Advised VC funds led by Apax Partners on the acquisition of Cartesis, a provider of business management software, from PricewaterhouseCoopers
Dec 2003
  • Sector: Application Software
  • Deal Type: Private Equity Deals
  • Engagement type: Buyside
  • Size: <$200m

– Cartesis is a provider of business performance management (BPM) software

– The company’s solutions enable complete financial management such as budgeting, statutory consolidation, management reporting and shareholding management

– Cartesis maintains offices in Brussels, Frankfurt, London, Madrid, Paris and Tokyo and has over 1,300 clients including one in five of the Fortune Global 100 and 30% of the Financial Times European companies

– Apax Partners is a private equity group, operating across Europe, Israel, India, US and Japan

– Founded 30 years ago, Apax Partners’ Funds provide equity financing to companies at all stages of development across the retail, IT, telecommunications, healthcare, media and financial services industries

– Since 1995, c. 65 companies owned by Apax have listed, with a collective entry market capitalisation of over $35 billion

– The transaction provides Cartesis with the financial and strategic resources to continue strong growth and exploit the increasing market opportunity

– This divestiture of Cartesis from PwC will expand market opportunity to include those companies audited by PwC that originally were off limits to Cartesis due to Sarbanes-Oxley rules

– The investment is consistent with Apax Partners’ strategy of identifying high-quality companies with leading industry positions

– Arma Partners worked closely with Apax’s team to conduct due diligence on the target and negotiate the terms of the deal

– We also helped brief Apax’s co-investors, Advent, CDP Capital and Partech, when the financing of the deal was syndicated

– We leveraged our sector knowledge to proactively identify exit opportunities for Apax, including Business Objects – who subsequently acquired Cartesis, giving Apax a very attractive return on their investment