European private equity player Oakley Capital is set for its first Spanish investment by agreeing to pick up Ekon, a Spanish provider of business software, as a carve-out from the Iberian operations of current owner Unit4.
The 56-year-old business provides enterprise resource planning software to more than 1,000 SMEs in Spain.
The company generates revenues of about €20m from sales of its integrated software suite, which includes solutions for finance, payroll and CRM, as well as dedicated vertical modules for manufacturing, wholesale, health, retail and construction.
Other TMT companies in the Oakley portfolio include WebPros, encompassing cPanel and Plesk, which provides SaaS platforms for server management globally.
Oakley also makes investments in the education and digital consumer sectors.
Firm managing partner Peter Dubens said, “With highly visible revenues, a loyal customer base and a clear structural growth opportunity, Ekon demonstrates many of the key characteristics that Oakley targets in an investment.
“We believe the business has a best-in-class solution and is well positioned to capitalise on the growing demand for cloud ERP.
“This deal presents another opportunity for us to draw on our expertise in software and complex carve-outs.”
A Financial News report last month suggested UK-based Oakley Capital was looking to raise more than €1bn for its fourth private equity fund.
This newest fundraise would represent its largest to date if it reaches its goal.
Oakley will use the fund to invest in mid-market companies in the UK and German-speaking countries such as Germany, Austria and Switzerland, one of the sources added.
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