Irvine, California-based private equity firm Lotus Innovations has hit a $10m first close for its debut fund, which targets early-stage IT enterprise service companies.
The fund has already invested in two companies and is currently looking at other deals, said Lotus. Its portfolio includes enterprise performance management software and services specialist SAP Performance Management and document management group IT Profit recovery.
Lotus managing director Christian Mack said, “By leveraging a proven, proprietary investment platform that transforms the companies into Software as a Service based companies, Lotus Innovations is able to accelerate growth and valuations.”
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