CVC, GRO Capital buy Omada from C5 Capital

Alessia Argentieri
30 October 2018

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CVC Capital Partners and GRO Capital have acquired a majority stake in Danish identity management software specialist Omada from C5 Capital and Industri Udvikling.

Unquote understands that the two GPs bought an 80% stake in the business, while the management retained the remaining 20% holding.

Venture capital firm C5 Capital bought a minority stake in Omada for $24m in May 2015, investing via its Cyber Partners Fund.

Following the deal, CVC Growth managing partner John Clark and director Sebastian Kuenne, alongside GRO Capital managing partner Lars Dybkjær and partner Morten Weicher, will join Omada's board of directors.

According to a statement, the GPs will partner with the company's management team to accelerate its product innovation and expand its network in North America and Europe, and will provide additional capital to further boost its growth.

CVC drew capital to finance the investment from its $1bn CVC Growth Partners Fund. The vehicle focuses on mid-market companies operating in the software and technology business services sector, based in North America and Europe. It deploys equity tickets between $50-200m.

Gro invested in the company via its GRO Fund II, which was launched in August 2018 with a €250m target and invests in northern European software companies. The fund has so far received commitments from several Nordic institutional investors – including Danica Pension, Sampension and Dansk Vækstkapital II – and from the European Investment Fund.

Company
Founded in 2000 and based in Copenhagen, Omada specialises in identity governance and administration software. The company helps its customers govern and control users' access rights to enterprise systems and data, reduce risk of accidental or wrongful data access, and ensure compliance with regulation and industry-specific legislation. It employs 270 people across offices located in Europe and North America.

People
CVC Growth Partners – John Clark (managing partner); Sebastian Kuenne (director).
GRO Capital – Lars Dybkjær (managing partner); Morten Weicher (partner).
C5 Capital – Andre Pienaar (founder, managing partner).
Omada – Morten Boel Sigurdsson (founder, CEO).