Battery Ventures, a global, technology-focused investment firm, made a new investment in Forterro, a London, UK-based provider of enterprise-resource planning (ERP) software for the industrial midmarket.
The amount of there deal was not disclosed. Battery now holds a significant minority share of Forterro, a company the firm previously built into a multi-national, European software provider and subsequently sold to Partners Group, a private markets firm (acting on behalf of its clients), for €1 billion earlier this year. Battery will continue to be actively involved in helping to scale Forterro as the company pursues its vision for growth under Partners Group’s ownership. As part of the deal, Tabors and Battery Principal Zak Ewen will serve as observers on the Forterro board. Battery will also continue to serve as a corporate-development resource, helping to define the company’s new acquisition strategy, research potential targets and execute transactions.
Led by CEO Dean Forbes, Forterro is a multi-national leader in the European ERP sector for small and midsize manufacturers and distribution companies. The company has grown to employ more than 1,200 employees who work from over 40 office locations around the world to support specialized software solutions and more than 10,000 small and midsize manufacturers.
Under Battery’s ownership, Forterro completed 14 acquisitions across six countries, including France, Germany, Poland, Sweden, Switzerland and The United Kingdom, and grew its annual recurring revenue over 10 times.
FinSMEs
22/08/2022