Swedish private equity firm EQT has agreed to acquire a majority stake in Denmark-based Sitecore A/S from its founders, Technology Crossover Ventures and other minority shareholders, in a transaction valued at EUR 1 billion. Sitecore is a global leader in customer experience management software. As part of the transaction, Sitecore’s founders are rolling a significant portion of their equity and partnering with EQT for the next phase of growth. Danica and Sampension, investors in EQT, will co-invest in Sitecore alongside EQT. The transaction is subject to approval by relevant regulatory authorities and is expected to close in Q2 2016. Following continued strong growth of more than 30% p.a. in recent years, Sitecore generates revenues of around EUR 200 million at an EBITDA margin of approximately 25%. Sitecore has close to 800 employees across Europe, North America and Asia Pacific.
Sweden is the world’s second most prolific tech hub on a per capita basis, behind Silicon Valley.“For several years, we have been following Sitecore given its leading market position, its strong technology offering and its impressive growth story,” said Morten Hummelmose, Partner and Head of Denmark at EQT Partners A/S, investment advisor to EQT. “In close cooperation with management, we want to help Sitecore continue to drive product innovation and expand further into the digital marketing software space. We are convinced that EQT’s industrial network and resources can support Sitecore to capture its full potential,” added Dominik Stein, partner and head of Technology, Media and Telecom (TMT) at EQT Partners GmbH, investment advisor to EQT. “The partnership and acquisition announced today by EQT and Sitecore is specifically designed to sustain Sitecore’s profitable growth and scale as Sitecore continues to expand at a rapid double-digit pace,” said Michael Seifert, CEO and co-founder of Sitecore. “We are excited that a world class investor such as EQT will become a critical part of Sitecore’s future growth. With EQT and founders as well as management of Sitecore joining forces, we are convinced that Sitecore is set up for continued success in the years to come.” Sitecore is a global leader in experience management software that enables context marketing. The Sitecore Experience Platform manages content, supplies contextual intelligence, and automates communications, at scale. It empowers marketers to deliver content in context of how customers have engaged with their brand, across every channel, in real time. More than 4,600 customers—including American Express, Carnival Cruise Lines, easyJet, and L’Oréal—trust Sitecore for context marketing to deliver the personalized interactions that delight audiences, build loyalty, and drive revenue. The company was founded in 2001. EQT is a leading global private equity group with approximately EUR 29 billion in raised capital. EQT has portfolio companies in Europe, Asia and the US with total sales of more than EUR 17 billion and approximately 140,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. EQT was founded two decades ago as the Wallenberg family sought to diversify their interests beyond their homeland. The family empire sprang from a single bank more than 150 years ago, SEB, now one of the top banks in Sweden. SEB was founded by André Oscar Wallenberg, a naval officer, who had collected books on banking while sailing around the world. EQT Partners is the investment advisor to all the group’s funds. It has around 370 employees, of which approximately 200 are within the investment advisory teams. EQT is headquartered in Stockholm, Sweden. The firm and its affiliates have additional offices in Amsterdam, Copenhagen, Frankfurt, Guernsey, Helsinki, Hong Kong, London, Luxembourg, Madrid, Munich, New York, Oslo, Shanghai, Singapore, Warsaw and Zurich. The company was founded in 1994 by Investor AB, US-based private equity firm AEA Investors, and SEB Asset management. “The Wallenbergs are extraordinarily powerful,” says The Telegraph. “They control a vast business empire made up of large stakes in many of Sweden’s biggest multinationals and worth tens of billions of pounds.”
“By the late 1990s the Wallenbergs’ holding company, Investor AB, was estimated to own roughly 40pc of the Swedish stock market. In short, their influence in Swedish business is unmatched.” —The TelegraphInvestor AB (INVEB.ST) is a Swedish industrial holding company, founded in 1916 and controlled by the Wallenberg family through their Foundation Asset Management company FAM, whose chairman is Peter Wallenberg, Jr., a board member of EQT. The company owns controlling stakes in several large Swedish companies, such as Molnlycke Health Care, Aleris and Grand Hotel, with minority stakes in in global listed companies such as such as Atlas Copco, ABB, SEB, AstraZeneca, Ericsson, Electrolux, Saab, NASDAX OMX, Husqvarna and Saab. Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 20 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, Rent the Runway, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, VICE Media and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. Photo: For nearly 130 years, Täcka Udden has been the private residence of Sweden’s most famous of business dynasties: the Wallenbergs. Surrounded by towering hedges and trees, the secluded setting fits the family motto:
Esse non videri – “To be, but not be seen.”]]>