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Nuvei enters into agreement to be taken private by Advent International, alongside existing Canadian shareholders Philip Fayer, Novacap and CDPQ at a price of US$34.00 per share

Existing shareholder Philip Fayer is rolling over substantially all of his existing equity and existing shareholders Novacap and CDPQ are rolling over a majority of their existing equity

Key highlights:

Nuvei, a global leader in payments, and Advent, a significant player in fintech private equity investing, join forces via all-cash transaction
Shareholders will receive US$34.00 per share in cash, which represents a premium of approximately 56% over Nuvei’s unaffected closing share price of US$21.76 on the Nasdaq Global Select Market on March 15, 2024, and a premium of approximately 48% over Nuvei’s 90-day volume weighted average trading price^[1] as of such date, valuing Nuvei at an enterprise value of approximately US$6.3 billion
Canadian shareholders Philip Fayer, Novacap and CDPQ will indirectly own or control approximately 24%, 18% and 12%, respectively, of the equity in the resulting private company as part of the agreement
Philip Fayer will continue to lead Nuvei as Chair and Chief Executive Officer, alongside his broader leadership team, with Montreal continuing to serve as Nuvei’s headquarters

MONTREAL, April 1, 2024 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), today announced that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) to be taken private by Advent International (“Advent”), one of the world’s largest and most experienced global private equity investors, with the support of each of the Company’s holders of multiple voting shares (“Multiple Voting Shares”), being Philip Fayer, certain investment funds managed by Novacap Management Inc. (collectively, “Novacap”) and CDPQ, via an all-cash transaction which values Nuvei at an enterprise value of approximately US$6.3 billion. The Company will continue to be based in Montreal.

One of the most advanced technology providers in the global payments industry, Nuvei accelerates the growth of its customers and partners around the world through a modular, flexible and scalable solution that enables leading companies across all verticals to accept next-gen payments, offer all payout options, and benefit from card issuing, banking, risk and fraud management services. Nuvei’s global reach extends to more than 200 markets across the globe, with local acquiring in 50 markets and connectivity to 680 local and alternative payment methods.

In its recent 2023 annual financial statements Nuvei announced that it had processed more than US$200 billion in Total volume , and US$1.2 billion in revenue.

Advent is a longstanding investor in the payments space. Nuvei will benefit from the significant resources, operational, and sector expertise, as well as the capacity for investment provided by Advent.

Philip Fayer will remain Nuvei’s Chair and Chief Executive Officer and will lead the business in all aspects of its operations. Nuvei’s current leadership team will also continue following the conclusion of the transaction.

Fayer commented on the announcement: “This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides.”

Fayer continued: “Our strategic initiatives have always focused on accelerating our customers revenue, driving innovation across our technology, and developing our people. Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”

“Nuvei has created a differentiated global payments platform with an innovative product offering that serves attractive payments end markets like global eCommerce, B2B and embedded payments,” said Bo Huang, a Managing Director at Advent. “Our deep expertise and experience in payments give us conviction in the opportunity to support Nuvei as it continues to scale from its base in Canada as a global player in the space. We look forward to collaborating closely with Nuvei to capitalize on emerging opportunities to help shape the future of the payments industry.”

“As an existing and long-term shareholder, we continue to stand behind management’s proven dedication to innovation, efficiency, and market adaptation, which has consistently propelled Nuvei forward. With our continued support, we entrust management to navigate the evolving landscape adeptly, driving expansion, and delivering on our shared commitment to long-term growth for Nuvei employees and customers,” said David Lewin, Senior Partner at Novacap.

“Ever since our first investment in Nuvei in 2017, CDPQ is proud to have supported this Québec fintech leader at every stage of its growth, particularly through acquisitions on a global scale. We are delighted to accompany Nuvei once again as it embarks on this new chapter of its history, alongside recognized partners such as Advent, as well as existing shareholders Philip Fayer and Novacap,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

Transaction Highlights

Advent will acquire all the issued and outstanding subordinate voting shares of Nuvei (the “Subordinate Voting Shares”) and any Multiple Voting Shares that are not Rollover Shares (as defined below). These Subordinate Voting Shares and Multiple Voting Shares (collectively, the “Shares”) will each be acquired for a price of US$34.00 per Share, in cash.

This price represents a premium of approximately 56% to the closing price of the Subordinate Voting Shares on the Nasdaq Global Select Market (“Nasdaq”) on March 15, 2024, the last trading day prior to media reports concerning a potential transaction involving the Company and a premium of approximately 48% to the 90-day volume weighted average trading price[1] per Subordinate Voting Share as of such date.

Philip Fayer, Novacap and CDPQ (together with entities they control directly or indirectly, collectively, the “Rollover Shareholders”) have agreed to roll approximately 95%, 65% and 75%, respectively, of their Shares (the “Rollover Shares”) and are expected to receive in aggregate approximately US$560 million in cash for the Shares sold on closing^[2]. Philip Fayer, Novacap and CDPQ are expected to indirectly own or control approximately 24%, 18% and 12%, respectively, of the equity in the resulting private company.

The proposed transaction has the support of each of the holders of Multiple Voting Shares, namely Philip Fayer, Novacap and CDPQ, who collectively represent approximately 92% of the voting power attached to all the Shares.

Nuvei’s Board of Directors, after receiving advice from the Company’s financial advisor and outside legal counsel, is unanimously recommending (with interested directors abstaining from voting) that the Nuvei shareholders vote in favour of the transaction. This recommendation follows the unanimous recommendation of a special committee of the Board of Directors which is comprised solely of independent directors and was formed in connection with the transaction (the “Special Committee”). The Special Committee was advised by independent legal counsel and retained TD Securities Inc. (“TD”) as financial advisor and independent valuator.

Further Transaction Details

The transaction will be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act. Implementation of the transaction will be subject to, among other things, the following shareholder approvals at a special meeting of shareholders to be held to approve the proposed transaction (the “Meeting”): (i) the approval of at least 66 2/3% of the votes cast by the holders of Multiple Voting Shares and Subordinate Voting Shares, voting together as a single class (with each Subordinate Voting Share being entitled

to one vote and each Multiple Voting Share being entitled to ten votes); (ii) the approval of not less than a simple majority of the votes cast by holders of Multiple Voting Shares; (iii) the approval of not less than a simple majority of the votes cast by holders of Subordinate Voting Shares; (iv) if required, the approval of not less than a simple majority of the votes cast by holders of Multiple Voting Shares (excluding the Multiple Voting Shares held by the Rollover Shareholders and any other shares required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”); and (v) the approval of not less than a simple majority of the votes cast by holders of Subordinate Voting Shares (excluding the Subordinate Voting Shares held by the Rollover Shareholders and any other shares required to be excluded pursuant to MI 61-101). The transaction is also subject to court approval and customary closing conditions, including receipt of key regulatory approvals, is not subject to any financing condition and, assuming the timely receipt of all required key regulatory approvals, is expected to close in late 2024 or the first quarter of 2025.

