BPI, BNP Paribas invest €1m in spa software firm SequoiaSoft

The round comprised a mix of equity and convertible bonds funding.

Historical investors XAnge Private Equity and M Capital Partners (formerly Midi Capital), which have been supporting the company since 2014, re-invested alongside new backers BPI and BNP Paribas, which both committed €500,000.

The funds will be devoted to bolting on additional businesses, the first of which being Thelis, a subsidiary of listed camping management software provider DL Software that registered a €7.5m turnover for the past year.

This new acquisition follows the bolt-on of the hotels and restaurants branch of Cegid CHR in 2014. The group had then reached a €10m turnover and counted 80 staff members for a total of 2,000 equipped sites.

The acquisition of Thelis should result in an €18m combined turnover and a 170-strong headcount for Sequoia.

Previous funding
Sequoia raised a first round of funding in 2014, amounting to €5m in total and provided by private equity firms XAnge and Midi. 

Company
Sequoia is a French startup developing software for companies operating within the hospitality, restaurant and wellness markets.

The company currently has six offices based in France and Spain and counts 170 team members. It provides services in 21 countries and manages 4,000 equipped sites.

Founded in 1980, SequioaSoft is based in Sophia Antipolis, near Antibes and Nice, and posted a €12m turnover for 2015.

People
M Capital Partners – David Domingues (investment director).
XAnge Private Equity – Nicolas Goiran (partner); Edouard Ribaute (analyst).

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