Bid acquires Pisa Sales

Pisa is the third investment from Bid Equity Fund II, which held a final close in November 2019 on €125m, surpassing its target of €100m. The fund aims to make 8-10 platform investments, deploying equity tickets of around €15m per company and seeking B2B software businesses with EBITDA of €500,000-5m valued at €3-75m.

The firm is expected to merge Pisa with portfolio company Infopark, which it also acquired in August 2020. A Bid spokesperson said: "The platform will be built around sales technology. Sales-related processes is an attractive software sector – there are big players like Salesforce or SAP, but there is plenty of room for specialised business software around this. We want to create a platform enabling medium-sized to large organisations to optimise and digitalise their sales processes further."

The combined company is expected to pursue further acquisitions to increase product range and internationalisation.

Bid Equity generally pursues buy-and-build strategies for its platform acquisitions in the B2B software space. A Bid spokesperson told Unquote: "The add-ons are likely to be relatively small, financed via all-equity, then later adding debt. We will target companies in the EV €10-40m sweet spot, with EBITDA of €1-3m, in the DACH region and beyond."

Company
Berlin-based Pisa is a vendor of CRM and configure price quote (CPQ) software, and was founded in 1989.

People
Bid Equity – Helge Hofmeister, Axel Jansen, Lars Kloppsteck (managing partners).

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