Apax-backed InfoVista acquires Ascom's Tems subsidiary

Alice Tchernookova
24 August 2016

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Performance management software provider InfoVista, backed by Apax France since March 2016, has acquired Ascom's Tems business, a network testing and monitoring mobile network performance company.

The $45m acquisition, all made in cash, will help the company focus on wireless systems and mobile network testing, and complements the recent acquisitions of Mentum, Aexio and Ipanema.

It will also help InfoVista enhance its offer for mobile network performance analytics, local network design and optimisation, and active service testing.

Apax France acquired a majority stake in InfoVista in March, taking over from American GP Thoma Bravo. The GP plans to grow the company both organically and through external acquisitions. This latest addition should double the group's size to an estimated $200m total revenues and an extended presence internationally, especially in the US and Asia.

Previous funding
In December 1999, Dassault took a minority stake in InfoVista in an early-stage funding round. In January 2000, Dassault, Innovacom, PAI Partners, Sofinnova Partners, 3i and Vertex Management all co-invested €9.91m in the group, keeping a minority stake.

In April 2012, American GP Thoma Bravo acquired a 67.26% stake in the company in a take-private transaction valuing it at €81.2m.

In March 2016, Apax France made a binding offer to acquire the group from Thoma Bravo, which then claimed the company had doubled in size during its holding period. The deal value was estimated to be within the €100-250m range. Apax France invested via its mid-market buyout fund Apax France IX, which is still open and has raised €610m so far, drawing near its €750m target. Debt fund Ares provided unitranche debt for the transaction, and was the sole lender.

Company
Ascom is a telecommunications company focusing on wireless services, on-site communications and mobile network testing. The company has subsidiaries in 19 countries and a workforce of 1,600 worldwide.

Ascom's registered shares are listed on the SIX Swiss Exchange in Zurich. The company has headquarters in Baar, Switzerland; Reston, in the US; and Gothenburg, Sweden. It registered revenues of CHF 459.7m in 2013.

The Tems portfolio is used for network testing, monitoring and optimisation. It is used by 20 large mobile network operators, infrastructure suppliers and network engineering services.

InfoVista is a provider of network performance management software and services for communications providers, mobile operators, IT-intensive enterprises and government organisations.

Founded in 1995 and headquartered in Paris, the company currently counts 430 employees, 15 regional offices and three research and development centers. It claims to have 1,200 customers in 120 countries. InfoVista is reportedly expecting sales of €100m in 2016 with an EBITDA margin of around 25%.

People
Apax Partners – Gilles Rigal (partner).
InfoVista – Philippe Ozanian (CEO).