Committed Capital buys ID-ware

ID-ware's management will retain a minority stake in the business.

Wai Ki Chiu, founding partner at Committed Capital, told Unquote: "The deal-making took a few months. The founder was looking for the right partner to team up with and to help the business to internationalise and further invest in R&D. I know that several strategic buyers were also looking at the company, but the founder wanted to go further autonomously."

Asked if the coronavirus crisis had an impact on the process, Chiu told Unquote: "Coronavirus had some impact on the time that the deal took. We did a deep dive into the 2020 forecast and the growth potential, but we had confidence in the end that there would be a limited impact in the longer term."

The GP held a final close for its third fund in January 2020 on €55m following two months on the road, as reported. The fund targets companies with EBITDA of €1-5m and an enterprise value of €5-30m, with revenues of at least €5m.

The GP plans to support the company's plans to expand to Germany, France and the UK, seeking buy-and-build opportunities as part of this strategy, according to a statement. It will also support research and development, including in relation to its sales team.

Company
ID-ware is a software platform that allows companies to manage smart cards and authorisation of access through ID authentication. Founded in 1990, the company has 50 employees and is based in The Hague. It has experienced double-digit revenue growth in recent years.

People
Committed Capital – Wai Ki Chiu (founding partner).
ID-ware – Christian Borgmann (founder).

Advisers
Equity – De Breij (legal); JFA (tax); Sincerius (financial due diligence).

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