Main's Regas bolts on Daarwin for merger

José Rojo
17 December 2015

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Regas, a Dutch back-office software-as-a-service (SaaS) developer owned by Main Capital since 2013, has acquired German peer Daarwin ahead of a merger.

The merger will lead to a group employing a combined 100 staff and specialising in SaaS services for mental health professionals in Germany and the Benelux region. According to Regas and Daarwin, the companies will continue to focus on their respective markets while trying to capitalise on existing product and client synergies.

The purchase of Daarwin was supported financially by both Regas's management team and Main Capital. The software-focused GP has been a majority shareholder in Regas since August 2013, when it revealed plans to back the Dutch company's expansion across neighbouring Germany.

Main's investment was not disclosed at the time but the firm's €40m third fund, which closed in 2014 and was used during the takeover, invests in the €2-6.5m region.

The vehicle's most recent acquisition is Roxit, a Dutch licensing and planning software developer bought in June. As with Regas, Main Capital followed the purchase with a bolt-on for the asset: in October, fellow developer Green Valley was bought with the GP's support.

Main will have a chance to put the build-up approach to the test with another software asset in the coming months. In late October, the GP invested via its newly closed €85m fourth fund to add application-monitoring specialist Ymor to its portfolio, with plans to grow the business via bolt-ons.

Company
Founded in 2000, Daarwin specialises in healthcare-focused administrative software. Its core product, QM-Center, is used by more than 400 ambulatories, youth care and assisted living institutions in Germany, Switzerland, Austria and Luxembourg.

Regas was created in 1997 and develops electronic patient file software for mental health care institutions and social services. Headquartered in Woerden, the company operates an additional office in Ghent. Together with Daarwin, the company employs 100 staff.

People
Main's work on the deal was coordinated by managing partner Charly Zwemstra. Nick Haasnoot is CEO of Regas, while Udo Andresen is director at Daarwin.