Verdane makes 5x on Banqsoft exit to Advent-backed KMD

Verdane told unquote" the exit had returned more than 5x cost to the GP, and that the sale resulted in the full realisation of its 2003-vintage Verdane Capital IV fund, which acquired Banqsoft as part of a direct secondaries deal in its inaugural year.

The deal is reported to be worth in the region of a few hundred million DKK, with Norwegian digital news website Digi.no reporting a price tag of around NOK 300m.

The NOK 790m Verdane Capital IV vehicle is the majority shareholder in Banqsoft, and will fully exit its 35% stake in the company, 12 years after the GP first invested in it. Banqsoft will become a subsidiary of KMD following the acquisition.

The sale came to fruition after Verdane had considered different options for Banqsoft, opting to establish a dialogue with KMD.

KMD's buyout forms part of its expansion into the financial IT services market, as well as a geographical expansion across the Nordic region, and follows a string of acquisitions since Advent acquired KMD in a 2012 SBO.

The four original founders of Banqsoft will also sell their stakes, which amount to around 6% each, as part of the deal.

Company
Banqsoft is a provider of financial management software, with applications in the management of loan, leasing, wholesale, fleet and deposit portfolios for finance companies and banks.

Founded in 1994 and headquartered in Oslo, Banqsoft has customers in the Nordic countries, Poland, the UK and the Baltic states. Its clients include Santander, Toyota, Handelsbanken and Volkswagen Finance.

The company had revenues of NOK 137m last year, with a pre-tax profit of NOK 23.9m. Banqsoft employs a staff of 140.

People
Bjarne Lie is a managing partner at Verdane. Johnny Rindahl is the CEO of Banqsoft and Eva Berneke is the CEO of KMD.

Advisers
Vendor – Alpha Corporate Finance (Corporate finance).

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