Argos Wityu to sell I'Car Systems and Datafirst

Providence will invest via its growth equity affiliate, Providence Strategic Growth, which backs mid-market software and technology-enabled service companies. The GP is currently fundraising for Providence Strategic Growth IV, launched in February this year with a $1.75bn target and a $2bn hard-cap. The fund is looking to provide growth capital to 15-20 lower-mid-market software and tech companies in North America and Europe.

The transaction is subject to the customary pre-acquisition approvals.

Argos Wityu (then Argos Soditic) supported the merger of Datafirst with its portfolio company I'Car Systems in Q2 2018, with the intention to create a group totalling 50,000 users. Together, the companies generated combined revenues of €30.9m in 2017. 

Since Argos's acquisition in 2013, revenues at I'Car Systems have grown by around 50%, according to a statement, thanks to recruitment efforts, investment in product innovation and international expansion, notably through the acquisition of its Spanish and Portuguese distributors.

Previous funding
Argos carved I'Car Systems out of Sage Group in 2013 for an enterprise value of €33.2m, drawing equity from Euroknights VI, a €400m buyout fund closed in 2010. The company was founded as an independent entity in 1979 and was integrated into Sage in 2005.

Company
Founded in 1979 and based in Saint-Pierre-des-Corps, I'Car Systems provides an international network of auto dealers with an integrated dealer management system (DMS) that simplifies and streamlines dealership activity to improve the relationship between dealers and original equipment manufacturers (OEMs).

The business generates a €14m turnover and is active in France, Spain, Portugal, the Netherlands, Belgium, Germany, Austria and Switzerland.

Datafirst, headquartered in Lyon and founded in 1985, develops and deploys three modular management, marketing and sales products for the automotive market: Automotive CRM, Automotive DMS and Web & Business Intelligence solutions. It employs around 150 people.

People
Argos Wityu – Karel Kroupa (partner).
I'Car Systems – Philippe Almouzni (president).

Advisers
Vendor – Capitalmind, Michel Degryck, Jean-Arthur Dattée, Karim Mekouar (M&A); Bryan Cave Leighton Paisner, Rémy Blain, Mathieu Taupin, Stanislas Boyer (legal); Grant Thornton, Frédéric Zeitoun, Fabien Lesur, Jean-Baptiste Dauriac (corporate finance); Arsène Taxand, Franck Chaminade, Vincent Briand, Blandine Trabut-Cussac (tax).
Equity – GCA Altium, Hugues Archambault, Matthieu Gaveau (M&A); Weil Gotshal & Manges, Emmanuelle Henry, Guillaume de Danne, Akim Ouint (legal); Uria Menéndez, Christian Hoedl Eigel, Miguel Bolivar Tejedo, Miguel Stokes, Daniel Gurrea Boix, Marta Rocabert Cruz (legal); FTI Consulting, Aneesh Maloo, Anton Chernousenko, Leandro Nunes, Ivo Hobson (corporate finance); Andersen Tax & Legal (tax); STC Partners, Pierre Bouley, Stéphanie Desprez, Javier Vinuesa, Oliver Padilla, Sergio Chacon, Cristina Manzano (tax); BTH Avocats, Elisa Bardavid (ESG due diligence).

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