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.
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.”
Last December entertainment industry payroll and HR tech developer Cast & Crew Entertainment Services was bought by EQT from fellow private equity major Silver Lake.
The 42-year-old business provides software and services to assist companies and productions working across areas including film, TV, sporting and live events with their accounts, financial, workflow and payroll needs.
EQT said it planned to support the company in its international expansion, initially focused on Europe.
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