The Arrangement Agreement provides for a non-solicitation covenant on the part of Nuvei, which is subject to customary “fiduciary out” provisions that enable Nuvei to terminate the Arrangement Agreement and accept a superior proposal in certain circumstances. A termination fee of US$150 million would be payable by Nuvei in certain circumstances, including in the context of a superior proposal supported by Nuvei. A reverse termination fee of US$250 million would be payable to Nuvei if the transaction is not completed in certain circumstances.

In connection with the proposed transaction, each director and member of senior management of Nuvei and each Rollover Shareholder has entered into a customary support and voting agreement pursuant to which it has agreed, subject to the terms thereof, to support and vote all of their Shares in favour of the transaction. Consequently, holders of approximately 0.3% of the Subordinate Voting Shares and holders of 100% of the Multiple Voting Shares, representing approximately 92% of the total voting power attached to all of the Shares, have agreed to vote their Shares in favour of the transaction.

Following completion of the transaction, it is expected that the Subordinate Voting Shares will be delisted from each of the Toronto Stock Exchange and the Nasdaq and that Nuvei will cease to be a reporting issuer in all applicable Canadian jurisdictions and will deregister the Subordinate Voting Shares with the U.S. Securities and Exchange Commission (the “SEC”).

Fairness Opinions and Formal Valuation and Voting Recommendation

The Arrangement Agreement was the result of a comprehensive negotiation process with Advent that was undertaken with the supervision and involvement of the Special Committee advised by independent and highly qualified legal and financial advisors.

The Special Committee retained TD as financial advisor and independent valuator. In arriving at its unanimous recommendation in favour of the transaction, the Special Committee considered several factors which will be outlined in public filings to be made by Nuvei. These include a formal valuation report prepared by TD in accordance with MI 61-101 (the “Formal Valuation”) and a fairness opinion rendered by TD. TD orally delivered to the Special Committee the results of the Formal Valuation, completed under the Special Committee’s supervision, opining that, as of April 1, 2024, subject to the assumptions, limitations and qualifications communicated to the Special Committee by TD and to be contained in TD’s written Formal Valuation, the fair market value of the Shares is between US$33.00 and US$42.00 per Share. TD orally delivered a fairness opinion to the Special Committee to the effect that, as of April 1, 2024, subject to the assumptions, limitations and qualifications communicated to the Special Committee, and to be contained in TD’s written fairness opinion (the “TD Fairness Opinion”), the consideration to be received by shareholders (other than the Rollover Shareholders and any other shareholders required to be excluded pursuant to MI 61-101) pursuant to the Arrangement Agreement is fair, from a financial point of view, to such shareholders. Barclays Capital Inc., financial advisor to the Company (“Barclays”), delivered a fairness opinion to the Board of Directors to the effect that, as of April 1, 2024, subject to the assumptions, limitations and qualifications described therein, the consideration to be received by shareholders (other than the Rollover Shareholders in respect of the Rollover Shares) pursuant to the Arrangement Agreement and the Plan of Arrangement is fair, from a financial point of view, to such shareholders (together with the TD Fairness Opinion, the “Fairness Opinions”).

The Board of Directors received the Fairness Opinions and the Formal Valuation and, after receiving the unanimous recommendation of the Special Committee and advice from the Company’s financial advisor and outside legal counsel, the Board of Directors unanimously (with interested directors abstaining from voting) determined that the transaction is in the best interests of Nuvei and is fair to its shareholders (other than the Rollover Shareholders and any other shareholders required to be excluded pursuant to MI 61-101) and unanimously recommended (with interested directors abstaining from voting) that shareholders vote in favour of the transaction.

Copies of the Formal Valuation and the Fairness Opinions, as well as additional details regarding the terms and conditions of the transaction and the rationale for the recommendation made by the Special Committee and the Board of Directors will be set out in the management proxy circular to be mailed to shareholders in connection with the Meeting and filed by the Company on its profile on SEDAR+ at www.sedarplus.ca and on EDGAR as an exhibit to the Schedule 13E-3 Transaction Statement to be filed by Nuvei at www.sec.gov.

Important Additional Information and Where to Find It

In connection with the transaction, Nuvei intends to file relevant materials on its profile on SEDAR+ and with the SEC on EDGAR. Shareholders will be able to obtain these documents, as well as other filings containing information about Nuvei, the transaction and related matters, without charge from the SEDAR+ website at www.sedarplus.ca and from the SEC’s website at www.sec.gov.

Advisors

Barclays Capital Inc. acted as exclusive financial advisor to the Company, and TD Securities Inc. acted as independent valuator and financial advisor to the Special Committee. Stikeman Elliott LLP and Davis Polk & Wardwell LLP acted as legal advisors to the Company. Norton Rose Fulbright Canada LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors to the Special Committee. RBC Capital Markets acted as financial advisor to Advent, while Kirkland & Ellis LLP and Blake, Cassels & Graydon LLP acted as legal advisors to Advent. BMO Capital Markets is acting as left lead arranger and administrative agent for the new US$600 million revolving credit facility and US$2,550 million term loan financing. Osler, Hoskin & Harcourt LLP acted as legal advisor to Philip Fayer. Fasken Martineau DuMoulin LLP and Willkie Farr & Gallagher LLP acted as legal advisors to Novacap. CIBC Capital Markets acted as financial advisor to CDPQ, and McCarthy Tétrault LLP and Mayer Brown LLP acted as its legal advisors.

Early Warning Disclosure by Mr. Philip Fayer

Further to the requirements of Regulation 62-104 respecting Take-Over Bids and Issuer Bids and Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Mr. Philip Fayer will file an amended early warning report in connection with his participation in the transaction as Rollover Shareholder and for which he has entered into a support and voting agreement pursuant to which he has agreed, subject to the terms thereof, to support and vote all of his Shares in favour of the transaction. A copy of Mr. Fayer’s related early warning report will be filed with the applicable securities commissions and will be made available on SEDAR+ at www.sedarplus.ca. Further information and a copy of the early warning report of Mr. Fayer may be obtained by contacting:

Chris Mammone
Head of Investor Relations
Nuvei Corporation
IR@nuvei.com
310.654.4212.

