Battery Ventures in Vero Software trade sale

Hexagon is a global provider of design, measurement and visualisation technologies. The acquisition will enable it to strengthen its software offerings by extending the reach of its newly developed metrology planning software to include CAM.

Hexagon has more than 14,000 employees in 40 countries and has net sales of approximately €2.4m. Vero will continue to run as an autonomous business unit within Hexagon Metrology.

Previous funding
Maven Capital Partners provided Vero with £2m of mezzanine funding in 2009, through the CfE Fund A, according to unquote" data. The investment enabled Vero to replace existing bank facilities in full, while providing working capital facilities.

According to unquote" data, US private equity firm Battery Ventures wholly acquired Vero in July 2010 in an all-equity take-private deal that valued the company at £9.37m – the sale generated a 1.3x return for Maven, equating to a 69% IRR.

Battery implemented a bolt-on acquisition strategy and in October 2011 injected additional equity to finance the purchase of UK-based software business Planit Holdings from August Equity.

Company
Founded in 1997, Cheltenham-based Vero is a supplier of specialist software for the design and manufacturing of applications for plastic injection moulds, sheet metal stamping dies and electrode production across a range of industry sectors.

The company has offices in the UK, Germany, Italy, France, Japan, the US, Brazil, the Netherlands, China, Korea, Spain and India, supplying products to more than 45 countries through its wholly owned subsidiaries and reseller network.

It generated approximately €80m in turnover in 2013.

People
Ola Rollén is Hexagon's president and CEO. Richard Smith is CEO of Vero.

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