CapMan exits Ascade to CSG Systems

At the time of exit, CapMan held a 41.4% shareholding in Ascade through several funds. CapMan senior adviser Lennart Jacobsson commented that the company has expanded internationally, improved its scalability and developed its customer base.

CSG reported to its investors that it paid $19m in cash for the company, corresponding to a valuation multiple of approximately 16x EBITDA.

Previous funding
CapMan took a 41% stake in Ascade in November 2002, participating in a financing round alongside SEB Venture Capital. The two investors each provided €1.1m; CapMan invested from its CapMan Equity VII fund, which closed at €253m in December 2002.

Company
Ascade, founded in 1997, develops software for the telecommunications industry. Headquartered in Stockholm, the company employs around 100 staff and generated an EBITDA of around $1.2m from a $16m turnover in 2011.

People
Senior adviser Lennart Jacobsson worked on the deal for CapMan.

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