About Nuvei

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies and 680 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across more than 40 countries and regions, and as of September 30, 2023, had US$91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled C$434 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

About Novacap

Founded in 1981, Novacap is a leading North American private equity firm with over C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in Industries, TMT, Financial Services, and Digital Infrastructure, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial capital, Novacap has the resources and knowledge that help build world-class businesses. Novacap has offices in Montreal, Toronto, and New York.

For more information, please visit www.novacap.ca.

Forward Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “Forward-looking information”) within the meaning of applicable securities laws. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Particularly, statements regarding the proposed transaction, including the proposed timing and various steps contemplated in respect of the transaction and statements regarding the plans, objectives, and intentions of Mr. Philip Fayer, Novacap, CDPQ or Advent are forward-looking information.

In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management, and although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information.

Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors described in greater detail under “Risk Factors” of the Company’s annual information form filed on March 5, 2024. These risks and uncertainties further include (but are not limited to) as concerns the transaction, the failure of the parties to obtain the necessary shareholder, regulatory and court approvals or to otherwise satisfy the conditions to the completion of the transaction, failure of the parties to obtain such approvals or satisfy such conditions in a timely manner, significant transaction costs or unknown liabilities, failure to realize the expected benefits of the transaction, and general economic conditions. Failure to obtain the necessary shareholder, regulatory and court approvals, or the failure of the parties to otherwise satisfy the conditions to the completion of the transaction or to complete the transaction, may result in the transaction not being completed on the proposed terms, or at all. In addition, if the transaction is not completed, and the Company continues as a publicly-traded entity, there are risks that the announcement of the proposed transaction and the dedication of substantial resources of the Company to the completion of the transaction could have an impact on its business and strategic relationships (including with future and prospective employees, customers, suppliers and partners), operating results and activities in general, and could have a material adverse effect on its current and future operations, financial condition and prospects. Furthermore, in certain circumstances, the Company may be required to pay a termination fee pursuant to the terms of the Arrangement Agreement which could have a material adverse effect on its financial position and results of operations and its ability to fund growth prospects and current operations.

Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein represents our expectations as of the date hereof or as of the date it is otherwise stated to be made, as applicable, and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

NVEI-IR

[1] Based on Canadian composite (Toronto Stock Exchange and all Canadian marketplaces) and U.S. composite (Nasdaq and all U.S. marketplaces).

[2] Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by merchants under contractual agreement with the Company. The Company refers the reader to the “Non-IFRS and Other Financial Measures” section of the Company’s Management’s discussion and analysis in respect of the Company’s financial year ended December 31, 2023 (“2023 MD&A”), which section is incorporated by reference herein, for a definition of Total volume presented by the Company. The 2023 MD&A is available at https://investors.nuvei.com and under the Company’s profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

[3] Based on Canadian composite (Toronto Stock Exchange and all Canadian marketplaces) and U.S. composite (Nasdaq and all U.S. marketplaces).

[4] Percentages and amount of expected cash proceeds are based on current assumed cash position and are subject to change as a result of cash generated before closing.

Media contacts

Nuvei
Public Relations
Alex Hammond
alex.hammond@nuvei.com
Investor Relations
IR@nuvei.com

Advent International
Leslie Shribman, Head of Communications
lshribman@adventinternational.com

Novacap
Marc P. Tellier, Senior Managing Director
mtellier@novacap.ca

CDPQ
Kate Monfette, Media Relations
medias@cdpq.com

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GFT acquires Sophos Solutions from Advent International

Acquisition expands core banking expertise, client base, footprint, and team by almost 20%

Stuttgart, Germany/Bogota, Colombia, 25 January 2024 – Global digital transformation pioneer GFT Technologies SE (GFT) agreed to acquire 100% of shares in Colombia-based core banking expert Sophos Solutions S.A.S.. With Sophos, GFT advances to top 3 banking IT services provider across Latin America and also increases its global delivery capability. The purchase from Advent International, one of the largest and most experienced global private equity investors, is a clear sign of GFT’s continued focus on growth and profitability.

GFT is gaining a new stronghold for core banking solutions, AI and cloud modernisation, as well as additional partners and clients, which include Colombia’s most relevant financial institutions. The company is increasing its presence to 20 countries, six of which are in Latin America: Brazil, Mexico and Costa Rica are now complemented by Colombia, Chile and Panama. The combined impact of both companies will result in GFT advancing to be a top three provider of IT services for banking across Latin America¹⁾.

Thanks to Sophos’ more than 1,700 employees, GFT’s global headcount will grow by almost 20 percent to more than 12,000. This is the largest number of talents ever added in a GFT acquisition. The transaction is expected to be completed in early February 2024. In 2022, Sophos generated revenues of around 257 billion Colombian pesos (currently around 60 million Euros) and GFT reported €730.14 million Euros worldwide.

“In this strategic acquisition, we’re not just merging companies; we’re multiplying potential,” said GFT CEO Marika Lulay. “It is a logical continuation of our successful strategy for growth and profitability. All aspects of Sophos are highly valuable to us. From the new colleagues, new competencies and new clients to the new partners for core banking solutions, such as Finastra. All this results in high traction for GFT in Latin America’s third-largest market Colombia, plus exponential growth scope in the Americas and beyond.”

Clients benefit from expertise in core banking, AI and cloud modernisation

Sophos is especially renowned for its core banking, AI and cloud modernisation expertise, as well as innovation and digital transformation. GFT clients benefit from expanded delivery capacity and access to new expertise, including in solutions for core banking with Sophos’ established partners. For Sophos’ clients, the acquisition means access to the additional large GFT talent pool, extensive experience in successfully implementing next generation technology, more partners like Thought Machine, and pre-built solutions. All that combined translates into a shorter time to market and effective services delivery for all clients.

“We are proud to have partnered with the entire Sophos team during a time of significant growth for the Company,” said Lucas Marulanda, Director at Advent International. “Since our investment in 2020, Sophos has strategically scaled its platform through international and regional expansion and continued to help drive significant technological transformation and modernisation across the financial industry. We look forward to following the company’s continued success.”

