Bayern Kapital, HTGF, Occident exit Cunesoft

Unquote understands that the value-creation strategy for Cunesoft was based on fast development of the company combined with internationalisation, designed to bring competitive advantages and therefore an increase in the company's value.

Vitruvian acquired a majority stake in Phlexglobal from Bridgepoint in December 2016. The company produces trial master file (TMF) document management software for the pharmaceutical and biotechnology sectors. The company employs 300 staff and reports revenues of £25m. Vitruvian invested via Vitruvian Investment Partnership II, which held a final close in December 2013 on £1bn.

Previous funding
Bayern Kapital and HTGF participated in a funding round for Cunesoft in October 2014, with Bayern Kapital investing via Clusterfonds Seed. The company said in a statement at the time that it planned to use the capital to expand its sales base internationally, and develop its software product offering and its secure client data storage capabilities.

In April 2016, Occident led a €1-9m series-A round for Cunesoft, with participation from Bayern Kapital and HTGF. Cunesoft aimed to use the fresh capital to expand further into the Asian and US markets.

Company
Founded in 2013, Cunesoft provides cloud-based regulatory data, and document management services for companies in the life sciences sector, including pricing models and tools to assist with drug submissions.

The company's client base consists of drug manufacturers, biotechnology and pharmaceutical companies, and generic drug companies. It has a headcount of 27, according to its website, and is based in Munich, with additional offices in the UK, the US and India.

People
Cunesoft – Rainer Schwarz (co-founder, CEO); Daniel Koppers (co-founder, CTO).
Phlexglobal – John McNeill (CEO).

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• Topics
• Exits
• DACH
• Technology
• Trade sale
• Germany
• High-Tech Gründerfonds
• Vitruvian Partners
• Build-up