Good morning Eurohubsters, Nina Lindholm here with Friday’s Dealflow.
It has been a strong week for tech deals. Summa Equity picked up a majority stake in a creator of cybersecurity platforms, Thoma Bravo’s Europe-based team made its first investment, Inflexion snapped up a cash management software provider and Afinum 9 acquired a software provider for medical device management.
Bain & Company also published its Global Private Equity report this week. We’ll revisit it to look at some tech related insights.
We’ll also take a look at the latest news on eurozone inflation, as what better way is there to start a Friday than that.
Cybersecurity. Let’s start with one of the tech deals. Summa Equity will acquire a majority stake in Logpoint, the creator of a cybersecurity operations platform.
Logpoint is a European provider of foundational SIEM, UEBA, SOAR, and SAP security technologies on a single platform.
“By taking a majority stake in Logpoint, we are investing in securing the global tech-enabled transformation, which is vital to reaching most of our sustainable development goals,” said Christian Melby, Summa Equity partner and CIO. “It is an investment in European cybersecurity resilience, ensuring that the technology to secure digital infrastructures thrives in Europe.”
Exponential. We covered Bain & Company’s Global Private Equity Report earlier this week, but I thought it would be worth a revisit with this technology theme in mind.
While growth was down or “muted” across all sectors, technology still accounted for almost 30 percent of all buyout deals globally in 2022, according to the report.
Innovation in sectors such as healthcare and finance, especially with the use of AI, web3 and big data will drive the demand for private capital. That demand will grow “exponentially” over the next 20 years, according to Bain & Co.
Out of the technology investments in buyout funds, a full 88 percent are software, which according to the report is “significantly” less volatile. Mature SaaS businesses tend to be more resilient in a downturn because their products are “sticky”—either mission critical or deeply embedded in a company’s operations, the report said.
You can read the full report here.
Analytics. Speaking of software, let’s take a look at Thoma Bravo. The software investor will invest in healthcare analytics provider LOGEX.
LOGEX is headquartered in Amsterdam and has over 450 employees.
While Thoma Bravo has deployed $11 billion across 11 deals in Europe over the last 12 years, the investment in LOGEX is the first by its Europe-based team. Thoma Bravo opened an office in London in September 2022, which is its hub for European deals.
To find out more about the deal, take a look at our full coverage here.
Money. In addition to healthcare, Bain & Co highlighted innovation in finance as a trend in tech. One example of that this week was Inflexion Private Equity Partners acquiring a majority stake in Nomentia.
Nomentia, headquartered in Helsinki, is a European treasury and cash management software provider. The firm processes over €1.2 trillion of payments through its bank connections annually.
Inflexion’s investment in Nomentia marks its fourth in the Nordics, following its investment in EcoOnline in January.
You can read our full coverage on the deal here.
Technology within financial services also came up in my interview with Permira’s principals Chris Pell and Daniel Tan about the firm’s recent acquisition of Acuity Knowledge Partners. You can read my full interview here.
Medical. Let’s go back to the mix of healthcare and software for one more deal. Afinum 9 acquired a majority stake in mymediset, a technology provider for SAP-integrated medical device management in the healthcare industry.
Mymediset provides fully SAP-integrated software and cloud-based apps for more efficient, responsible, and reliable medical device management.
The investment in mymediset is the sixth platform investment by Afinum 9 fund since October 2021.
Take a look at our full coverage on the deal here.
Inflation. Eurozone inflation dipped to 8.5 percent in February, from January’s 8.6 percent, according to preliminary data by Eurostat. While this is the fourth month in a row inflation has eased, it was by less than expected.
A Reuters poll of analysts expected year-on-year inflation in February to drop to 8.2 percent.
Core inflation, which excludes energy, food, alcohol and tobacco, rose to a record 5.6 percent in February from 5.3 percent in January.
Several sources have told us that higher inflation is likely to make IPOs as an exit route difficult, with central banks potentially having to hike rates to combat it, leading to market volatility. For more on the IPO market, check out Craig McGlashan’s piece on Tikehau Capital’s IPO of EuroGroup Laminations.
That’s all from me. I hope you all have a great weekend. I’ll be running 36km (22 miles) tomorrow, and then relaxing on Sunday by watching the start of the new Formula 1 season.
Cheers,
Nina
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