WALTHAM, MA, MENLO PARK, CA and HERZILYA, IL--(Marketwire - Jun 4, 2012) - Battery Ventures, a multi-stage investment firm focused on technology and innovation worldwide, today announced that it has acquired Jeeves Information Systems, a Stockholm, Sweden-based leader in ERP software for small to medium enterprises. Battery currently owns approximately 98 per cent of the total number of shares in Jeeves, and intends to acquire the remaining shares through a compulsory acquisition procedure. Founded in 1992, Jeeves has grown to 4,500 customers, with 30,000 users in more than 40 countries. The company's large network of partners gives it the ability to have broad geographical reach, while serving customers at the very local level.
This transaction is the fifth major European investment Battery has made in the past 20 months. The four preceding investments were:
- Take-private of CAD/CAM software company Vero Software in July 2010, based in Cheltenham, England
- Purchase of a majority stake in industrial technology company Gas Measurement Instruments in July 2011, based in Renfrew, Scotland
- Acquisition of CAD/CAM software company Planit in September 2011, based in Ashford, England; Integrated into Vero Software
- Minority investment in marketing automation software company Neolane in January 2012, based in Paris, France
"This investment is a continuation of our work in Europe, particularly in Software, where established markets are creating opportunities for both organic and acquisition-based growth," said Dave Tabors, Battery General Partner. "The ERP market is very large and fragmented and presents a tremendous opportunity. Jeeves has a very strong brand with superior technology, an impressive base of partners, and very satisfied customers, especially in the Nordic market. We look forward to building a platform and capturing an even broader swath of the international ERP market through a combination of organic growth and strategic acquisitions."
Jeeves' ERP products offer a broad set of "run-the-business" functionality for small and midsized companies, including attendance tracking, e-invoicing, warehouse management, sales configuration, process automation, inventory management, process modeling and shop floor control. The company's products, Jeeves Universal, Jeeves Selected and Garp, are user friendly, easily customizable, and integrate with other applications across the enterprise (such as accounting, customer service and sales), to allow for continuous improvement and increased efficiency.
"This is a great time to bring on a strategic partner like Battery, with whom we share a vision for continuing to grow the company and support our partners and customers worldwide," said Bengt-Åke Älgevik, Jeeves CEO and president. "In addition to the tremendous financial support, Battery's years of experience and knowledge of the software markets, particularly ERP, really positions us to become a dominant provider of ERP and related solutions for mid-market customers worldwide."
Battery Ventures is a global private investment firm with $4B under management. Founded in 1983, the firm invests across technology sectors, geographies and a company's life, from start-up and expansion financing, to growth equity and buyouts. Battery has supported many breakthrough companies worldwide, including: Airespace (acquired by Cisco), Akamai Technologies (IPO), Anobit (acquired by Apple), BladeLogic (acquired by BMC Software), ITA Software (acquired by Google), LIFFE (acquired by Euronext), MetroPCS (IPO), Omniture (acquired by Adobe) and XtremIO (acquired by EMC). Battery's buyout portfolio includes software companies such as Brightree, Consona, Data Innovations, Drillinginfo, Healthvision (acquired by Lawson), HighJump, Rogue Wave, and Vero Software. Battery's growth portfolio includes companies such as Angie's List (IPO), Bazaarvoice (IPO), Bluestem Brands, ExactTarget (IPO), Groupon (IPO), Guidewire (IPO), Marketo, Neolane, SingleHop and Skullcandy (IPO).
Jeeves develops ERP systems for small and midsized companies. Every day, Jeeves' ERP solutions; Jeeves Universal, Jeeves Selected and Garp, are used by more than 4 000 companies in over 40 countries. The ERP systems are user friendly, easily customizable, and at the same time optimal for continuous improvement of business support. Jeeves' head office is located in Stockholm, Sweden and the company is listed on NASDAQ OMX Stockholm (Small Cap) since 1999. For more information, please visit www.jeeves.se.