Apax Partners Leads Acquisition of Cartesis
Apax Partners Funds, one of the world's leading private equity firms, and leading international technology investors Advent Venture Partners, CDP Capital Technology Ventures and Partech International, announced a definitive agreement to acquire Cartesis, formerly associated with the PricewaterhouseCoopers network. The transaction is subject to regulatory clearance by the French authorities.
Cartesis is a leading provider of business performance management (BPM) software to global corporations worldwide. Today's transaction provides Cartesis with the financial and strategic resources to continue its strong growth. Cartesis will no longer be subject to the constraints of the Sarbanes- Oxley Act and other compliance requirements, and will now be well positioned to expand its user base.
Cartesis has been developing financial software since 1990 and today is recognized as a global leader in its field. The company's products enable key financial management activities including planning, budgeting, statutory consolidation, management reporting, performance management, forecasting and shareholding management. Cartesis has more than 1,300 clients, including major French corporations, one in five of the Fortune Global 100 and more than 30 percent of the Financial Times European companies. With revenues in the EUR80 million range, Cartesis is one of the largest private software companies in Europe and has consistently delivered sales growth, averaging 30 percent over the last six years, and market share gains even in today's challenging economic environment.
The new shareholders, who will all be represented on the Board of the company, intend to continue Cartesis' history of success, and accelerate the company's global development.
- META Group "In 2003, the business performance management (BPM) market has experienced significant consolidation and changes in ownership. While falling under prior sales and marketing restrictions when owned by a leading auditor, Cartesis, now an independent entity, is free to continue progress with its BPM solution. This will increase customer choice for BPM solutions and contribute to a more competitive solutions landscape that will ultimately benefit the customer." John Van Decker, Vice-President, META Group.
- IDC "This divestiture will be liberating for Cartesis, expanding the market opportunity to include those companies audited by PwC that originally were off limits due to Sarbanes-Oxley rules. As Cartesis provides a business performance management offering that could help companies to meet their compliance reporting requirements, it is ironic how Sarbanes-Oxley has shifted from a roadblock to an opportunity for Cartesis to take advantage of the growing demand for these types of solutions." Kathleen Wilhide, Research Director for Financial Compliance and Business Performance Management, IDC.