2P”) digital marketplace PaulCamper.

Camplify has grown to become one of the world’s leading P2P digital marketplaces for recreational vehicles (“RVs”). Powered by proprietary technology, the platform seamlessly and transparently connects owners to hirers. The resulting marketplace makes it more accessible for RV enthusiasts whilst simultaneously monetising under-utilised assets for owners.

By delivering a truly scalable marketplace through automation and the network effect, Camplify has seen rapid growth.  During its first full year of trading on the Australian Securities Exchange the business delivered a GTV of 54m AUD and revenues of 16m AUD, an increase on the previous year of over 63% and 95% respectively.

Silverpeak advised Camplify on the strategic acquisition of PaulCamper and continues to work closely with the board as its dedicated financial advisor to support its inorganic expansion across Europe.

Justin Hales, CEO of Camplify Holdings Limited said, “This acquisition doubles the size of the existing Camplify business and strengthens our presence in the European market. PaulCamper is one of Europe’s largest and longest-running platform operators. Silverpeak provided Camplify with expert analysis and advice in a challenging European market, and we value their contribution to our strategic growth objectives. We welcome the PaulCamper team and its community of RV owners and hirers to the global Camplify community. We look forward to helping more people worldwide enjoy van life”.

Paddy MccGwire, Managing Partner at Silverpeak said “This is a very strategic acquisition for Camplify and starts the process of European consolidation that market participants have been expecting. It has been great working with Camplify, a clear-thinking client focussed on creating strategic value. Online marketplaces like Camplify are leading the technological transformation in eCommerce and will play an important role in shaping our future economy”

Silverpeak advises additive manufacturing and advanced materials leader, CRP, on strategic investment by ITT

CRP has invested in carbon-reinforced 3D printing since 1996, becoming a pioneer in additive manufacturing in Europe. It has advanced additive manufacturing capabilities through its Windform technology range, the leading, lightweight, fiber-reinforced composite materials for industrial 3D printing. Initially focused on manufacturing of high-performing parts with  applications in motor racing, including Formula One vehicles, CRP now works with clients in the space, aerospace, defense and premium automotive industries to create complex designs that help reduce mass, weight, and costs, while shortening lead times and enhancing endurance.

Silverpeak worked closely with CRP on this transaction, supporting the group in the preparation phase, identification of suitable investors and negotiations of the terms and the structure of the transaction up to the closing.

Franco Cevolini, Chief Executive Officer of CRP Technology, said: “Silverpeak are true technology enthusiasts who brought vitality and professionalism to every stage of our transaction. They understand additive manufacturing and were able to identify the best strategic and financial partners. They displayed tenacity and sophistication when it really mattered, to achieve the very best deal.”

Pietro Strada, Managing Partner at Silverpeak said: “We are delighted to have worked with CRP’s management and shareholders led by Franco Cevolini, and to have achieved this transformative deal with ITT. The Cevolini family is an incredible example of entrepreneurialism and CRP has gained a great position in the global additive manufacturing industry. We are proud to have had the chance to work with them”.

For more information please contact Pietro Strada, Managing Partner

ps@silverpeakib.com

SILVERPEAK ADVISES MARINE AUTONOMOUS ROBOTICS TECHNOLOGY BUSINESS VAARST ON $20M FINANCING ROUND

Silverpeak, the mid-market technology specialists that represent European growth businesses in M&A and financing transactions, acted as the exclusive financial advisor to Vaarst and its sister company Rovco, the UK-based innovative ‘blue-economy’ technology and renewables-focussed services businesses, on a significant growth investment to help drive the next phase of expansion. Legal & General and Equinor co-led the round; other participants include strategic investor for the US intelligence and defence communities In-Q-Tel, and existing shareholders Foresight Group and Martlet Capital.

Vaarst is a leading provider of subsea 3D computer vision and SLAM technologies; supporting offshore wind, wave & tidal, scientific, and maritime security sector. It also uses ground-breaking AI-based technology to revolutionise how energy companies manage subsea infrastructure and improve asset integrity.

Rovco delivers Vaarst technology into the energy transition space mainly focused on its use for subsea surveys in the offshore wind where it is a market leader in the UK, and in oil field decommissioning.

This new investment enables Vaarst & Rovco to continue global expansion plans, targeting the USA and Asia, as well as increasing its presence across Europe. Its existing customers include Iberdrola, SSE and Deepocean.

Silverpeak was engaged due to its expertise in deep tech, software, and knowledge of the international investor market. We advised Rovco & Vaarst on its Series B financing by positioning the company as an autonomous robotics leader in the global blue technology sector and approaching a range of international financial investors as well as strategic counterparties with a strong interest in renewable energy and ESG-focused investments.

Brian Allen, CEO of Rovco/Vaarst said, “The Silverpeak team helped us build the equity story and business plan; held in-depth discussions with global investors; put together the multi-party transaction; and provided invaluable support throughout the process all the way to closing – it was a huge undertaking and I’m sure resulted in a better outcome than managing the process in-house”

David Ford, Partner at Silverpeak leading the process added “Through this process, we confirmed that the Vaarst technology is years ahead of any competition, and with this capital injection from some great investors the business is now very well placed to capitalise on the huge opportunities in the subsea marine robotics space.”

For more information please contact David Ford, Partner: df@silverpeakib.com

Worksmart sale to Davies Group

Worksmart is the leading supplier of regulatory technology (“RegTech”) for people and process management. The Worksmart product range enables organisations to track and manage regulatory processes across customer complaints & feedback, quality assurance, training & competence, the Senior Managers & Certification Regime (“SM&CR”) in the UK, and the Individual Accountability Regime (“IAR”) in Singapore.

Based in Milton Keynes, UK, Worksmart serves financial services organisations across insurance, banking, investment and consumer credit, helping them to manage the growing complexity of operating within the highly regulated space. Worksmart is the number one provider of RegTech for complaints management and feedback in the Lloyd’s market, and the firm’s proprietary platform ‘Foundation’ remains the “go-to” solution for training & competence needs within the Banking and Wealth Management sectors. The firm’s SaaS solution ‘Accord’ is the only purpose-built SM&CR tech available in the UK.

Silverpeak worked with the management team to uncover every source of value and refine the equity story before identifying the most relevant global buyers that would benefit from this RegTech business with a dominant position in the UK market and further market growth in Singapore and Ireland. The whole process was completed in under 6 months.

Andy Nightingale, Worksmart CEO, said, “Silverpeak worked hard and fast to understand every element of our business, discovering sources of hidden value that proved strategically important to our eventual acquirer. I have no doubt this helped deliver a materially higher sale price.”

Paddy MccGwire, Silverpeak Managing Partner leading the transaction said, ”Having had a very competitive process with strategic buyers from Europe and the US, BC Partners’ portfolio company Davies were ideal due to a great cultural fit whilst providing a lot of leverage to the business in its next chapter of growth.”

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. 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