Nimbus exits UnifiedPost, SmartFin et al. invest €6m

Ellie Pullen
15 January 2015

Tweet
Facebook
LinkedIn
Google plus
Send to

SmartFin Capital, Belgian private equity firm PE Group and Cytindus have led a €6m funding round for UnifiedPost Group, a Belgian developer of document management software, while Nimbus has exited the business.

Dutch private equity firm Nimbus, which bought a majority stake in UnifiedPost in 2010, exited the company when UnifiedPost's Belgian holding company UPM bought its stake in a management buy-back.

SmartFin, PE Group and Cytindus then invested in the company for a significant minority stake, with UnifiedPost's management and employees holding the balance of shares.

The fresh capital will be used by UnifiedPost to expand further across the Benelux region and the rest of Europe.

Previous funding
Nimbus acquired a majority stake in UnifiedPost in December 2010, buying its stake from Belgian investment fund SRIW Techno and two private investors.

Société Régionale d'Investissement de Wallonie (SRIW) provided a long-term debt package for the deal.

Company
Founded in 2000, UnifiedPost is headquartered in La Hulpe, Belgium with additional offices in Walferdange, Luxembourg; IJsselstein, Netherlands; and Timișoara, Romania.

The company develops document management software for businesses such as document processing and delivery, payment processing, credit management and e-identity services. It claims to have a customer base of more than 200, which includes banks, media companies, insurance firms, utility firms and travel companies.

UnifiedPost currently manages around 80 million documents per year. It generated €17m in revenues last year and employs 137 staff.

People
Hans Leybaert is the CEO of UnifiedPost. Nimbus partner Paul Frohn managed the firm's investment in the company.