Bid Equity sells Myneva to Summa

Bid Equity had mandated GCA Altium to consider sale options,  Mergermarket reported in February this year. 

Sources also told the publication that Myneva generated EBITDA in the range of €5-10m and was "growing strongly".

Bid Equity bought Dutch company Regas in December 2017; Regas went on to make a series of add-ons and later rebranded to Myneva. Its recent bolt-on acquisitions include Austria-based Patronis, Netherlands-headquartered Technology to Serve, and German company Swing.

Myneva is Summa's first investment in Germany and "signals an increasingly international focus for the firm", the GP said in a statement.

The transaction is the fifth from Summa Equity Fund II, which held a final close on SEK 6.5bn in February 2019. The GP recently told Unquote that it is finalising two additional deals, which will also be announced this quarter. 

Company
Founded in 2017 through a merger of Regas, Heimbas, Daarwin and the subsequent acquisition of six other software companies, Myneva is a software provider for the elderly, disabled, social, and youth care sectors. 

Its services help care providers digitise their workflows to better manage increased demand for care, and respond to converging patient needs. The company is based in Hamburg and operates in six countries across Europe, with 220 employees, and around 2,000 customers.

People 
Summa Equity – Christian Melby (partner).
Myneva – Hartmut Clausen (CEO). 

Advisers 
Vendor – GCA Corporation (M&A); AHB Legal (legal).
Equity – White & Case (legal); KPMG (financial due diligence, tax).

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