Safran Software Solutions Acquired by JDM Technology Group
(Stavanger, Norway) JDM Technology Group, a global group of leading software providers for the architecture, engineering, construction, maintenance and operations industries, announced today that it has acquired Stavanger, Norway based Safran Software Solutions, a maker of risk, project, and portfolio management software for the construction industry and built environment.
Safran Software Solutions’ world class software enables businesses to precisely plan and execute complex projects across industries including oil and gas, engineering and construction, aerospace and defence, utilities, and the public sector. Safran has offices in New York, London, and Oslo, with an international sales team based in the UK, and a network of partners and resellers.
Majority shareholder Progressus, a PE fund, which invested in Safran Software Solutions in 2012, supported the company and its strategy to widen its software portfolio, increase geographical footprint, and diversify into industries beyond the oil and gas sector.
The management team of Progressus joined forces with EV Private Equity in 2015. The consideration paid for Safran in the transaction is undisclosed.
Safran Chairman Per Arne Jensen, also Partner in Progressus and Senior Partner in EV Private Equity, shared comment on the deal:
“The value is in line with international valuation of software companies and represents a good multiple on invested capital. The return is satisfactory – especially if one compares with the oil service industry development in the holding period for the investment. When we invested in Safran, it was mostly a company that sold to the oil sector in Norway with only one flagship product, Safran Project. We decided early on to become more industry independent, expand internationally and develop the product portfolio. All of which is executed and Safran now sells software in many verticals globally. Safran Risk, a risk management software developed during our ownership period, is now a global leader in its niche.”
In a statement on the transaction Safran Software Solutions CEO Richard Wood said, “As Safran continues to grow and to launch more SaaS products, we recognize that JDM Technology Group can bring the resources and experience needed to accelerate this trajectory. We are therefore delighted to have the opportunity to join JDM and become part of a global software group with such huge competence, experience and reach within our target markets.” Wood will continue in his role as CEO following the acquisition.
Safran will join a growing group of industry leading software makers within the JDM Technology Group. Known for its customer focus and commitment to creating exceptional software for the built environment and having acquired numerous companies since 2004, the JDM Technology Group has a proven strategy for integrating acquired companies into its existing infrastructure.
“We are very pleased to add Safran’s exceptional risk analysis and project management software to our portfolio,” said Jim McFarlane, CEO of the JDM Technology Group. “Our global buy and build strategy ensures that we will continue to grow Safran’s products, brand, and organization, and provide great service and support for its current and future customers. As a private, family business we focus on the long-term. This strategy continues to make the JDM Technology Group an excellent home for software companies.”
Silverpeak LLP, the London-based SaaS and enterprise software specialist advisor, acted as exclusive financial advisor to Safran and its shareholders in this transaction.