- Battery Ventures will help to define Forterro’s new acquisition strategy
- Partners Group picked up Forterro in March
- Forterro is a provider of enterprise resource planning software for the industrial mid-market
Battery Ventures has announced that it has bought a minority stake in Forterro, a European provider of enterprise resource planning software for the industrial mid-market. Battery Ventures had sold Forterro to Partners Group for €1 billion in March. Battery will be involved in helping to scale the business as the company implements its growth plan under Partners Group’s ownership.
“With the vast opportunities for continued growth, and a deep belief in the vision shared by Forterro CEO Dean Forbes and its new lead investor, Partners Group, we are excited to double down on Forterro during its next chapter, deploying new capital into the business,” said Battery Private Equity partner Dave Tabors.
Battery Ventures will help to define the company’s new acquisition strategy. Under Battery’s ownership, London-based Forterro completed 14 acquisitions across France, Germany, Poland, Sweden, Switzerland and the United Kingdom, and grew its annual recurring revenue over 10 times.
Battery Ventures has been investing in technology companies globally since 1983. The firm is headquartered in Boston and has invested in over 450 companies.
“Battery was a foundational architect of the Forterro platform, scaling the business from its roots in the Nordic market into a pan-European business,” said Forbes. “Battery’s partnership has been invaluable, and the firm continues to bring to bear the full breadth of its network and expertise, most recently sourcing Forterro’s newest acquisition, OrderWise, in a transaction announced earlier this month that will significantly expand Forterro’s footprint in northern Europe.”
Partners Group is a Baar, Switzerland-headquartered investment firm with $66 billion in assets under management in private equity. It invests across private equity, infrastructure, real estate and private debt. To date it has invested $94 billion in private equity having invested in over 280 businesses since 1996.