TA, LEA to merge Enscape, Chaos

LEA bought a majority stake in Enscape in February 2020 using its LEA Mittelstandspartner Fund, which closed in May 2018 on EUR 200m. The fund writes tickets of EUR 10m-40m. At the time it had revenues of less than EUR 25m.

Chaos filed accounts in Sofia, where it is headquartered, that showed revenues of USD 27m in 2020, according to Dun & Bradstreet. 

TA did not respond to a question about the current shareholding structure of Chaos or from which fund it is exercising the merger. 

The newly combined company will retain the Chaos name, but products from both company portfolios will retain their respective names. It will develop and strengthen its product portfolio to build a comprehensive end-to-end visualisation ecosystem, the company said in a statement.

Chaos CEO Peter Mitev and Enscape CEO Christian Lang will share the title of co-CEO. Chaos co-founder and head of software operations Vladimir Koylazov will continue to work on research and development.

Company
Founded in 2017, Enscape is a developer of real-time rendering and design workflow technology for the architecture, engineering and construction (AEC) industries.

Founded in 1997, Chaos works in photorealistic rendering technology. Its flagship rendering solution V-Ray is used widely across multiple industries.

The merged company will work focus on the AEC, visual effects and product design verticals.

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