Investors led by Apax Partners to sell Cartesis to Business Objects
Cartesis to combine forces with the world's leading business intelligence software company
Paris, 23 April 2007 - The shareholders of Cartesis, led by Apax Partners SA 1 (“Apax Partners”), have entered into a definitive agreement to sell Cartesis to Business Objects. Cartesis is a leading provider of business performance management (BPM) software to global corporations worldwide .
Cartesis was acquired in February 2004 from PricewaterhouseCoopers by Apax Partners, Advent Ventures Partners, Caisse de dépôt et placement du Québec and Partech International.
Over the last three years, the active support of its technology-specialist, private equity investors and independent board members has helped transform Cartesis into a leading BPM software vendor worldwide. This transformation was achieved through both internal investment and external growth that resulted in the acceleration of international growth and the expansion of the company's product footprint. During the investment, license revenues grew dramatically fuelling overall growth and profitability improvement. The acquisitions of INEA and AIS in 2005 played an important role in this successful growth story.
“ Cartesis' investors were value-added partners that provided Cartesis with not only financial resources, but also deep software expertise, as well as significant growth situation and M&A skills ” said Didier Benchimol, Cartesis' Chief Executive Officer.
“Cartesis is a true success story,” said Gilles Rigal , Partner at Apax Partners. “We and our co-investors thoroughly enjoyed supporting Cartesis' talented and ambitious management team and participating in the acceleration of the company's global development. It is an extremely positive step for Cartesis, a key player in the global BPM market, to join forces with the world's leading business intelligence software company in a combination that makes a tremendous amount of sense.”
Morgan Stanley acted as advisor to Cartesis and the selling shareholders.
1 : Apax Partners SA manages several funds including Altamir
Cartesis is the world's leading specialist in finance and performance management software with more than 1,300 corporate customers, 600 employees and 200 consultants worldwide. Created in 1990, Cartesis provides insight, control and confidence by unifying information, people and processes at demanding multinationals like Air France KLM, Cargill, Danone, Diageo, Nissan, Société Générale and Standard Life. One in four of Fortune Global 100 companies rely on Cartesis' deep financial expertise and standard -based technology for compliance, financial consolidation, management reporting, planning, budgeting, forecasting, intercompany reconciliation; all unified in a single data-model that can be leveraged by internal and external users. Cartesis' partners include Accenture, Bearing Point, Compuware, Ernst & Young, HP, KPMG, Microsoft and PricewaterhouseCoopers. Cartesis has customers in 44 different countries and offices in Brussels , Frankfurt , London , Norwalk (CT), Paris , Tokyo , Toronto and Utrecht .
For more information, go to http://www.cartesis.com
About Altamir & Cie
Altamir & Cie is a listed company that co-invests with the private equity investment funds managed by Apax Partners SA and Amboise Investissement, a company listed on Euronext Paris.
Altamir leverages Apax Partners ' know how and investment strategy, which involves backing fast-growing companies across its sectors of specialization: Tech & Telecom, Retail & Consumer, Media, Healthcare, Business & Financial Services.
Altamir is a SCR (S ociété de Capital Risque ) listed on the Euronext Paris Eurolist market, Compartment C, Ticker: LTA, ISIN: FR0000053837.
As a reminder, Apax Partners created a second listed vehicle in 2006, Amboise Investissement, with the intention to merge Altamir and Amboise Investissement when their portfolios have converged.
Altamir and Amboise Investissement have announced that the merger option was being studied and that it might be followed by a capital increase, in order for both companies to continue their dynamic investment pace and to maintain their level of co-investment with the funds managed by Apax Partners SA.
For further information: www.altamir.fr
Apax Partners SA - Marketing Department
Tel: + 33 (0)1 53 65 01 35
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