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News on Medial
Billing software firm Zuora explores sale after takeover interest, sources say
Reuters
·
1y ago
Medial
Zuora, a subscription management software company, is considering a sale after receiving acquisition interest from potential buyers. Investment bank Qatalyst Partners has been brought in to advise on the discussions, which involve private equity firms. The company has formed a special committee to handle the deal and accommodate the participation of its CEO and founder, Tien Tzuo, and other large shareholders. Although there is no certainty that a deal will be reached, Zuora's shares rose over 15% on the news. The company has faced tough competition in the industry and has seen its market capitalization decrease since its initial public offering.
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Together Fund, BoldCap exit a year-old bet
VCCircle
·
1y ago
Medial
Venture capital firms Together Fund and BoldCap VC have successfully exited their investment in software-as-a-service startup Togai. The firms had backed Togai with a $3.1 million seed round about a year ago. Togai, a business-to-business SaaS firm offering a metering and usage-based billing platform, will now be acquired by NYSE-listed company Zuora, which provides a monetisation suite for businesses. The co-founders and employees of Togai will join Zuora as part of the deal, and Togai's solutions will be integrated into Zuora's existing product suite. The acquisition is set to close in early May 2024.
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Software Firm Zuora To Acquire Together Fund-Backed SaaS Startup Togai
Inc42
·
1y ago
Medial
Subscription management software company, Zuora, is set to acquire SaaS metering and pricing platform, Togai, to enhance its monetisation suite. Togai provides a usage-based billing engine for large language models and AI systems. The acquisition is expected to be finalised this month, subject to customary approvals and closing conditions. With Togai's metering and rating solution, Zuora aims to bring together developer and finance teams to launch and adapt their usage-based offerings. This deal aligns with the growing Indian SaaS industry, which is projected to reach $50-70 billion by 2030.
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Exclusive: Astorg considers sale of IP software firm Anaqua, sources say
Reuters
·
1y ago
Medial
Private equity firm Astorg is reportedly considering a sale of its intellectual property software company, Anaqua. The company, which offers software that manages patents, trademarks, and contracts, could be valued at up to $3 billion. Astorg is in the early stages of appointing financial advisers to gauge buyer interest and is expected to proceed with an auction in the second half of the year. Anaqua's competitors include Questel and Clarivate. The company has experienced growth through acquisitions and reported annual EBITDA of around $80 million in 2023.
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Exclusive: Israeli insurance software maker Sapiens explores sale, sources say
Reuters
·
1y ago
Medial
Insurance software firm Sapiens International is considering a potential sale, with investment bank William Blair assisting in the process. Sapiens had initially explored a sale last year but paused due to the conflict between Israel and Hamas. The company has recently reinitiated sale efforts. Sapiens, headquartered in Israel, provides software to insurers worldwide, specializing in property & casualty insurance, workers' compensation, and life insurance. Its largest stakeholder is Israeli IT group Formula Systems. The outcome of the sale process remains uncertain.
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Cybersecurity firm Rapid7 fields buyout interest, sources say
Economic Times
·
9m ago
Medial
Cybersecurity firm Rapid7 is reportedly considering options with its investment bankers after receiving acquisition interest from buyout firms. The Boston-based company is in talks with private equity firms, including Advent, Bain Capital, and EQT, and is exploring a potential sale. Rapid7's shares rose following the news but discussions may not lead to a deal. Last year, the company also explored acquisition interest but no agreement was reached. Rapid7 specializes in vulnerability management and faces pressure from activist investor Jana Partners. The cybersecurity sector has seen significant private equity investment in recent years.
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UK's Craneware rejects Bain Capital's $1.3 billion takeover proposal
Economic Times
·
1m ago
Medial
British software firm Craneware rejected a takeover bid from Bain Capital, valuing it at 939.4 million pounds, as it considered the 26.50 pounds-per-share proposal insufficient. The bid offered a 29.3% premium over Craneware's previous share price before Bain's interest was disclosed. Specializing in healthcare financial software for the U.S. market, Craneware has a market capitalization of around 710 million pounds. Bain Capital decided not to pursue the offer further.
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Netsmart's owners explore a sale valuing it at $5 bln -sources
Reuters
·
1y ago
Medial
Private equity owners of healthcare software firm Netsmart Technologies are considering a sale of the company that could value it at over $5 billion, according to sources. Netsmart, owned by GI Partners and TA Associates, is working with investment banks Goldman Sachs and William Blair on the potential sale. The company expects to generate around $250 million in earnings this year. Potential buyers could include other private equity firms. Netsmart provides electronic health records services and software for telehealth services.
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Innoviti pockets another cheque from existing backer Alumni Ventures
VCCircle
·
1y ago
Medial
Indian payment-focused retail software company, Innoviti, has raised funding from US-based Alumni Ventures as part of its ongoing Series E round. The company is raising a total of $9 million, with additional investors set to join by the end of June. Innoviti provides point-of-sale terminals, billing, and customer relationship management software to businesses and retailers. This latest funding comes after the company raised $4.8m in April from Bessemer Venture Partners and Patni Family Office, and $45m in 2022 from Panthera Growth Partners and Alumni Ventures.
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Innoviti raises $8 mn from Random Walk, existing backers
VCCircle
·
12m ago
Medial
Indian payment technology firm, Innoviti Technologies, has closed its Series E funding round, raising a total of $8.3m from various investors. The company plans to use the funding to work towards an initial public offering within the next 12 months. Innoviti offers point-of-sale terminals, billing software and customer relationship management tools for businesses, offline merchants and small retailers. The company claims to be operating with an annualised run rate of $21.9m and aims to achieve profitability in the next few quarters.
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The Canadian government’s struggles with outsourcing software development
Economic Times
·
1y ago
Medial
The Canadian government is grappling with issues in its software development projects. The Auditor General revealed potentially fraudulent billing by subcontractors, including the controversial ArriveCAN app. The government has tightened oversight and launched a criminal investigation into suspicious invoices from three software contractors. The use of middlemen companies that act as coordinators rather than software developers has come under scrutiny. The government has acknowledged the need for more in-house capacity but finds contracting out more cost-effective and efficient. Despite the challenges, most contracts are deemed to be in good faith and serve the public interest.
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