Inventure sells Rightware for €64m

Following the transaction, the company will continue to operate under its own brand. The management team will retain its position as well as reinvest in the business. Prior to the deal, the company's existing shareholders included Finnish Industry Investment, Inventure, Nexit Ventures, the current management and the company founders.

The company expects to further expand its team under the corporate's umbrella and half of the appointments are expected to be recruited in Finland.

Previous funding
In January 2010, the GP led a €3m round for the business through its Inventure Fund Ky vehicle, alongside Nexit Ventures. The GPs injected a further €4m into the business in May 2013. More recently, Finnish Industry Investment acquired a minority stake in the business in June 2015 for an undisclosed amount.

Company
Founded in 2009, Rightware develops an interface software for the automotive industry. The company claims to distribute its flagship product, Kanzi, to 20 automotive brands.

Headquartered in Helsinki, the company employs a staff of 50 and expects to generate €7m in revenue in 2016.

People
Inventure – Timo Tirkkonen (partner).
Rightware – Jonas Geust (CEO).
Thundersoft – Larry Geng (CEO).

Advisers
Vendor – GP Bullhound (corporate finance).

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