Article
Novature Sale Struggles to Attract Investors Concerned by AI Impact on Software Sector, Group’s Business Model
The sale of Dutch Microsoft implementation software provider Novature is struggling as investors consider the attractiveness of the group’s business model and the impact of AI on the wider sector, sources told Octus.
Sell-side advisor Guggenheim Partners has marketed Novature to U.S.-focused private equity firms in recent weeks, with a view to expanding into the country, sources said. The group is being marketed off an EBITDA of €33 million, the sources added.
However, Novature has struggled to attract PE firms that are increasingly concerned with the impact of AI on the business models of software companies, sources said.
Direct lenders have been active in the Benelux software sector over the last year, according to Octus’ Private Credit Deal Origination database. Capital Four is the incumbent lender in the group, as reported.
However, some direct lenders are also concerned about the group’s sole reliance on Microsoft, since it is a Microsoft Dynamics 365 and the Power Platform solutions provider, a source said.
Guggenheim Partners released teasers and information memoranda for the sale of Novature in September last year, as reported.
Pan-European PE firm Quadrum Capital created Novature, which generates revenue of just over €200 million, by merging peers Companial and Dycotrade in July 2022, according to the owner’s website.
Novature employs more than 750 people in about 15 offices across the Netherlands.
Capital Four, Guggenheim Partners and Quadrum Capital did not respond to requests for comment by time of publication.
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