“For everyone at Sophos, it is a great opportunity to become part of GFT,” added Sophos CEO Felipe Villa. “I see a perfect fit with combined expertise and global presence of Sophos and GFT. This will enable us to even better support our clients on their digital transformation journey – great news for our employees and their career development, as well as for our clients. We are grateful to Advent for taking our company to the next level.”

Canaccord Genuity is serving as the exclusive financial advisor to Advent and Sophos.

Sophos Solutions

Sophos Solutions is a multinational IT firm based in Colombia, that accompanies the technological transformation of key financial institutions across several markets worldwide.

The company offers solutions for banking transformation, cloud services, data intelligence & AI as well as digital solutions with vast expertise in core banking.

Sophos Solutions was founded in Colombia in 2006 by a group of innovators from India, with the aim of providing cutting-edge software solutions to financial institutions. In 2020 it became part of the renowned private equity investor Advent International.

Over the years, the company has grown significantly to more than 1,700 employees worldwide, with subsidiaries in 6 different countries, including the United States, Mexico, Colombia, Chile, Panama, and India. It operates in over 14 countries, providing digital transformation & software product engineering to major top-tier banks and financial institutions.

www.sophossolutions.com

www.linkedin.com/company/sophossolutions/

www.instagram.com/sophos.solutions/

GFT

GFT is a digital transformation pioneer. By leveraging next-generation technologies, we enable clients to boost their productivity with intelligent software solutions. We focus on Digital Finance, Enterprise AI & Data Solutions, and Platform Modernisation.

GFT’s strengths include deep technological excellence, a strong ecosystem of partners, and industry expertise. We are agile@scale and boost digital transformation for clients from the finance and insurance sectors, as well as the manufacturing industry. GFT talents create, implement, and manage software applications to enable innovative businesses while complying with regulations.

With locations in more than 15 markets around the globe, GFT ensures proximity to its clients. We draw on over 35 years of experience and a global team of over 10,000 determined talents. GFT provides them with career opportunities in the most innovative areas of software engineering. The GFT Technologies SE share is listed in the SDAX index of the German Stock Exchange (ticker: GFT-XE).

www.gft.com

www.blog.gft.com

www.linkedin.com/company/gft-technologies

www.twitter.com/gft_tech

Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 42 countries, and as of September 30, 2023, had $91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

Advent has been present in Colombia since 2011 and currently has 10 professionals dedicated to investing in the country. The team has invested more than US$1 billion in companies with relevant operations in Colombia such as LifeMiles, Alianza Fiduciaria, Alianza Valores, Grupo Biotoscana, GTM, Ocensa, Sophos Solutions and most recently, GHL Hotels.

¹⁾Market Share Analysis: IT Services, Worldwide, 2022 (gartner.com); Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2021-2027, 4Q23 Update (gartner.com)

This press release is also available for download via the GFT newsroom.

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Orveon Welcomes Neela Montgomery as Chief Executive Officer

Accomplished retail executive will bring global experience, operational excellence and consumer brand expertise to drive growth

NEW YORK, January 9, 2024 – Orveon Global (“Orveon” or “the Company”), a purpose-driven collective of premium beauty brands, today announced that Neela Montgomery will join the Company as Chief Executive Officer (“CEO”), effective January 18, 2024. Ms. Montgomery will also join the Orveon Board of Directors (the “Board”).

“Neela is a highly accomplished leader in high-growth, vibrant consumer businesses and we are thrilled to welcome her as CEO of Orveon,” said Tricia Glynn, Chair of the Board at Orveon and Managing Partner at Advent International. “Orveon has established a strong foundation in its two years since launch and Neela is the ideal executive for this next phase of growth. Her special mix of global experience, operational acumen and record of growing consumer brands will position the business for long-term success.”

“Orveon has built a differentiated business that not only is home to three iconic beauty brands but also is leading change in the beauty and wellness industry,” said Ms. Montgomery. “I see immense opportunity to continue developing the platform’s capabilities while nurturing the success of bareMinerals, BUXOM and Laura Mercier to deliver an authentic, sustainable offering for consumers and retail partners alike. I am excited to lead the talented team at Orveon as we continue to innovate, capture new opportunities and drive growth.”

Ms. Montgomery comes to Orveon as a seasoned global CEO who has led, scaled and transformed consumer businesses across the U.S., Europe and Asia, including CVS Health, Crate & Barrel Holdings, Otto Group and Tesco PLC. Most recently she served as a Board Partner at Greycroft, a leading venture capital firm. With nearly two decades of experience, she is a dynamic leader of consumer brands with a record of driving successful digital transformations, global expansion and fostering diverse and inclusive company cultures.

Ms. Montgomery is a member of the Board of Directors of Logitech, Squarespace and Fetch. She also sits on the Board of St Jude’s Hospital, the world’s leading non-profit pediatric cancer hospital, as well as the Board of Wellsense, the largest Medicaid provider in Massachusetts. She studied English Literature at Oxford University and holds an M.B.A from INSEAD in France and Singapore.

ABOUT ORVEON

Established in 2021, Orveon is a collective of iconic cosmetics brands, bareMinerals, BUXOM and Laura Mercier, paving the way for the future of the beauty industry. Believing beauty is more than skin deep, Orveon aims to challenge conventional wisdom with humility and deliberate action – all to create positive change. Owning the face of beauty, and striving to face forward together, Orveon is about its employees, as much as the union of these established entities. Together, the company will push beyond being known simply as cultural tastemakers and ascend as advocates of advancement. Embarking on a powerful shift, Orveon is committed to stark honesty, co-creation and making a sustainable cultural impact today and for years to come.

For more information, visit:

Website: www.orveonglobal.com
LinkedIn: https://www.linkedin.com/company/orveonglobal/ Instagram: https://www.instagram.com/orveonglobal/
Twitter: https://twitter.com/orveonglobal

Media contacts

Orveon Global

Monique McKenzie

Executive Director, Global Public Relations

m: 404.906.3052

e: mmckenzie@orveonglobal.com

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Advent International forms Circle, a leading payments and technology platform for small merchants and sole traders

Circle also agrees to acquire myPOS, a leading provider of payments solutions

London, 16^th November, 2023 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, has formed AI Circle Bidco Limited (“Circle”), a payments and technology platform serving small merchants and sole traders in Europe. As part of this strategy, Circle has agreed to acquire myPOS, a leading provider of payments solutions.

