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Forterro, a pan-European provider of enterprise-resource planning (ERP) software.

Forterro is a vendor of ERP software serving small to mid-market manufacturing and wholesale distribution companies across Europe.


Battery has a long history of investing in the ERP-software market, dating back to the firm’s first-ever buyout transaction in 2003 involving the acquisition of Made2Manage, a manufacturing-centric ERP software provider based in the U.S. The company re-branded as Consona and made 9 subsequent acquisitions. Following the Consona exit in 2012, Battery began researching the highly fragmented European ERP landscape, initiating a new research project to identify a European ERP platform that could serve as an anchor for an acquisition strategy.

This research culminated in Battery’s initial acquisition of the Forterro platform via the take-private of Jeeves Information Systems, a Swedish ERP provider for small and midsize businesses. Battery subsequently identified additional, mid-market ERP companies in other European countries that, like Jeeves, were servicing their respective domestic markets well but faced limitations on their growth. Battery brought these companies together via acquisitions to build a much larger, pan-European business.

The Battery Impact:

  • Led Forterro’s acquisition strategy and execution, sourcing its M&A opportunities, leading due diligence, determining debt strategies, and executing the final financings.
  • Ultimately helped company complete 14 acquisitions across six countries, including France, Germany, Poland, Sweden, Switzerland and The United Kingdom.
  • Formed the Forterro management team, recruiting seasoned software-industry executives who could operate the corporate entity, while working directly with the management teams and executives for the brands acquired by Forterro.
  • Established Forterro as a large, multi-national software company serving more than 10,000 small and midsize manufacturers and distributors around the world.
  • Grew its revenue over 10 times from 2012 to 2022.


In 2022, Battery sold Forterro to Partners Group for €1 billion. Following its closing, Battery announced a re-investment into the business and now holds a significant minority share.

Battery continues to serve as a corporate-development resource for the company, helping Forterro identify and execute new acquisitions, and Battery investors Dave Tabors and Zak Ewen serve as observers on the Forterro board.

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The presented case-study investment was made in particular economic and market conditions.  There can be no assurance that Battery Venture would elect, or be able, to exploit similar opportunities in a similar manner under similar or different economic and market conditions.  More generally, there can be no assurances that the Battery vehicles will have comparable investment opportunities in the future. No assumptions should be made that any investments identified above were profitable. It should not be assumed that recommendations made in the future will be profitable or comparable to the portfolio company described in this case study. For a full list of all Battery Ventures investments, please click here.

Focus area
Application Software
Majority stake sold to Partners Group in 2022; Active
London, United Kingdom
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