IPW completes Altitude Software LBO

Financial services group BBVA also invested for a 31% share, leaving the remaining 24% of equity in the hands of the company's CEO, via his investment vehicle, Tafin.

The enterprise value of the transaction was €24m, with the newly acquired shares purchased from exiting investors Grupo Salvador Caetano, Sonaecom and local private equity funds Olmea and Aicep Capital.

IPW contributed an estimated €1-5m to the deal via the IBI fund, having been attracted to the firm by its track record of product and service innovation, its strong management team and market influence.

KEY FACTS

Altitude Software

DEAL TYPE – Buyout
VALUE – €24m
LOCATION – Lisbon
SECTOR – Software
FOUNDED – 1993
TURNOVER – €33.5m
STAFF – >300
VENDOR – Grupo Salvador Caetano, Sonaecom, Olmea and Aicep Capital

The new shareholders aim to turn Altitude into a global leader within a dynamic industry impacted by radical technological changes. They plan to fuel demand for the company's products by further developing its solutions portfolio and accelerating its sales and marketing activities worldwide. Later this year the business will launch its solutions suite into a number of key markets.

Debt
Details of the debt structure in this transaction were not disclosed.

Company
Based in Lisbon, Altitude Software develops and sells software for call centres, WAP and internet applications. It was founded in 1993 and employs more than 300 people.

The company generated a turnover of €33.5m in 2010, which it aims to increase to €45m this year.

People
Gastão Taveira is the CEO of Altitude Software.

Advisers
Equity – Uría Menéndez (Legal).
Vendor – Morais Leitão, Galvão Teles, Soares da Silva & Associados and Taveira da Fonseca & Associados (Legal).

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