Verdane-backed Wrap sells software arm to trade

Financial terms of the deal were not disclosed. 

According to sister publication Mergermarket, Verdane is the majority owner of Wrap International with a 49% stake, which it acquired via Verdane Capital VI from Swedish company Saab Group in 2008. The remaining stake is split between Wrap Software's managing director, Felix Olsson, and Saab Group.

Altair – a provider of software and cloud solutions for product development, high performance computing (HPC), and data analytics – said in a statement that Wrap Software will complement the company's wireless communications portfolio, including 5G, connectivity, and the Internet of Things. According to LinkedIn, it employs 5,000 staff and has a market cap of $2.38bn. 

Company
Founded in 2007 and headquartered in Linköping, Wrap International provides spectrum management and monitoring, radio network planning and telecoms consultancy services to radio network operators. The company's Wrap Software was developed in 1991 and is used by defense organisations, telecoms authorities, broadcast operators, and public safety organisations. The company has 50 employees, according to LinkedIn.

People
Wrap Software – Felix Olsson (managing director); Olov Carlsson (technical director).
Altair – James Scapa (CEO, founder).

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• Topics
• Exits
• Nordics
• Technology
• Sweden
• Verdane Capital Partners
• Trade sale