M&A Deal Summary

TA Associates and Warburg Pincus Acquire epassi

On August 9, 2023, private equity firms TA Associates and Warburg Pincus acquired information technology company epassi from Bregal Milestone

Acquisition Highlights
  • This is TA Associates’ 36th and Warburg Pincus’ 41st transaction in the Information Technology sector.
  • This is TA Associates’ 1st and Warburg Pincus’ 1st transaction in Finland.

M&A Deal Summary
Date 2023-08-09
Target epassi
Sector Information Technology
Buyer(s) TA Associates
Warburg Pincus
Sellers(s) Bregal Milestone
Deal Type Secondary Buyout

Target

epassi

Espoo, Finland
epassi is a provider of mobile payments and offers a comprehensive, high-quality service for managing non-taxable employee benefits. epassi was founded in 2007 and is based in Espoo, Finland.

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Buyer(S) 2

Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 355 of 364
Sector (Information Technology) 36 of 36
Type (Secondary Buyout) 64 of 69
Country (Finland) 1 of 1
Year (2023) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-28 Indira IVF

Udaipur, India

Indira IVF is a fertility hospital serving a network spanning 116 centers across 20 states in India. The company provides Assisted Reproductive Technology services in India and completes approximately 40,000 IVF cycles annually. It has successfully supported over 125,000 couples in their journey towards achieving pregnancy. Indira IVF was founded in 1988 and is based in Udaipur, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-01 Valoria Capital

Paris, France

Valoria Capital is an acquisition platform of independent financial advisors. Valoria Capital offers a diversified range of saving products from a wide panel of asset managers. Valoria Capital was founded in 2012 and is based in Paris, France.

Buy -
Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 474 of 482
Sector (Information Technology) 41 of 43
Type (Secondary Buyout) 62 of 63
Country (Finland) 1 of 1
Year (2023) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-01 EverBank

Jacksonville, Florida, United States

EverBank provides full-service, nationwide banking and lending services to consumer, commercial and institutional clients through a variety of channels, including online, its Florida-based financial centers and at other business offices throughout the country. EverBank is based in Jacksonville, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-21 Stellar Value Chain Solutions

Mumbai, India

Stellar Value Chain Solutions is a supply chain services company focused on providing integrated logistics solutions that include multi-user modern warehousing, primary and secondary distribution, e-fulfilment and cold storage. Stellar Value Chain Solutions is based in Mumbai, India.

Sell -

Seller(S) 1

SELLER

Bregal Milestone

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2018
PE ASSETS 500M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Bregal Milestone is a private equity firm focused on non-control investments in profitable, European companies with dedicated management, growth opportunities, and sustainable business models. The Firm looks to commit €20 to €100 million per transaction and will consider a variety of investment structures, including debt and/or equity. Sectors of interest include Software, Technology-enabled services, Financial Technology, Data Infrastructure, Healthcare IT, and services Consumer/Internet. Bregal Milestone was formed in 2018 and is headquartered in London.

DEAL STATS #
Overall 3 of 4
Sector (Information Technology) 2 of 2
Type (Secondary Buyout) 1 of 2
Country (Finland) 2 of 2
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-11 Cube

London, United Kingdom

Cube offers a comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. The company's regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe. Cube was founded in 2011 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-06 Allshares

Helsinki, Finland

Allshares is an incentive software and services provider. Allshares is based in Helsinki, Finland.

Buy -
Mergr

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