Global private markets firm Partners Group has acquired Pan-European software provider Forterro from US venture firm Battery Ventures for €1bn (£832.2m), with the deal set for completion following the necessary clearances.
Founded in 2012, Forterro employs more than 1,200 employees who work from over 40 office locations to provide ERP software to more than 10,000 small and midsize manufacturers.
“Over the past year, we’ve spent a great deal of time developing strategies for growth and investing in the people and infrastructure we need to achieve a brand-new vision—something we’ve been calling ‘Forterro 3.0’,” said Dean Forbes, CEO of Forterro. “The final piece of the puzzle was partnering with an investor that would share this vision with us, and Partners Group is the right partner for us.”
The deal comes after Forterro recently closed its strongest year in the company’s history and experienced particularly notable growth in both recurring revenue and EBITDA.
“We came to the table confident in the quality of Forterro’s products and the people behind them,” added Bilge Ogut, partner and head of private equity technology at Partners Group. “However, it’s the group's prospects for growth, underpinned by its exceptional 2021 results, that has us really excited about our path forward together.”
Arma Partners acted as an exclusive financial advisor to Forterro on the transaction.
