Main Capital fully divests VisionWaves to IFS

Main divested its stake of around 60% in VisionWaves alongside VC firm The Informal Investors Network (TIIN), hitherto a minority shareholder in the company.

According to the GP, the negotiations took less than three months to conclude as there was a prior business relationship between VisionWaves and corporate buyer IFS. The latter sold VisionWave's products under the IFS software brand.

The trade sale comes five years after Main became a shareholder in VisionWaves through a growth capital injection in June 2010. The GP drew equity from its second fund, which reached its €25m target in October 2006, six months after launch.

Including a second funding round, which the GP led in September 2014, Main has deployed between €2-3m in VisionWaves during its time as majority shareholder, a figure that falls within its second fund's €0.5-4m equity ticket.

Under Main's four-year tenure, VisionWaves has placed its focus on expanding internationally and developing its partnership network through agreements with Capgemini, Serco and IFS.

The divestment is the second for Main's second fund in the past few weeks. On 23 June, the GP fully exited its majority stake in Dutch communication business Zetacom Group to Gilde Healthcare. The tertiary buyout, which took place after eight years after Main acquired the business, saw the GP score a return around the 4x mark, according to media reports.

Company
Founded by Alfred Godeke in 2000, VisionWaves is a software developer. Its products target clients within the aviation, banking, and oil and gas industries that require an operational intelligence platform to oversee several processes simultaneously.

With headquarters in Zeist, the Netherlands, and Colorado, the US, the business employs a workforce of 35 staff and is understood to generate revenues in the region of €10-20m.

People
Main Capital Partners was represented by managing partner Charly Zwemstra and partner Pieter van Bodegraven, who has just stepped down from his position at VisionWaves's supervisory board. Henk de Boer is CEO at VisionWaves.

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