LONDON–(BUSINESS WIRE)–Battery Ventures, a global technology-focused investment firm, today announced its reinvestment in Forterro, a European provider of enterprise resource planning (ERP) software for the industrial midmarket. With the investment, Battery now has a significant minority stake in Forterro, a company that the company had previously built into a multinational, European software provider and subsequently sold to Partners Group, a leading private sector company (acting on behalf of its customers), for € 1 billion earlier this year.
“With the tremendous opportunity for continued growth and a deep belief in the vision shared by Forterro CEO Dean Forbes and its new lead investor, Partners Group, we are excited to see Forterro doubling down on its next chapter and bringing new capital into the company. to make. said Battery Private Equity partner Dave Tabors.
Battery will continue to be actively involved in helping Forterro scale up as the company pursues its growth vision under Partners Group ownership. As part of the deal, Tabors and Battery Principal Zak Ewen will serve as observers on the Forterro board. Battery will also continue to serve as a business development resource and help define the company’s new acquisition strategy, explore potential targets and execute transactions.
“Battery was a foundational architect of the Forterro platform, scaling the company from its roots in the Nordic market to a pan-European one,” said Forbes. “Battery’s partnership has been invaluable and the company continues to leverage its network and expertise across the board, most recently purchasing Forterro’s newest acquisition, OrderWise, in a transaction announced earlier this month that will significantly expand Forterro’s footprint in Northern Europe . ”
During its 10 years of ownership, Battery worked with the Forterro management team to build the company into a multinational leader in the European ERP sector for small and medium-sized manufacturers and distribution companies. Under Battery ownership, Forterro has made 14 acquisitions in six countries, including France, Germany, Poland, Sweden, Switzerland and the United Kingdom, and grew annual recurring sales more than 10 times.
“With additional resources, there are nearly endless possibilities for Forterro to pursue in this next chapter,” Ewen said. “We look forward to continuing our partnership, helping the company transition from on-premise software to the cloud, and pursuing new growth with complementary products that enable the platform to better serve its more than 10,000 mid-sized customers.”
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Battery partners with exceptional founders and management teams who develop category-defining companies in markets such as software and services, enterprise infrastructure, consumer technology, healthcare IT and industrial technology and life science tools. Founded in 1983, the company supports businesses at all stages ranging from seed and early to growth and buyout, investing globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Follow the company on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.
Founded in 2012, Forterro has grown into a company with more than 1,200 employees working from more than 40 office locations around the world to support specialized software solutions and more than 10,000 small and medium-sized manufacturers. Headquartered in London, Forterro is a category leader in one of the largest and most steadily growing software markets, with strongholds in each of Europe’s major manufacturing and distribution economies, as well as regional service hubs and development centers around the world. Forterro offers a wide range of local and vertical industry software solutions, each uniquely developed by the mid-market for the mid-market. For more information, visit www.forterro.com.