EdRip backs A2IA MBO

A2IA's management team, led by president and CEO Jean-Louis Fages and general manager Olivier Baret, has taken a majority stake.

EdRip invested via its €112m small-cap fund Cabestan Capital, which closed above its €100m target in November 2011 after seven months on the road. The fund typically provides equity tickets of €1-7m.

Debt
CIC and Societe Generale have arranged a senior debt package to facilitate the deal.

Company
Founded in 1991, A2IA is headquartered in Paris with additional bases in New York and St Petersburg. The company has developed software that allows for document recognition and classification, data extraction, archiving and written note transcription.

A2IA claims it developed the first software able to read cursive handwritten text. Its product is available in six western languages, as well as Arabic. The company claims to have a client base of 15,000 across 35 countries, largely comprising the financial services, public administration, defence, health and service provision sectors.

A2IA expects to generate €10m in revenues in 2014. Currently, international activities make up 80% of its revenues with North America being the company's lead market, commanding a 55% share of its revenue stream. It employs 70 staff.

People
Jean-Louis Fages is the CEO of A2IA. EdRip partner Alexandre Foulon, investment director Mayeul Caron and associate Pierre Cavalier worked on the deal alongside BPI investment director Franck Willenbucher and deputy investment director Elyssa Maufras du Chatellier.

Advisers
Equity – Exelmans, Stéphane Dahan, Rodolphe Lentin (Financial due diligence); Lamartine Conseil, Vincent Libaud, Perrine Sauzay (Legal, tax); PDGB Avocats, Roy Arakelian, Madia Iliopoulou, Benoît Pardigon (Legal).
Management – Willkie Farr & Gallagher, Grégory de Saxce, Philippe Grude, Gil Kiener (Legal).

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