Main Capital-backed GBTec buys Avedos

Sell-side adviser Marks Baughan managed a limited auction process for the company.

Samuel Brandstätter, founder and CEO of Avedos, will also acquire a stake in GBTec as part of the acquisition, according to a statement.

The acquisition of Avedos was financed via equity from Main Capital, as well as from GBTec's management.

The add-on will increase GBTec's process and risk management software capabilities, according to a statement. The new group will have 170 employees.

The deal is the first add-on in the GP's international buy-and-build strategy for GBTec, which will see the company consider add-ons in the GP's core markets of Benelux, the Nordic region and DACH, as well as beyond where opportunities arise. Main Capital bought a 51% stake in GBTec in July 2019 in a deal valued at €50m. The GP drew equity from Main Capital V, which held a final close on €236.5m in 2017, as well as Main Capital VI, which held a final close in May 2020 on €564m, as reported.

Company
Avedos provides governance, risk and compliance (GRC) software for a range of public and private companies on topics including GDPR. According to its website, the company has 70 employees and its clients include Henkel, Deutscher Sparkassenverlag and Austrian Post. Based in Vienna, Avedos was founded in 2005 and reports revenues of €5-10m.

People
GBTec – Gregor Greinke (founder, CEO).
Avedos – Samuel Brandstätter (founder, CEO).
Main Capital Partners – Sven van Berge Henegouwen (partner).

Advisers
Company – Cerha Hempel (legal).
Vendor – Marks Baughan (corporate finance).

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• Topics
• Expansion
• DACH
• Technology
• Build-up
• Acquisition finance
• Germany
• Main Capital