Dutch GP Vortex Capital Partners has acquired a majority stake in integrated document management system Assai Software Services.
The GP will support the company's organic international expansion. Vortex has the goal of quintupling Assai's turnover in the next five years.
The deal was sourced via an auction process, Unquote understands. The GP used Vortex Buyouts II for the transaction; the fund closed on €35m in 2017 and is more than 50% deployed. Vortex is currently fundraising for the vehicle's successor, Unquote understands.
Founded in 1990, Assai offers an integrated document management system for engineers, planners and managers in engineering industries such as infrastructure, wind energy, solar power and nuclear infrastructure. The business generates a turnover in the €5-10m range, a source close to the situation has confirmed. The company is based in Culemborg.
Vortex Capital Partners – Evert Jan de Groot, Joost Moerland (partners).
Austria-based electrical engineering company had filed for insolvency in April 2020
VC house expects to hold a €35-45m first close by the end of July and a final close in around one year
LPs in Exponent III include Aberdeen Standard Investments, Central Pension Fund and CNP Assurances
Company has generated €12m in revenues and has a 25% EBITDA margin