Paris – 17th March 2016 – The Digital Technologies Department of Seventure Partners, leading venture capital firm in Europe for innovation funding, today announces the selling of CONJECT Holding GmbH, a leading Cloud and mobile collaboration service provider in Europe and other regions, to ACONEX Limited (ASX : ACX), provider of a leading Cloud collaboration platform for the global construction industry.
The transaction is expected to close on or about the 1st of April 2016 for a total cash consideration of €65 million.
This acquisition marks the 3rd successful exit for Seventure in Germany, after the acquisitions of Tradoria (SaaS) by Rakuten and Retailo (FinTech) by Blackhawk. Seventure Partners once again demonstrates its leadership in its highly focused investment strategy, particularly in B2B solutions in SaaS / Cloud, an area where the Digital Department of Seventure is an undeniable European pioneer.
Conject was the first investment of the Digital Department of SEVENTURE in Germany in 2008, when, eight years after its creation, Conject wanted to find a financial partner to support its strong growth (internal and external) and internationalization. Thereafter, Seventure’s financial contribution increased twice, in a strong partnership commitment with Conject’s management.
Dr Wolfgang Krause, Venture Partner at Digital Departement of Seventure and Conject Chairman of the Board explained: “Since we arrived in 2008, we‘ve been working closely with the Conject management team to develop the company on a ‘’build and buy strategy’’. Since its creation, Conject made 5 acquisitions and Seventure supported the 2 latest: the UK-based company BIW technologies Limited in 2010 and, in 2014, the French company Wapp6. Conject’s acquisition by Aconex is a new important step for the company and comforts Seventure’s relevant vision”.
“On the close of this transaction, Aconex and Conject will become the world’s clear market leader in cloud-based construction collaboration and cost management,” said Dr. Ralf Händl, CEO at Flinders. “We have competed head to head with Aconex for many years, and we respect the strength of their global customer base and industry-leading technology. Together, as one organization, we can expand our penetration throughout the construction and infrastructure markets of Europe, the Middle East, Asia, and other regions. This business combination has the potential to accelerate the growth of our industry and deliver increasing value to our joint customers worldwide.”
« This acquisition will significantly expand our market penetration and user network throughout Europe, and will further consolidate our position as a leader in the global market for cloud-based construction collaboration and cost management solutions, » said Aconex CEO Leigh Jasper. « Conject’s customer base, business and culture are highly complementary to ours. Their footprint across Europe’s largest construction and infrastructure markets – particularly Germany, the U.K., France, and Russia – will measurably strengthen our presence and further drive our global economies of scale by leveraging our existing infrastructure. We look forward to welcoming Conject’s management and employees, integrating their operations, and serving their customers.”