Enterprise Investors in €12.3m Nortal exit

The sale price includes a milestone payment of €1.9m to be paid nine months after closing and comes six years after the GP acquired a 36% stake in Nortal for €7m. A spokesperson for Enterprise Investors told unquote" the deal created positive returns for the GP.

In addition to the existing shareholders' acquisition of Enterprise Investors' stake, they also bought out LHV Pension Funds, which held a stake of around 9% in Nortal.

The total deal value was €15m and valued the company at around €30m, returning a 69% profit on LHV's original investment.

Previous funding
Enterprise bought into the company in July 2010, when it was known as Webmedia Group, investing €7m for a minority stake in the Estonian software developer through its Enterprise Venture Fund I.

Local pension group LHV invested in 2012, when Enterprise also expanded its stake from 36% to 41%.

Company
Headquartered in Tallinn, Nortal is an enterprise software developer focusing on the public and private sectors.

Founded in Tartu in 2000 as Webmedia Group, the company merged with CCC Corporation in 2012 to form Nortal.

Nortal employs a staff of 530 and operates across Europe, the Middle East and Africa. It generated revenues of approximately €45m in 2015.

People
Enterprise Investors – Rafał Bator (partner).

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