Suma backs video analytics specialist NPAW

Unquote understands that the GP acquired a stake of around 25% with an investment north of €10m.

Suma sourced this deal on a proprietary basis. Negotiations and due diligence for the transaction were carried out and completed remotely during the Covid-19 lockdown.

The investment in NPAW was made via Suma Capital Growth Fund II, which held a first close on €65m in December 2019. The fund expects to hold a second close this summer and hit its target of €125m a few months later. The vehicle deploys equity tickets of around €10m and acquires majority stakes of 51-55%, or minority stakes of no less than 25-30%. 

Following the transaction, co-founder and CEO Ferran Gutiérrez and co-founder and chief operating officer Sergi Vergés will retain their majority stake in the business and continue to lead the company. Suma will support the management team and take two seats on the company's board.

The company intends to use the fresh capital and the GP's support to boost its international expansion and bolster its growth.

NPAW also intends to develop new features and services for its customers, launch new modules for its Youbora platform and further consolidate its position in the telecommunication segment. It expects to double its revenues by 2023.

"This deal will accelerate NPAW's impressive global growth, which will be pursued organically and through acquisitions," said Pau Bermúdez-Cañete, partner at Suma Capital. "Further growth in the US and Asia will be an initial priority."

Three add-ons for the company are already in the pipeline, the GP told Unquote.

Company
Founded in 2008 and headquartered in Barcelona, NPAW is a developer of online video analytics, scalable big data and business intelligence solutions for video content providers.

The company offers a subscription-based SaaS platform named Youbora, which offers clients real-time understanding of content usage, service quality and audience behaviour. Powered by AI, it optimises content discovery, permits the proactive management of user experience, accelerates subscription growth and increases advertising effectiveness.

NPAW expects to generate an EBITDA margin in excess of 20% from revenues of €15m in 2020, representing a threefold increase in three years.

The company currently has 100 clients across Europe, the Americas and Asia, including several online content providers such as Rakuten, Pluto, and Hulu, as well as broadcast and satellite service providers such as TF1, Fox and BeIn Sports, and telecommunications operators Orange, Telefónica and Vodafone.

People
Suma Capital – Pau Bermúdez-Cañete (partner).
NPAW – Ferran Gutiérrez (co-founder, CEO).

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