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 holds a significant minority share of Forterro, a company the firm previously built into a multi-national, European software provider and subsequently sold to Partners Group, a leading private markets firm (acting on behalf of its clients), for €1 billion earlier this year.
“With the vast opportunities 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 double down on Forterro during its next chapter, deploying new capital into the business,”
Battery Private Equity Partner Dave Tabors.
Battery will continue to be actively involved in helping to scale Forterro as the company pursues its vision for growth under Partners Group’s 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 corporate-development resource, helping to define the company’s new acquisition strategy, research potential targets and execute transactions.“Battery was a foundational architect of the Forterro platform, scaling the business from its roots in the Nordic market into a pan-European business,” said Forbes. “Battery’s partnership has been invaluable, and the firm continues to bring to bear the full breadth of its network and expertise, most recently sourcing 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 collaboratively with the Forterro management team to build the company into a multi-national leader in the European ERP sector for small and midsize manufacturers and distribution companies. Under Battery’s ownership, Forterro completed 14 acquisitions across six countries, including France, Germany, Poland, Sweden, Switzerland and The United Kingdom, and grew its annual recurring revenue over 10 times. “With additional resources, there are almost endless opportunities for Forterro to pursue in this next chapter,” said Ewen. “We look forward to continuing our partnership, helping the company as it transitions from on-premise software to the cloud and pursues new growth with complementary products that will enable the platform to better serve its more than 10,000 midmarket clients.”
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
About Forterro
Since it was founded in 2012, Forterro has grown to employ more than 1,200 employees who work from over 40 office locations around the world to support specialised software solutions and more than 10,000 small and midsize manufacturers. Headquartered in London, Forterro is a category leader in one of the largest and most steadily growing markets in software, with strongholds in each of the Europe’s top production and distribution economies, as well as regional service hubs and development centres around the world. Forterro is home to a diverse range of local and vertical industry software solutions—each one uniquely developed by the midmarket, for the midmarket.