Bahrain: Investcorp Technology Partners, a leading European technology investor, today announced that its portfolio company, Ageras Group (“Ageras”), a leading provider of recurring revenue-driven accountancy software, solutions and services to both Small and Medium Enterprises (“SMEs”) and Accountancy firms, has raised $73 million from Lugard Road Capital, the US-based alternative asset manager.
The new investment will be used to accelerate Ageras’ expansion into existing growth markets, creating potential for both inorganic and organic growth opportunities. Ageras is well positioned to capitalise on the rising demand for automated business tools and the new investment will also support the continued innovation of its mission critical software.
Gilbert Kamieniecky, Managing Director and Head of Investcorp’s Private Equity Technology business said: “The combination of Ageras’ mission critical software, backed by a reputation for dependability, insights into the professional service market, an outstanding management team, paired with its cutting-edge research & development has ensured it has continued to grow its market position and deliver an accountancy ecosystem based on high quality recurring revenue. The additional financing secured by Ageras will help to drive international expansion and support the continued innovation of its customer offering.”
Rico Andersen, Chief Executive Officer, Ageras, added: “Ageras has established a market leading and best-in-class product offering that is optimally positioned for international expansion and the rising demand for automated business tools. Investcorp has a fantastic track record of growing founder-owned companies in the technology space, and its global presence and extensive network has supported our growth to date. This latest financing round will support our ongoing commitment to scaling the Ageras brand and bringing our software offering to new customers across the globe. We look forward to continuing the Ageras story in the years to come.”
Investcorp (through Investcorp Technology Partners) has established a market leading position of investing in lower mid-market technology companies with a specific focus on Software, Data / Analytics, Cyber Security and Fintech / Payments. Investcorp Technology Partners’ most recent investments include: Avira, a multinational cybersecurity software solutions firm, which recently entered into a definitive agreement to be sold to NortonLifeLock (NASDAQ: NLOK) for approximately US $360 million; Contentserv, a provider of Product Information Management (“PIM”) software; Ubisense, an enterprise software and sensor platform; and softgarden, a Human Resources software provider. In January, its portfolio company, Impero, a leading provider of online student safety and classroom and network management software, acquired Netop, an international software solutions provider to the education sector and corporates.
Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes and infrastructure. Since our inception in 1982, we have focused on generating attractive returns for our clients while creating long-term value in our investee companies and for our shareholders as a prudent and responsible investor.
We invest a meaningful portion of our own capital in products we offer to our clients, ensuring that our interests are aligned with our stakeholders, including the communities that we operate within, towards driving sustainable value creation. We take pride in partnering with our clients to deliver tailored solutions for their needs, utilizing a disciplined investment process, employing world-class talent and combining the resources of a global institution with an innovative, entrepreneurial approach.
Investcorp today has a presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore. As of December 31, 2020, Investcorp Group had US $35 billion in total AUM, including assets managed by third party managers, and employed approximately 430 people from 43 nationalities globally across its offices. For further information, visit www.investcorp.com and follow us @Investcorp on LinkedIn, Twitter and Instagram.
© Press Release 2021