Laurent Le Moal, a seasoned payments and fintech leader, and former Chief Executive Officer of PayU and Vice-President at PayPal, has joined as Chairman of Circle. Under Laurent’s leadership, Circle’s ambition is to become a leading end-to-end payments and technology company serving small merchants and sole traders across Europe, who are traditionally underserved by banks.

Headquartered in the UK, with over 500 employees, myPOS provides a suite of payments, accounts and cards solutions for small merchants and sole traders. Through its product offerings, it sits at the centre of small and micro merchants’ financial flows and is a key partner in allowing them to grow and develop their businesses. The business serves around 170,000 merchants in continental Europe across multiple sectors – including food & beverages, professional services, retail and transportation.

The Circle platform will support the current myPOS management team in growing the customer base while preserving the differentiated business model and the competitive value proposition.

Laurent Le Moal, Chairman at Circle, said: “We have big ambitions to scale the Circle payments and technology platform, and to expand its range of differentiated digital offerings to traditionally underserved sole traders and small merchants. The opportunities to scale the platform’s digital capabilities, to expand internationally, to grow into new services such as software and lending and in turn to support economic growth, are real and exciting, and I cannot wait to start on this journey together with the Advent team.”

Fabio Cali, Director at Advent International, comments: “We are very excited to invest in Circle and to create a truly differentiated digital platform with the ambition to be both market leading and able to support the real economy by helping smaller businesses to flourish. Acquiring myPOS is the first step on this journey and is a business we have followed for over five years, closely tracking its evolution and development. We intend to draw on our strong and in-depth payment processing and broader financial services experience, and with the support of Laurent and our wide network of tenured operating partners, are confident we can build a successful and highly essential platform in Europe.”

AI Circle will be able to leverage Advent’s experience and knowledge in the payments industry. Worldwide since 2008, Advent has invested more than $6.6 billion in 17 payments and fintech companies. Recent investments in the sector include Mangopay (a leading payments solution provider for marketplaces and platforms), Medius (a leading provider of cloud-based accounts payable automation), Thredd (the leading global payment technology platform) and Planet (a global provider of integrated digital payment services).

The transaction, which is subject to customary regulatory approvals, is expected to close in Q4 2023.

ADVENT INTERNATIONAL

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 42 countries, and as of June 30, 2023, had €85 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

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Advent International
Peter Folland
Tel: +44 7918 879165
pfolland@adventinternational.co.uk

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Advent International agrees to partial sale of InPost shareholding to PPF Group

London, 26 May 2023 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, has agreed to sell part of its shareholding in InPost Group (“InPost” or “the Group”), representing 15% of the Group’s total share capital, for €10 per share to PPF Group (“PPF”), a privately-held international investment company.

Listed on Euronext Amsterdam, InPost is the leading European automated parcel machine (“APM”) service provider. Under the terms of the agreement, Advent will sell the 15% shareholding, with the option for PPF to purchase a further 15% of the Group’s total share capital at an agreed price. Each of Advent and PPF has agreed to a lockup agreement on the remainder of its holding in InPost for a 6 month period (subject to certain customary exceptions with each party being permitted to sell shares equivalent to up to 2.0% of InPost’s share capital during the lock-up period).

On completion of the initial sale, Advent will remain the largest shareholder in the Group with a 30.3% ownership stake.

Since its initial investment in 2017, Advent has invested substantially in InPost to support the management team and facilitate market share expansion across Europe. Since then, the Group has grown to become the leading out-of-home e-commerce delivery company in Europe, providing delivery services through its network of more than 29,000 APMs and operating across 9 European countries. InPost successfully listed on Euronext Amsterdam in January 2021, and was at that time the largest ever tech IPO in Europe. Since then, revenues and EBITDA have more than doubled as the business continues its industry leading expansion.

Investment from PPF marks an important strategic milestone for Advent and InPost, adding further expertise and investment that will support InPost’s continued growth.

Nick Rose, InPost Board member and Managing Director at Advent International, said, “InPost has grown to become Europe’s leading out-of-home e-commerce delivery company, led by a fantastic management team which has put the customer at the heart of their business. During our 6 year partnership with founder Rafal Brzoska, the Company has grown earnings more than fifty fold. That growth momentum continues today and therefore we’re exceptionally pleased to now have PPF, with its strong investment experience, alongside us on the share register.”

Ranjan Sen, InPost Board member and Managing Partner at Advent International, said, “PPF has a strong track record of value creation, across a wide range of sectors in Europe, and we’re delighted that they recognise the quality and future growth opportunities for the business. We are confident that by leveraging our collective expertise we can continue to unlock InPost’s full potential. Our ongoing support highlights the confidence we have in this exciting new chapter for the business.”

Didier Stoessel, Chief Investment Officer of PPF Group, said, “We are pleased to become a shareholder in InPost, a company with significant scope to expand and build upon its market leading position. As an experienced investor in e-commerce and a wide range of other sectors globally, PPF is well placed to help InPost grow its business internationally.”

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has made over 405 investments across 42 countries, and as of December 31, 2022, had €86 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, please visit www.adventinternational.com

About PPF

PPF Group operates in 25 countries, investing in multiple sectors, including financial services, telecommunications, media, e-commerce, and other sectors, including real estate, biotechnology and transportation. PPF Group’s reach spans from Europe to North America and across Asia. The Group owns assets to the value of EUR 40.13 billion and employs 70,000 people globally (30 June 2022).

For more information, please visit www.ppf.eu/en

About InPost S.A.

InPost S.A. InPost (Euronext Amsterdam: INPST) has revolutionized e-commerce parcel delivery in Poland and is now one of the leading out-of-home e-commerce enablement platform in Europe. Founded in 1999 by Rafał Brzoska in Poland, InPost provides delivery services through our network of more than 29,000 Automated Parcel Machines (“APMs”) in 9 countries across Europe, as well as to-door courier and fulfilment services to ecommerce merchants. InPost’s Paczkomat® machines provide consumers with a cheaper, flexible, convenient, environmentally friendly, and contactless delivery option.

For more information, please visit www.inpost.eu

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Graeme Wilson or Harry Cameron
Tel: +44 (0)20 7353 4200
Advent@teneo.com

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Advent International agrees to sell Tag, a leading global marketing production company, to dentsu

London, 7 March 2023 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, has entered into an agreement to sell Tag, a leading global omnichannel marketing production company, to Dentsu Group Inc. (Tokyo: 4324; ISIN: JP3551520004), one of world’s largest global marketing and advertising agency networks.

