KSD Software sold for NOK 190 million

2 May, 2013

KSD Software Norway AS (“KSD”), a leading Scandinavian provider of software systems for customs declaration, transport management and freight forwarding, was sold to The Descartes Systems Group Inc. (“Descartes”) on May 2nd, 2013. The transaction concluded a successful structured sales process led by Verdane ETF III SPV K/S (“Verdane”).

“We are very excited about the sale to Descartes. The transaction will open KSD’s software platform to a large new customer base, and at the same time, strengthen KSD’s offering to existing customers. KSD and Descartes are a good strategic fit,” says Verdane Capital Adviors’ Arne Simensen. “KSD has developed a fantastic software suite, and we are pleased to have been able to help the company find a new home within a large global organisation where it can reach its full potential.”

Descartes acquired KSD for an all cash consideration of NOK 190 million. Verdane was the largest shareholder in the company with a 43% equity stake. Verdane’s exclusive investment advisor is Verdane Capital Advisors, the Nordic region’s leading specialist in advising secondary direct funds.

“From the start, Verdane had an ambition to follow the company through its transition to a Software-as-a-Service provider before selling it to an international trade buyer,” comments Staffan Mörndal, Partner at Verdane Capital Advisors. “The investment in, and exit from, KSD was according to that original plan, both in terms of timing and returns.”

KSD was a privately held company backed by Verdane, employees and private investors. Verdane invested in the company through the acquisition of the Eqvitec Technology Fund III in 2011.

For more information, please contact:
Arne Simensen, arne.simensen@verdanecapital.com or +47 24 13 70 40
Staffan Mörndal, staffan.morndal@verdanecapital.com or +46 84 07 42 07
                                                                                   
About Verdane Capital Advisors
Verdane Capital Advisors has 25 years experience in the venture capital and private equity market. The company acts as a liquidity provider for owners of unlisted assets, primary by acquiring portfolios of unlisted companies, but Verdane Capital funds also selectively invest directly in medium-sized individual companies. Active funds under advisory stand at €500m, with a total of approximately 100 holdings in four different funds. Verdane Capital Advisors has 21 professionals in offices in Helsinki, Oslo and Stockholm. Example investments include: BytHjul, Codenomicon, Liaison Technologies, Mathem, Resman, SmartMotor, Wireless Maingate and Åkerströms. Examples of earlier investments are Coding Technologies, Chipcon, DIBS, Nacre, Opera Software, Reslink and TradeDoubler. www.verdanecapital.com
 
About KSD Software Norway
KSD is a leading provider of electronic customs filing solutions for countries in the EU, as well as Switzerland, Norway, Israel, US and Canada. In addition to customs handling, KSD provides software for security filing (ICS), transport management and forwarding systems. KSD started developing software in 1995 and the solutions support companies in accomplishing efficiency improvements within their internal and external supply chain. KSD is headquartered in Oslo, Norway, and has 8 offices located in Scandinavia and BeNeLux.