Tikehau Capital leads €65m Oodrive round

Other investors in the round include NextStage and Mi3 Venture Partners. According to the GP, the investment is the largest ever completed by a French non-listed management software company. The deal is expected to close in early May 2017 at the latest.

Time for Growth (previously known as Time Equity Partners) and Keensight Capital, which had respectively backed the group in 2011 and 2013, are fully exiting the group, while its three co-founders, Stanislas de Rémur, Edouard de Rémur and Cédric Mermilliod, will retain their majority stake.

Tikehau invested from its own balance sheet as well as through the Novi 1 fund – a specialised loan vehicle launched in July 2015. The fund is a SICAV with a 21-year maturity, investing in French SMEs to support their growth and international development.

Over Keensight's and Time for Growth's shared holding period (since 2013), Oodrive's turnover grew from €25m to €40m. The group completed a considerable amount of bolt-ons over the last few years, notably acquiring Belgian group BlueBackUp in 2008, and French companies Mayetic, Omnikles, CertEurope and CommonIT between 2006-2013.

Previous funding
In May 2013, R Capital Management led the management buyout of Oodrive for an undisclosed amount, with previous investor Iris Capital selling its stake in the transaction.

In April 2011, Time Equity Partners orchestrated a €7.5m expansion round, planning to invest €3.5m initially, and €4m later on to finance acquisitions.

In 2008, Iris Capital injected €4m in the group's first round of institutional funding. Business angels had previously backed the business.

Company
Founded in 2000, Oodrive provides file management software services, including cloud-based online back-up, sharing features for desktop and mobile workstations, and electronic signatures.

Based in Paris, the company has developed a presence in several EU countries, as well as in Brazil and Asia. It employs 150 people and recorded €40m in revenues in 2016.

People
Oodrive – Stanislas de Rémur (CEO, co-founder).
Time for Growth – Jean-Luc Cyrot (partner).
Keensight Capital – Philippe Crochet (partner).
R Capital Management – Jean-Michel Beghin (managing partner).
Tikehau Capital – Antoine Flamarion (co-founder).

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• Topics
• Expansion
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• France
• France
• NextStage
• Iris Capital
• Keensight Capital