Cipio exits eMaze in management buy-back

Cipio originally acquired eMaze in a direct secondaries transaction from Alice Ventures, the venture capital arm of Mediobanca, in 2011, as the bank sought liquidity. Overall, Cipio bought a seven-company porftolio from Alice, with five businesses exited so far.

As part of the original transaction, Cipio brought in a new chairman for eMaze, changed the management team and refocused the company.

The exit comes as eMaze's management moves into the next phase of the company's development. The deal also enables management to become shareholders of the company.

Cipio is a direct secondaries specialist, with its latest closed fund being the €137m Cipio Partners Fund VI. The fund had an initial target of €200m.

Company
eMaze is based in Milan and Trieste. The firm was founded in 2000 and currently employs 70 staff. 

eMaze specialises in IT security consulting and software development, notably offering outsourced real-time security monitoring services to large-cap companies.

People
Domenico Cavaliere is eMaze's CEO. He was brought in by Cipio in 2011. Christoph Wedegaertner is senior principal at Cipio and led the deal.

Advisers
Vendor – Palladio Corporate Finance (M&A); CatCap (M&A).

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