Mid Europa buys Intive from Enterprise Investors

The transaction is conditional upon regulatory approval and is expected to close in Q1 next year.

Mid Europa is currently raising for its latest flagship fund, Mid Europa V. The fund was launched earlier this year with an €800m target. It is unclear whether the investment will come from the new vehicle; however, its €800m predecessor, Mid Europa IV, was 90% invested as of May this year.

The GP stated that Intive was well-positioned to grow on the back of the accelerating digital transformation trend, which it sees as driving demand for software engineering and design services.

Previous funding
Poland-based Enterprise Investors initially invested €5.5m in Munich-headquartered software developer BLStream through its venture vehicle, Enterprise Venture Fund I, in 2012. In 2015, it backed the €36.1m acquisition of Polish financial services software developer SMT Software Services as a bolt-on to BLStream. The 2015 deal saw Enterprise wholly acquire SMT through its 2012-vintage €314m Polish Enterprise Fund VII in a carve-out from parent SMT SA.

The merger gave birth to the Intive group, which went on to make further acquisitions – it notably invested in Argentina's FDV Solutions and Germany-based Intence in 2017. Overall, Enterprise invested €34m in the business over the holding period.

Company
With roots going back to 1999, Intive is a Munich-based digital product development business, building tools for companies looking to accelerate their own digital transformation.

Intive has 14 development centres in Germany, Poland, the US and Argentina, as well as regional offices in France, Spain, Sweden and the UK. It employs 1,600 staff and is expected to generate revenues of €80m this year.

People
Mid Europa Partners – Pawel Caruk, Rustam Kurmakaev, Maciej Michalak.
Enterprise Investors – Rafal Bator.

Advisers
Equity – William Blair (M&A); Avendus (M&A); White & Case (legal); Clifford Chance (legal); Dechert (legal); BCG (commercial due diligence); PwC (financial due diligence, tax).

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