In the past five years, Advent has invested more than €100 million in Tag, which has grown to become a leading global end-to-end, tech enabled marketing activation platform. Tag’s global footprint and offerings have expanded substantially, it has developed an end to end proprietary marketing execution platform called Digital Interact (Di) and acquired six strategic businesses, enhancing Tag’s CGI, e-commerce, content origination, and data analytics capabilities. Tag now has a truly global presence, with a world class diverse leadership team who oversee 2,800 employees in over 29 countries across EMEA, APAC and the Americas. Tag’s end-to-end platform provides digital, personalised marketing for many of the world’s leading brands.

James Brocklebank, Managing Partner at Advent International, said, “Since acquiring Tag in 2017, and following more than €100 million of investment, the business has been transformed to become a highly successful standalone entity that is now one of the world’s leading omnichannel digital marketing production companies.”

Chris Benson, Director at Advent International, said, “We have worked in partnership with Tag’s leadership team to build a world leader in marketing activation. Under Advent’s ownership, the company has grown significantly and continues to achieve double digit organic revenue growth. We are excited for Tag and dentsu to build on this success and we wish David Kassler and his team all the best as they start this next phase of their journey.”

David Kassler, Global CEO, Tag, said, “We can’t wait to start this next phase of our journey and couldn’t be happier to be joining the dentsu family. The market is moving incredibly fast towards integrated services – the combination of Tag’s global technology-enabled content production with dentsu’s broader marketing, technology and consulting skills will be tremendously additive for both sets of our wonderful clients.”

Advent acquired Williams Lea Tag from Deutsche Post DHL Group in December 2017, before successfully separating Williams Lea and Tag into standalone businesses. Williams Lea, a high growth provider of tech-enabled business support services for a hybrid workforce, serving some of the world’s largest financial, legal and consulting firms, remains under Advent’s ownership.

Evercore, UBS, Weil, EY, and PWC acted as advisors to Advent.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 400 private equity investments across 41 countries, and as of September 30, 2022, had $89 billion in assets under management. With 14 offices in 12 countries, Advent has established a globally integrated team of over 285 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology.

For more information, please visit www.adventinternational.com and follow Advent on LinkedIn.

About Tag

Tag works with leading brands to transform their business and marketing capabilities to deliver content at speed and scale across channels, cultures, and regions. With intelligent, sustainable, and technology-driven solutions (including their own end to end proprietary marketing execution platform called Digital Interact) at the heart of everything it does, Tag enables brands to operate more efficiently and effectively to stand out, grow and waste less. The organization will become dentsu’s sixth network brand and will retain the Tag brand for the foreseeable future.

www.tagww.com

About dentsu

Dentsu is the network designed for what’s next, helping clients predict and plan for disruptive future opportunities and create new paths to growth in the sustainable economy. Taking a people-centered approach to business transformation, we use insights to connect brand, content, commerce and experience, underpinned by modern creativity. As part of Dentsu Group Inc. (Tokyo: 4324; ISIN: JP3551520004), we are headquartered in Tokyo, Japan and our 65,000-strong employee-base of dedicated professionals work across four regions (Japan, Americas, EMEA and APAC). Dentsu combines Japanese innovation with a diverse, global perspective to drive client growth and to shape society.

dentsu website:
www.dentsu.com

Dentsu Group Inc. website:
www.group.dentsu.com/en

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Graeme Wilson or Harry Cameron
Advent@tulchangroup.com
+44 (0)20 7353 4200

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Advent International to acquire up to a 10% per cent stake in YES BANK

MUMBAI, July 29, 2022 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has agreed to acquire up to a 10% per cent equity stake in YES BANK (“Bank”), the sixth largest private sector bank in India, as part of an overall $1.1 billion capital fundraise by the Bank.

The capital raised will bolster the capital adequacy of the Bank, thereby providing growth capital for the core business of the Bank. Once approved, this would be one of the largest private equity investments in the Indian banking sector.

This equity stake in YES BANK will be Advent’s first investment in a banking entity in India and Advent will have one nominee on the Bank’s Board following the transaction.

Commenting on the investment, Ms Shweta Jalan, Managing Partner at Advent, said, “We believe India’s banking sector is at an inflection point where tech-enabled banks like YES BANK have an advantage. This investment also demonstrates our commitment to the country’s banking and financial services industry, which is the core of India’s growth story. We think the Bank’s leadership team, led by Prashant Kumar, has done great work in reviving its performance over the last two years. We look forward to working with the Bank and to drawing on our sector expertise in supporting YES BANK in its next phase of sustained growth.”

Mr. Prashant Kumar, Managing Director & Chief Executive Officer, YES BANK said, “We are extremely pleased to onboard such pedigreed investors like Carlyle and Advent International as our partners, in fulfilling the long-term strategy of the Bank. This is a testimony to the inherent strength of the bank’s franchise. We are excited about the incremental opportunities that this partnership creates for us and confident that both the investors will play a crucial role in the next growth phase of the Bank.”

Headquartered in Mumbai, YES BANK is a Full Service Commercial Bank providing a range of products, services and technology driven digital offerings, catering to corporate, MSME and retail customers. Founded in 2004, it has a strong Pan India footprint with over 1,140 branches across all 28 states and 9 Union Territories in India. It also operates investment banking, merchant banking and brokerage businesses through YES Securities. The banks shares are listed on the National Stock Exchange and Bombay Stock Exchange.

Advent has been investing in India since 2007 and founded its Mumbai office in 2009. Currently, it has invested/committed almost $2.9 billion across 13 companies in sectors such as financial services, consumer products, healthcare, industrial and technology. Previous financial services investments include Aditya Birla Capital (a holding company for the financial services businesses of Aditya Birla Group) through which Advent has exposure to lending, asset management and insurance amongst others, and ASK Investment Managers Private Limited (a leading portfolio management service provider, real estate investment manager and wealth manager in India). New investments in the last twelve months include Eureka Forbes Ltd (health and safety solutions provider, with a presence in water purification, vacuum cleaning and other emerging categories), Encora (a global digital engineering services company specializing in software product development services for fast-growing enterprises and digitally-native companies) and Avra Labs (contract manufacturing and research services and specialty active pharmaceutical ingredients manufacturer).

