Zubr Capital, EBRD exit Targetprocess

Appito has wholly acquired the company after a sale process of several months, according to a statement.

Zubr and EBRD acquired a majority stake in Targetprocess in April 2018. Following the deal, the headquarters of the Belarus-based company were moved to Amherst, New York. During the investment period, the company set up sales and marketing structures and further developed its software product.

Zubr invested in Targetprocess via its debut fund, which held a final close in August 2016 on $50m, followed by a final close in March 2018 on $90m, according to Unquote Data. The fund has made nine platform investments and the sale of Targetprocess marks the first exit from the vehicle, the GP said in a statement.

Company
Founded in 2004 and initially based in Minsk, Targetprocess is an enterprise software platform that allows businesses to manage and plan workflows. Its clients include corporates and public organisations, such as the NHS, the Marriott hotel chain, Xerox and SNCF, according to its website. The company employs 120 people and has offices in the US, Canada, Germany and Belarus.

People
Zubr Capital – Konstantin Zapolianski (senior investment director).
European Bank for Reconstruction and Development – Bakhrom Ibragimov (head of venture capital investment programme).

Advisers
Vendor – Dentons, Ilan Katz (legal).

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