Boyum IT Solutions acquires Danish software vendor Perfion, adding complementary capabilities to its portfolio and increasing the size of its addressable market
London, UK, 28 June 2023: Volpi Capital LLP (“Volpi”) announces the close of Volpi Capital Investments Conti LP, a new vehicle (“Continuation Fund”) which has acquired the remaining interests held by Volpi Capital Investments L.P. (“Fund I” or “the Fund”)in Cyclomedia and Digital Barriers. This transaction represents a major milestone for Volpi, allowing for the full realisation of Fund I, following the exits of investments in Version 1 and Medinet, and delivering top 5% fund returns to our investors.
The Continuation Fund has been capitalised by Schroders Capital as lead investor and it attracted strong support from existing investors alongside several new institutional investors and the Volpi team. Cyclomedia’s management team, in addition to Volpi Capital Investments III (“Fund III”) will co-invest alongside the Continuation Fund in its investment in Cyclomedia.
Cyclomedia is a leading international provider of intelligent street-level geospatial data and information solutions. It specialises in the capture and processing of large-scale systematic visualisations of physical environments using specialised technology to collect 360˚ spherical imagery. Headquartered in the Netherlands, the company employs over 250 FTEs and operates across Europe and North America.
Since Volpi’s acquisition in 2018, the business has tripled in size, transitioning from a Dutch-focused provider of Geographic Information Systems (“GIS”) solutions to an international player of scale, with significant revenue exposure in the US and new European markets. Drivers of this growth have been Volpi’s expansion of Cyclomedia’s technology capabilities, the transition to cloud native architecture, and the addition of an innovative objection recognition suite to the proposition. This has allowed the business to exploit additional use cases and enter new industry verticals. Alongside these initiatives, Volpi significantly built-out the senior team to drive further expansion.
With additional capital and extended time to drive further value creation, Cyclomedia is ideally positioned for the next phase of our growth plan as it continues to cement its position as the market-leading street-level end-to-end GIS solutions provider. This will be achieved with the roll-out of new product initiatives that are already well-invested while leveraging of Cyclomedia’s proven GTM strategy, as well as through selective strategic bolt-on acquisitions.
Commenting, Crevan O’Grady of Volpi Capital, said “Volpi is delighted to continue our partnership with the Cyclomedia team. We are proud of the successful execution of our growth acceleration strategy to-date and are excited to build on this solid foundation through the next phase of our value creation ambitions.”
Christiaan van der Kam, Head of Secondary Investments at Schroders Capital, said “We are excited to continue our partnerships with Volpi and the management teams of Cyclomedia and Digital Barriers in their next chapters of growth.”
Rede Partners assisted with the private offering, with Stephenson Harwood serving as legal advisor to Schroders Capital and Allen & Overy and Macfarlanes serving as joint legal advisors to Volpi.
About Volpi Capital
Volpi Capital is a specialist European lower mid-market private equity firm seeking ambitious businesses that use technology to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its second fund (Volpi Capital Fund II) in December 2020 with €323 million of commitments.
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Brabrand, Denmark, 5 May 2023: Boyum IT Solutions (“Boyum”) is a global supply chain software vendor, with more than 12,000 customers in more than 100 countries. On 28th of April 2023 it agreed to acquire Perfion, a global software vendor specialised in Product Information Management (PIM) software. The Perfion product is highly complementary and will enable Boyum customers to manage complex product information and distribute it efficiently across all relevant go-to-market channels.
The acquisition supports Boyum’s strategy to increase its addressable market in both the Microsoft Dynamics and SAP Business One install bases. Perfion has 40 employees across Denmark, the U.S., Germany and the Netherlands. As a part of Boyum, Perfion will benefit from an extensive global network of software partners to drive the expansion of its state-of-the-art PIM solution.
Mikael Boyum, founder and CEO of Boyum IT, is excited about the joint opportunities: “I am delighted to bring Perfion’s PIM solution to our portfolio and enable our partners to drive additional sales with a focus on the revenue-generating buyer segments of their customers. We see great synergies, in terms of becoming an independent platform and strengthening our position in the SAP and Microsoft ecosystems worldwide. Perfion’s PIM solution holds the potential to enrich our existing solutions and boost our digitisation and automation journey. Finally, there is a strong cultural and value fit which will help the integration of the companies in both the short and the long term.”
Jan Nørret, CEO of Perfion, looks forward to leveraging these opportunities: “I see a lot of interesting opportunities with Perfion now being part of Boyum. We come with deep experience in the Microsoft ecosystem which will drive Boyum’s growth into this market. At the same time, Boyum’s success with partner sales and their global ERP partner network will bring our PIM solution to many customers around the world.”
Boyum is owned by Volpi Capital – a B2B tech specialist investing across Northern Europe. Volpi Capital is experienced in international expansion and buy-and-build, driving sustainable and profitable growth.
Marc Andreoli, investor at Volpi Capital, is looking forward to continued growth for the combined group going forward: “Boyum has excellent execution capabilities, having beat their own growth goals over the last three years of their partnership with Volpi. This highly complementary acquisition gives them access to a much larger addressable market, which they can sell to with a more holistic portfolio, via a larger network of ERP resellers.”
After the acquisition, the Boyum group total number of employees will exceed 180. Perfion’s personnel and management will continue as Boyum employees, with the existing leadership team assuming leadership roles in the Boyum Group.
For more information, please contact:
Boyum IT Solutions A/S: Mikael Boyum, CEO and Founder, tel. +45 28 40 97 30 or mbo@boyum-it.com
Perfion A/S: Jan Nørret, CEO, tel. +45 29 40 78 33 or jn@perfion.com
nfo@volpicapital.com
