Information for our Shareholders

A group of investors advised by Rigeto Unternehmerkapital GmbH ("Rigeto") has founded the Unternehmerholding AndCompany GmbH. Under the umbrella of AndCompany, a network of complementary companies is being created, which offer high-quality software development as well as digital and IT services with a focus on the DACH region. In a first step, AndCompany has completely taken over ion2S GmbH based in Darmstadt.

In recent years, ion2s has grown dynamically and has risen among the 50 largest digital manufactures in Germany. With about 80 employees, highly complex digitalization solutions, web portals, eShops and Saas applications are developed for large companies as well as customers of the upper middle class. From the development of customized solutions including integration into the existing application architecture (ERP, CRM etc.) to open source web development with CMS solutions (TYPO3 etc.), store and headless solutions (Contentful, Spryker), the entire technological spectrum is covered.

AndCompany enables successful IT entrepreneurs to work closely with complementary sister companies. A complete range of services can be offered to joint customers: from the digitalization of the end customer interface to the intelligent use of each company's data treasure trove and the development of scalable and high-performance services. The IT contractors belonging to AndCompany are provided with central services such as personnel recruitment and development. The group affiliation enables the companies to offer their specialized know-how to the customers of sister companies ("Land and Expand"). In addition, AndCompany offers a highly attractive transition and succession arrangement or a lucrative exit channel for the selling entrepreneurs.

Founded in 2017 with offices in Barcelona and Vancouver, Vonzeo Capital is a dedicated investor in search funds across Europe, Latin America and North America. It was the first institutional investor of its kind outside the US.

Search funds acquire minority interests in micro / small cap businesses (revenue $1m) and drive growth with the support of ambitious operators and strong boards. This has led to historic and persistent returns of >30% IRR since 1984.

Vonzeo seeks to invest in simple operations with strong recurring revenue models, often within a growing but niche industry. Typically, search funds provide a solution to succession issues and following a proprietary search, acquire good companies in great industries at benign valuations.

(Click on image to enlarge)

Fund I ($25m commitments, 2017) has funded 55 searchers and closed on 16 acquisitions (a total of c30 is expected by 2023). c$14m invested to date across searches / acquisitions. The portfolio has significant exposure (c76%) to the healthcare, services, software and technology sectors - see pages 9 and 10 for additional info.

Fund II target commitments: $50-60m. Closed on $35m from Fund I LPs, friends and family. GP commitment: at least 5%. 23 searchers funded, 1 acquisition completed. Expected to allocate to c80 searches and make c50 acquisitions.

(Click on image to enlarge)

Team is led by Jan Simon and Kristoff Puelinckx, both have >20 years experience at leading international investment banks and management consultancy firms – JS: Salomon Brothers, Merrill Lynch and Goldman Sachs – KP: Delta Partners Group (co-founder), Ernst & Young, Oliver Wyman and Tennium (co-founder).

Deep connections across the global MBA ecosystem provides outstanding access to next generation talent.

Exceptional Advisory Board and Senior Advisors from within the search fund community – key value-add includes leadership on the boards of portfolio companies and enhancing Vonzeo’s status as a ‘first port of call’ for searchers and acquisitions.

Founded in 2008, inopla GmbH offers cloud telephone systems and automatic call distribution (ACD) systems for German medium-sized businesses. The inopla cloud telephone system is highly scalable and enables location and device-independent use, intelligent call control, best-in-class integration of Microsoft Teams and numerous interfaces to e.g. CRM systems such as Zoho and MS Dynamics. Cloud ACD enables efficient intra-team call distribution in call and service centers. inopla's products are deeply integrated into customers' processes and enable workflows to be designed more efficiently and cost-effectively.

With an active customer base of >2,000 customers, inopla is considered the provider with the most comprehensive functionality and the best price-performance ratio in its customer segment. Revenue and customer base have grown rapidly in recent years. The ongoing "cloudification" of B2B telecommunication is driven by trends towards decentralized working and higher flexibility, cost savings as well as an increasing orientation of companies towards higher customer satisfaction and sustainability.

The company currently employs over 20 people at its two locations in Düsseldorf and Kölln-Reisiek. The two founders have taken a stake in the transaction and will continue the business in the medium term with the aim of establishing a succession plan together with Rigeto. In the course of this, extensive investments will be made in the further growth of the company. The focus will be on the expansion of the sales and marketing organization, the further development of the product portfolio and the broadening of the organization. In doing so, Rigeto will contribute its many years of experience in expanding successful, established B2B business models.