
Eurazeo to acquire EasyVista in €131m deal
Eurazeo PME has entered into exclusive negotiations to acquire a 67.5% stake in listed IT specialist EasyVista, in a deal that values the company at €131m.
The acquisition will be made through a special purpose vehicle, which will purchase 1,153,868 shares representing approximately 67.5% of the capital and 71.8% of the voting rights of the company, as well as 125,000 convertible bonds at a price of €70 per share and per bond.
The price represents a premium of 7.7% compared to the average trading prices of the last 30 trading days and 24.3% compared to the average trading prices of the last 90 trading days.
Following the deal, Eurazeo will file a simplified public offer targeting all remaining securities issued by the company, at a price of €70 per share, €70 per convertible bond and €45.88 per subscription warrant.
Eurazeo is investing in EasyVista via Eurazeo PME III, a mid-cap vehicle that closed on €658m in July 2017. The fund targets European companies with an enterprise value of less than €200m, deploying equity tickets of €20-100m.
With this acquisition, Eurazeo intends to bring its expertise and additional financial resources to the company to fuel its development, international expansion and external growth via new acquisitions.
EasyVista's founders, Sylvain Gauthier and Jamal Labed, will continue to support its development and will reinvest in the transaction by contributing part of their shares to Eurazeo's special purpose vehicle.
The board of directors of EasyVista held yesterday welcomed the proposed transaction, according to a statement. The filing of the public offer should take place at the end of the third quarter 2020.
EasyVista recorded a 13% decrease in revenues in the first semester of the year, to €20.1m, compared with €23m in H1 2019. The company was granted an €8m loan, guaranteed by the French government via its Prêt garanti par l'État (PGE) programme, to strengthen its financial structure and consolidate its market position amid the pandemic.
Previous funding
EasyVista raised $8.4m from Isatis Capital, Alto Invest and US-based Conversion Venture Capital in August 2016. The capital was used to fuel product innovation and accelerate EasyVista's traction in North America.
Company
Headquartered in Paris and New York, EasyVista is a provider of software and intelligent service automation for enterprise service management.
Its tools help companies improve operational performance and employee productivity, accelerate the digitalisation of business processes, reduce operating costs and increase customer satisfaction.
EasyVista's client base is composed of more than 1,500 companies worldwide, across the financial services, healthcare, education and manufacturing industries.
The company generated profit of €5.6m from revenues of €45.7m in 2019. Around 40% of its turnover came from outside France, primarily North America and southern Europe (Portugal, Spain, Italy), where the company has a strong foothold.
EasyVista was founded in 1988 and listed on the French stock exchange in 2005.
People
Eurazeo – Olivier Millet (chair).
EasyVista – Sylvain Gauthier, Jamal Labed (co-founders).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Czech Republic-headquartered family office is targeting DACH and CEE region deals
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds