VC-backed Cassiopae acquires Field Solutions

The bolt-on was financed via a capital increase for Cassiopae's holding company, confirmed to be worth less than €10m and subscribed by the two venture backers and Cassiopae's management. Avenir Entreprises invested through the Avenir Entreprises I fund.

The merger will allow Cassiopae to strengthen its presence in the UK and will also help broaden its software offering.

Previous funding
Avenir backed the spin-off of Cassiopae (then known as EnableUS) from its parent company CapMark Finance in 2006, securing a 29.65% stake in the business.

BNP Paribas Développement also secured a minority shareholding in Cassiopae in 2007. The two GPs held a joint 43% stake, which has not been significantly affected by the latest capital increase.

Company
Founded in 1987, Cassiopae develops software targeting global asset finance companies, enabling them to manage most of their global operations. The Paris-based firm generated a €15m turnover in 2010 and employs 83 people across Europe, the US and Asia.

Established in 1992, Field Solutions is a specialist provider of pricing, lease evaluation and front-end systems to the asset finance and banking industry. The business is headquartered in Denham, UK.

People
Jacques Solleau led the deal for Avenir. BNP Paribas Développement was represented by Jean Charles Moulin and Delphine Larrandaburru.

Advisers
Equity – Cabinet Lasar, Serge Lasar (Legal); HPML, Thomas Hermetet (Legal).

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• Topics
• France
• Technology
• Expansion
• France
• Acquisition finance
• Avenir Entreprises
• BNP Paribas