Verdane, Industrifonden exit Movimento to Delphi Automotive

The deal sees US-based automotive technology group Delphi Automotive wholly acquire Movimento from its existing owners, after a decade of private equity backing.

Financial details of the transaction were not disclosed by either exiting investor, or in any stock exchange statement by Delphi. Industrifonden told unquote" it held a 20% stake in Movimento before the sale. Verdane held a majority stake and was the largest single shareholder.

Originally founded in Sweden, Movimento had since moved its headquarters to Plymouth, Michigan.

Previous funding
Movimento first raised institutional funding in March 2006, when Nordic growth investor Eqvitec Partners invested €3m in the company's series-A, in return for a significant minority stake.

Swedish evergreen VC Industrifonden joined the capital structure in June 2007, taking a 20% stake as part of a $5.6m funding round. Industrifonden provided half of the investment, with Eqvitec supplying the balance.

In November 2010, Verdane acquired Eqvitec's stake in Movimento through a direct secondary investment. Tapping its Verdane Capital VII vehicle, the GP acquired the Eqvitec Technology Fund II portfolio, of which Movimento was a part.

Company
Headquartered in Plymouth, Michigan, Movimento is a provider of over-the-air software for the automotive industry.

The company develops technology to update electronic control units and software in cars without the need for a physical connection to the component being upgraded.

Movimento was founded in Gothenburg, Sweden, in 2004 before relocating to the US.

People
Verdane Capital Partners – Bjarne Lie (managing partner).
Delphi Automotive – Kevin Clark (CEO).

Advisers
Vendor – Morgan Stanley (corporate finance).

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• Topics
• Exits
• Technology
• Nordics
• Verdane Capital Partners
• Industrifonden
• Sweden
• United States
• Morgan Stanley