DN hits seventh exit in two years with Apsmart sale

DN created the business in 2009 with two of the brains behind smartphone application Shazam, another DN investee. The management team is led by Rahul Powar, who created the iPhone app for Shazam. Apsmart clients include Justgiving, Shazam and Johnson & Johnson among others.

Thomson Reuters hopes Apsmart acquisition will improve its ability to provide its customers with mobile solutions.

The exit is the seventh for the GP in two years. Most recently, it sold Endeca to Oracle at the end of last year for $1.1bn, just months after selling Datanomic to the same buyer. DN also sold Familybuilder last year to Intelius. In 2010 the firm sold OLX to Napsers and Kaidara to Servigistics.

Datanomic was the third exit for Fund II and allowed the VC to announce it had paid back the vast majority of invested capital in the vehicle, generating a 30% gross IRR. Fund II has another 14 firms in its portfolio. The fund, vintage 2008, is now fully invested.

In February, DN portfolio company Windeln.de received between €5-10m in series B funding from DN, High-Tech Gründerfonds and Acton Capital Partners.

DN was founded in 2000 by Nenad Marovac and Steve Schlenker as Digital Networks and backs early-stage business and growth opportunities in the software, e-commerce and digital media sectors.

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