EQT sells Tia Technology to trade

The GP is selling the company for $78m (€66m) in cash on a fully diluted basis, six years after it acquired it via the EQT Mid Market fund.

Following deal completion, Sapiens will own 95% stake in the company, with the right to buy the remaining 5%. This acquisition is in line with the company's strategy to expand its European market footprint, having also carried out acquisitions in Iberia and the DACH regions.

Under EQT's ownership, the company improved its product offering, more than doubled its employee base to 200 people, and accelerated the development of its cloud offering.

Tia in 2019 had revenues of DKK 194m (€26m) and a 14% normalised non-GAAP operating profit margin.

The transaction is expected to close by the end of this month

Company
Founded in 1997 in Denmark, Tia is a provider of standardised insurance software in Europe and South Africa. The company addresses the migration trend from legacy systems to standardised software and offers flexible and comprehensive suites of core insurance applications. 

The company employs 200 staff and had a turnover of DKK 194m (€26m) in 2019 and a 14% operating profit margin.

People
EQT – Victor Englesson (partner).  
Tia – Anders S Rosenbeck (CEO).

Advisers
Vendor – FIH Partners (financial due diligence); EY (financial due diligence, tax); Kromann Reumert (legal).

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• Topics
• Exits
• Nordics
• Technology
• EQT
• Trade sale
• Denmark
• EY (Ernst & Young)