European growth equity firm Keensight Capital, formerly R Capital Management, has invested in open source software company Smile, alongside management and existing investor, Edmond de Rothschild Investment Partners.
The deal will see Keensight become the majority shareholder. Founded 20 years ago, Smile has a sustained annual growth of 25 per cent on average over the last five years, and achieved a turnover of around €50m in 2013. It currently has more than 700 employees spread out over 17 sites and said it will continue to develop its offerings and expand internationally. Keensight Capital said it will support Smile in both its organic and external growth.
Jérôme Pujol, a partner at Keensight Capital, said, “We are very proud to support Smile today in the achievement of its ambitious projects, alongside its management team, led by Marc Palazon. The company has excellent prospects due to its unmatched features, its leading position in the open source space, and a fast growing market.”
Keensight Capital was formerly Rothschild Group’s growth equity unit before spinning out and rebranding in November 2013.
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