Verdane buys Confirmit, merges company with Dapresy

Asked about how the GP sourced the deal, Pål Malmros, partner at Verdane, told Unquote: "We had followed the customer experience market research space for many years; it's a space that we like and we are experienced in investing here. Confirmit has been on our radar for a while – there were important synergies between Confirmit and Dapresy."

Confirmit was acquired via a professional structured process led by ABG SC that was initiated in September 2019, Malmros told Unquote.

The new entity will have revenues of €80m and around 550 staff, said Malmros.

Malmros told Unquote that Confirmit is an add-on acquisition for Dapresy and the acquisition was financed in part via equity from Verdane Capital IX, which is closed for further platform investments following the fundraise for the latest vehicle, Verdane Capital X, which held a final close in January 2019 on SEK 6bn.

Verdane IX still has capital left for follow-on investments, Malmros added. The fund has 15 platform investments, according to Unquote Data.

Verdane plans to merge the business with its portfolio company Dapresy, a data visualisation reporting business. The GP bought a stake in the company in May 2017, deploying equity from Verdane Capital IX, which held a final close on its hard-cap of SEK 3bn in July 2016. The deal involved a capital increase and the purchase of a stake from previous investor Almi Invest.

Verdane set up a holding structure to acquire Confirmit, and Dapresy will be rolled into the same structure, with Verdane, Zobito and Dapresy's founder and CEO as shareholders, said Malmros. He added: "Verdane is the majority owner now, but Zobito has co-invested and holds a significant minority stake – they are software market specialists and will work actively on the board along with us."

Asked about plans for future add-ons, Malmros said: "We're not planning any further acquisitions for now, but it could be part of the value creation route in future, since M&A is a good way to further develop a company."

Company
Confirmit generally provides software-based services for the B2B, retail, insurance, financial services and market research sectors. The business offers data processing, analysis and reporting services focused on market research, customer experience and employee experience. Its client base includes Bupa, Siemens and Virgin Money, according to its website.

Founded in 1996, Confirmit has 450 employees and is based in Oslo. It also has seven further offices in the UK, the US, Canada, Australia and Russia. The company reports revenues of €70m.

People
Verdane – Pål Malmros (partner).
Confirmit – Ken Østreng (CEO).
Dapresy – Tobi Andersson (CEO).

Advisers
Company – ABG SC (corporate finance).

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• Verdane Capital Partners