The latest IT venture capital divestments

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Integral service around a transaction
BY : Diego GutiérrezFebruary Mon, 2019

A lo largo del 2018 vimos como varias empresas de private equity especializadas en IT estaban siendo vendidas y, además, por cantidades importantes. Nosotros no nos hemos querido quedar atrás y hemos investigado sobre estas operaciones, exponiendo en esta entrada las 5 ventas más relevantes. Hablamos sobre unas desinversiones que alcanzaron un total de más de 2.500 millones de euros.

Desinversiones Recientes de Capital Riesgo en el Sector de Tecnología de la Información (IT)

Desinversiones Recientes de Capital Riesgo en el Sector de Tecnología de la Información (IT)

In the following, we analyse from our field of corporate finance the last 5 company sales IT venture capital (Source: Capital&Corporate):

1. Ufinet

In one of the sales processes most competitive of the year, Cinven vendió el operador español de fibra Ufinet Telecom Holding, el antiguo negocio de telecomunicaciones de Gas Natural. Esta ha sido su primera desinversión en España desde que el private equity británico abriera oficina en 2015.

The transaction was signed on 11 May 2018, whereby Cinven charged 2 billion eurosThis amount represents a capital gain of 1.1 billion in only four years. This sale was la mayor operación de capital riesgo en IT en España in 2018.

Ufinet is a neutral telecommunications operator, providing services to other operators and all types of large customers. Its origins date back to 1998, when the former Unión Fenosa created the company from a small telecommunications department. Since 2014, the company doubled its Ebitda to 140 million euros.

2. iHealth

La aseguradora francesa CNP Assurances tomó el control de iHealth in an operation that Spanish start-up valued at 50 million euros.

iSalud, founded in 2010 as the first health insurance comparison portal, has a volume of more than 45 million euros in premiums managed and a team of 110 people.

The operation was carried out by means of a acquisition of shares and a capital increase, suponiendo la mayor transacción realizada en España del sector insurtech. También implicó un múltiplo implícito de más de 10x para Inveready Technology Investment Group, la gestora de venture capital que apoyó a la compañía desde sus inicios utilizando un instrumento de venture debt.

In addition, it also involved the exit of another investor, Mediaset, which entered the capital in 2015. As reported by C & C, the 90% of the capital was in the hands of the founders and the remaining 10% from Inveready and Mediaset.

3. Adman Media

Fundada en 2010 y con sede en Barcelona, Adman Media ha desarrollado the world's largest video delivery platform (SSP) for native Spanish-speaking formats in Europe and Latin America. This solution enables seamless distribution of advertisers' video content through high-quality publishers to achieve a high degree of success with audiences and maximise publishers' revenues.

En abril conocimos que la tecnológica canadiense AcuityAds se hizo con el 100% de Adman Media por 17,5 millones de euros. Esa cantidad estaba dividida por un lado en 12 million disbursed in cash and an earn out of up to 5.5 million subject to the results obtained by the Spanish company in the second quarter of the year.

The operation meant the exit of Inveready from Adman Media's shareholding, which transferred its stake in the company, close to 30%, to the American company.

4. Advance Medical

Advance Medical es uno de los líderes en prestación de servicios de second medical opinion to patients through experts in all major specialties. The Spanish company employs more than 800 employees worldwide, including 400 doctors and nurses, who collaborate with a network of more than 50,000 healthcare experts. Its turnover amounted to €48m in 2016 (last year for which data is available), with a profit of €1.41m.

En julio Summit Partners exited the shareholding of Advance Medical after sell its minority stake in the firm to the US company Teladoc. The amount of the transaction amounted to 301 millionof which 250 were paid in cash and 51 in Teladoc shares.

Summit Partners' divestment came just two months after its entry into the Catalan company. In April, the US fund took a minority stake in Advance Medical, with the intention of support its next phase of growth 40 million.

5. AlienVault

Creada en 2007 y con sede central en San Mateo (California), AlienVault es un developer of commercial and open source solutions for managing cyber attacks. One of its best-known products is Open Threat Exchange (OTX), a free community-based security threat response platform. The firm closed 2017 very positively and maintains a year-on-year revenue growth of more than 50%.

En septiembre fuimos informados sobre que Adara Ventures Partners had successfully divested de AlienVault, que había sido adquirida por la estadounidense AT&T por un importe que superó los 500 million.

According to C&C, Adara described the deal as "one of the most significant venture capital operations anchored in the Spanish innovation ecosystem and with a large international footprint".

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