Vectis sells WinBooks to trade

Francesca Veronesi
18 December 2019

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Private equity firm Vectis Private Equity has sold its stake in Belgium-based accounting and business management software company WinBooks to Netherlands-based software supplier Exact.

The combination of the two businesses is expected to allow Exact to strengthen its market reach beyond Flanders, in Brussels and Wallonia. WinBooks will be managed as a separate business within the Exact group.

Vectis invested in the business in 2016. The Belgian GP seeks to invest in service-orientated companies with turnover of €5-50m and enterprise values of €5-25m. The GP is currently investing via its Vectis Participaties III fund, which closed in 2016 on €45m.

Founded in 1989, Exact launched its cloud-based accounting product Exact Online in 2006. Exact is aiming to double its revenues to €500m over the next five years.

Company
Founded in 2000 and based in Aalter, WinBooks develops accounting and business management software. Recently, WinBooks introduced cloud-based services alongside its established on-premise products. It is based in both Flanders and Wallonia, and has 20,000 customers based in Belgium and Luxembourg.

People
Exact – Phill Robinson (CEO).

Advisers
Company – Degroof Petercam (M&A).