Globally, Advent has invested over US$12.5 billion across 82 companies in business and financial services. Previous investments in banks include Addiko Bank (a universal bank operating in South Eastern Europe), Nubank (the largest independent digital bank in the world and based in Brazil) and Grupo Financiero Mifel (a leading Mexican mid-sized bank serving the retail segment and small and medium-sized companies).

The transaction is subject to closing conditions and relevant statutory and regulatory approvals.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and as of March 31, 2022, had $75.9 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 265 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About YES BANK

YES BANK is a ‘Full Service Commercial ‘Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For more information, please visit the Bank’s website www.yesbank.in

For further information, please contact:

YES BANK | Neha Chandwani
neha.chandwani@yesbank.in

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Advent International
Khushal Devera, Ketchum Sampark
Tel: +91 9819666376
khushal.devera@ketchumsampark.com

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Advent International to acquire MANGOPAY, Europe’s leading payments solution provider for marketplaces and platforms

MANGOPAY provides payments solutions enabling marketplaces and platforms to accept consumer payments, onboard sellers, and route funds to them on a global scale. It serves some of the leading European and global marketplaces – including Vinted, Chrono24, La Redoute, Rakuten and Wallapop
In addition of the purchase price, Advent will invest €75M of primary capital to help create a global category leader and fuel growth through international, vertical and product expansion
As part of the transaction, Advent will also take a majority stake in Leetchi, a leading donation-based crowdfunding platform in France

Paris, 6 April, 2022 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, announced today that it has acquired MANGOPAY, a leading payments solution provider for marketplaces and platforms. Crédit Mutuel Arkéa (“Arkea”), the French banking group, will remain a minority shareholder in MANGOPAY.

MANGOPAY provides end-to-end payments solutions to marketplaces and platforms leveraging a differentiated e-wallet environment. Through developer-friendly APIs, marketplaces and platforms are able to accept consumer payments, onboard sellers, hold and route funds to them on a global scale. The e-wallet environment provides unique flexibility allowing for split payments, use of escrow accounts and closed-loop payments.

Today, MANGOPAY serves some of the leading European and global marketplaces including Vinted, Chrono24, La Redoute, Rakuten and Wallapop. It is one of the fastest-growing payments companies in Europe, with the business currently experiencing over 50% year-on-year growth and expected to process €13B in transactions in 2022.

Accelerating MANGOPAY’s growth
This operation reflects a major step in the creation of a global category leader in the payment industry. With enhanced investment capabilities and differentiated technology, MANGOPAY will be well positioned to capitalize on the shift of retailers and e-commerce platforms to a marketplace model. In addition, MANGOPAY has already developed a set of dedicated value added services to address the needs of the rapidly growing B2B marketplace segment.

To fuel this vision, Advent will inject €75M of primary capital. This investment will contribute to accelerate the company’s growth – focusing on international, vertical and product expansion – with the ambition to become one of the global payments provider powering the platform economy.

MANGOPAY is also announcing the arrival of Xavier Garambois who will be joining as Chairman and will leverage his expertise as former Amazon VP of the European Consumer Business to further accelerate the growth of MANGOPAY.

Romain Mazeries, CEO of MANGOPAY, comments: “We are thrilled to welcome Advent as the new shareholder and growth partner for MANGOPAY. Their investment alongside their deep payment expertise and network will help us significantly accelerate our development. Tomorrow, global exchanges, innovative business models and new consumer habits will bring more complexity and intermediaries to the payments landscape. MANGOPAY is well positioned to tackle these challenges and I’m very excited about the innovation that we will bring to market and to our existing clients. We are also grateful to Arkea, who have been supportive shareholders since 2015.”

Fabio Cali, Director at Advent, comments: “We have identified MANGOPAY as one of the leading players in payments for marketplaces and platforms, which is a strategic and highly attractive end market. Over the last two years, we have been following the company and its strong developments under the ownership of Arkea. We are excited to partner with the management team and current shareholders to further accelerate the next leg of its growth journey towards a global category leader.”

As part of the transaction, Advent will also take a majority stake in Leetchi, a leading donation based crowdfunding platform in France. Over the last few years, Leetchi has grown to become the leading market player in France and is expanding rapidly in the charity fundraising segment.

Advent is one of the most experienced software and fintech industry investors in the world. Worldwide since 2008, Advent has invested $6.5 billion in 17 payments and fintech companies. Recent investments in the sector include Medius, a leading provider of cloud-based accounts payable automation, Global Processing Services, the leading global payment technology platform and Planet, a global provider of integrated digital payment services.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 390 private equity investments across 42 countries, and as of September 30, 2021, had €75 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 255 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About MANGOPAY

Founded in 2013, MANGOPAY is a leading payment solution provider dedicated to marketplaces and platforms. Thanks to its white label technology, MANGOPAY enables its clients to accept consumer payments, onboard sellers, and route funds to them on a global scale. Its API is used by over 2,500 companies including Vinted, Chrono24, Leboncoin, Rakuten, Wallapop, Malt and more. MANGOPAY is an electronic money institution licensed to provide services in the EU/EEA and has a team of 260 across Europe with headquarters in Paris.

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Advent International
Graeme Wilson / Harry Cameron
Tel: +44 (0)20 7353 4200
Advent@tulchangroup.com

MANGOPAY
Tom Ruffio
Tel: 06 84 50 97 92
tom.rouffio@mangopay.com

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Advent International to acquire minority stake in spend management leader Medius

Medius is a leading provider of cloud-based accounts payable automation and spend management software serving thousands of customers across the globe
Investment from Advent to help accelerate Medius’s product development and international go-to-market expansion
Douglas Hallstrom, Director at Advent, to join Medius board

STOCKHOLM, SWEDEN, 16 March 2022 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has acquired a minority stake in Medius, a global leader in AP automation, B2B payments, sourcing and procurement software.

Founded in Stockholm in 2001, Medius currently employs more than 500 people and serves thousands of customers from across the globe, managing spend worth more than $180 billion annually. The company’s suite of products automate the process of receiving, handling, approving, and paying an invoice, as well as simplifying the onboarding and managing of vendors.

Advent, along with majority shareholder Marlin Equity Partners, will work with the Medius management team towards a shared objective of accelerating the development of Medius’ core technology, including leveraging AI and ML to deepen its automation capabilities, and further the company’s vision of a touchless invoicing process. Medius’ end-to-end, source-to-pay solution will also be strengthened through strategic business investments and M&A activity in the coming months.

