Waterland's Keylane buys Artena

Ellie Pullen
10 October 2014

Tweet
Facebook
LinkedIn
Google plus
Send to

Waterland Private Equity portfolio company Keylane, which was formed through the merger of three Waterland assets earlier this year, has acquired Dutch pension software developer Artena.

The acquisition was completed via the firm's Actuera brand, which has wholly acquired Artena.

Artena's founder, Paul Bruggeman, has set up a new business, Cerrix, to continue working in the risk management software market outside of Keylane.

Keylane was established at the beginning of May through the merger of Waterland portfolio companies Actuera and Quinity. The GP has a majority interest in both companies, which continue to operate under independent brands.

In May, Newion Investments sold Leanapps, a Dutch provider of policy administration software, to Keylane. Newion had invested in LeanApps in June 2002, providing €500,000 in early-stage funding to the company.

The three businesses in the Keylane group collectively employ 350 staff and have a turnover of €45m.

Waterland acquired Actuera in January 2012 in a deal valued at €8m, according to unquote" data. The GP bought the company from Main Capital Partners, which had acquired Actuera in a management buyout in October 2006 via its Main Capital II fund.

Waterland then acquired Quinity in March this year.

Company
Founded in 2003 and headquartered in The Hague, Artena is the developer of FinCircle software, which is a software-as-a-service for pensions.

The software is designed to provide back office administration and allow communication between pension funds and employers, as well as insurers and customers.

The company employs 25 staff.

People
Ralf Timmer is the CEO of Keylane, while Ronald Kasteel is the CEO of Actuera.