Verdane acquires marketing software developer Papirfly

Verdane is deploying equity via Verdane Edda II, which held a final close in January 2021 on EUR 540m and generally invests EUR 10m-150m per deal, targeting high-growth companies in north-western Europe.

The GP said in a statement that it intends to support Papirfly with its global expansion and the scaling of its software-as-a-service product.

Papirfly and Norway-based market peer BrandMaster announced their merger in February 2021, forming a group with more than 170 employees and annual recuring revenues of NOK 200m (EUR 19.5m).

The company had previously considered a dual track process with a view to securing either a sale or an IPO, CEO Karl Fredrik Lund confirmed to Norwegian publication Kampanje. Papirfly's existing investors including chairman Erik Langaker.

Verdane's recent activity includes the final close of the first vehicle in its growth impact strategy, Verdane Idun I. The GP has completed two exits over the past two months, selling logistics business Porterbuddy to EQT Ventures-backed Instabox, as well as the USD 360m sale of retail software platform Brightpearl to Sage.

Company
Founded in 2000 and headquartered in Oslo, Papirfly is a cloud-based modular brand activation management software platform. It aims to assist large companies with the creation, editing, storage and distribution of their brand assets. It operates via Papirfly, Brandmaster and Meriworks, serving around 500 brands including Unilever and Goldman Sachs. The company posts revenues of around NOK 250m (EUR 24.9m).

People
Papirfly – Karl Fredrik Lund (CEO).
Verdane – Joakim Kjemperud (principal).

Advisers
Equity – Deloitte (financial due diligence, tax); EY (commercial due diligence); Simonsen Vogt Wiig (legal).

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• Buyouts
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• Verdane Capital Partners