Douglas Hallstrom, Director at Advent, who will join the Medius board as part of the transaction, comments: “Finance professionals are starting to recognize the savings and efficiencies that AP automation can deliver, as well as its ability to reduce costly mistakes and eliminate fraudulent payments. As a result, we anticipate strong growth in this segment of the fintech market. We were also impressed by Marlin’s partnership-oriented culture and success achieved to date and believe Medius is uniquely positioned to become the category defining global business for the mid-market.”

Jim Lucier, CEO of Medius, comments: “Medius has a big, bold vision for the future of the source to pay category, and has the market-leading technology, deep domain expertise and leadership team required to execute against it. We’re delighted to welcome Advent, with the category insights and intelligence its team brings, as an investor in Medius.”

“We are thrilled to welcome Advent as a partner for Medius,” said Jan-Olivier Fillols, Managing Director at Marlin Equity Partners. “The spend management market has an incredible amount of potential and we believe Medius is uniquely positioned for continued success. Both Advent and Marlin share similar values, while having enormous technology know-how and far-reaching operational capabilities. The combination of our teams, as well as our global resources, will drive significant value to Medius customers and further enhance Medius’ strategic value.”

Advent is one of the most experienced software and fintech industry investors in the world. Recent investments in the sector include Planet, a global provider of integrated digital payment services, BigPanda, a leader in AIOps event correlation and automation, and Shift Technology, an AI-powered software business focused on the insurance industry, along with other recent investments in McAfee, Encora, Assembly and Salt Security.

About Medius

Medius is a leading provider of cloud-based accounts payable automation solutions, helping organizations drive their business forward by enabling best-in-class process efficiency, cost saving opportunities and greater financial control. Thousands of customers use Medius solutions, managing transactions worth more than $180 billion annually.

For more information, please visit medius.com

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 390 companies across 42 countries, and as of September 30, 2021, had $86 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 250 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit Advent’s tech website, www.adventtech.com, global website, www.adventinternational.com, or LinkedIn page, www.linkedin.com/company/advent-international

About Marlin Equity Partners

Marlin Equity Partners is a global investment firm with over $8.1 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions. The firm has offices in Los Angeles, California and London, U.K.

For more information, please visit www.marlinequity.com

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Advent International
Graeme Wilson / Harry Cameron
Tel: +44 (0)20 7353 4200
Advent@tulchangroup.com

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Advent International acquires majority stake in Encora, a leading provider of digital engineering services

BOSTON and SCOTTSDALE, Ariz. December 21, 2021 – Encora, a global digital engineering services company specializing in software product development services for fast-growing enterprises and digitally native companies and Advent International (“Advent”), a leading global private equity firm, today announced that Advent has acquired a majority stake in Encora’s business. As part of the agreement, Warburg Pincus, the existing majority shareholder of Encora, retains a minority stake.

“We are thrilled to enter into this partnership with Advent as we continue to scale our differentiated software engineering service offerings,” said Venu Raghavan, chief executive officer, Encora. “Advent’s deep business and technology services sector expertise, along with its global footprint, complements Encora’s strengths and creates opportunities to grow our business in key markets around the world.

Warburg Pincus has been a great partner to us over the last two and a half years, accelerating our rapid growth to a valuation of approximately $1.5B. We look forward to continuing to work alongside them in this next phase of growth.”

Encora is an established leader in outsourced software product development services, using deep technical expertise in machine learning, AI, data science, cloud services and other next-generation digital engineering disciplines to accelerate strategic innovation for tech-enabled companies whose market position and growth are driven by proprietary software products. Since rebranding as Encora in 2020, the Company has expanded its focus within the Consumer Tech and Enterprise Tech sectors, and grown its global talent pool to over 6,300 associates across 40 global offices across LatAm, India, APAC and the U.S.

“We have seen tremendous growth in the digital technology services sector over the past few years, as the need for strong technology products has escalated across industries,” said Shweta Jalan, managing director at Advent. Jan Janshen, managing partner at Advent, also said, “we believe Encora is well positioned to capitalize on the growing digital services market, and we are excited to partner with Venu, Encora’s talented management team, and Warburg Pincus to support the company’s growth in key markets across North America, Europe, India, Asia Pacific and Latin America, where Advent has a strong presence and domain expertise.”

This new partnership enables Encora to accelerate its global growth, both organically and through targeted M&A opportunities, expand its differentiated delivery model and advance its customer-facing digital services. Encora continues to focus on serving the software and digital engineering needs of enterprise SaaS companies, midmarket technology companies, and large enterprises.

“Encora has built an industry leading position, driven by its sharp customer focus and ability to attract high quality technology talent across the globe,” said Steven Glenn, managing director, chief financial officer and chief operating officer, Warburg Pincus. “Advent is a great addition to the team and we look forward to continuing to support Encora’s bright future.”

Advent, with $81 billion in assets as of June 30, 2021, has invested in over 380 companies across 42 countries, throughout North America, Europe, Latin America and Asia. It has significant investment experience in both the business and technology services sectors and in the key markets where Encora
operates.

About Encora

Headquartered in Scottsdale, AZ, Encora is an established leader in software and digital engineering services, specializing in innovation acceleration for leading edge technology companies. Encora has over 6,300 associates in 40+ offices and innovation labs across U.S., Mexico, Costa Rica, Brazil, Colombia, Peru, Bolivia, India, and Asia Pacific. Encora’s global talent pool, micro-industry vertical expertise and proprietary agile engineering capabilities enable clients to improve their speed to impact.

For more information, visit:
Website: www.encora.com
LinkedIn: https://www.linkedin.com/company/encorainc/

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 companies across 42 countries, and as of June 30, 2021, had $81 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $67 billion in private equity assets under management. The firm’s active portfolio of more than 215 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 20 private equity funds, which have invested more than $97 billion in over 960 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.

For more information, visit:
Website: www.warburgpincus.com
LinkedIn: www.linkedin.com/company/warburg-pincus/

Media contacts

For Encora
Joshua Kanter, Chief Marketing Officer
480-991-3635
joshua.kanter@encora.com

Alec Robertson
Brodeur Partners on behalf of Encora
585-281-6399
arobertson@brodeur.com

For Advent International
Khushal Devera
Ketchum Sampark Pvt. Ltd.
+91 98196 66376
khushal.devera@ketchumsampark.com

For Warburg Pincus
Kerrie Cohen, Head of Corporate Communications, U.S.
212-878-9207
kerrie.cohen@warburgpincus.com