From years steeped in Software, the Battery team knew that mature and fragmented markets offered great opportunities for consolidation, and Europe was no exception.
Working from a successful playbook of midmarket software buyouts in the US and Canada, the team set its sites on key European markets, looking for the right situation in which to build a platform
Buying the First Asset
After 9 months of intense research, team focused on the $1B CAM Software market and the universe of companies in that sector, until the one with the right fundamentals was in sight: Vero Software – a market-leading CAD/CAM company with great products, a recurring revenue base and happy customers.
The team recruited Richard Smith as an Executive in Residence, believing his 20 years of experience in the European software markets would help them to successfully diligence the opportunity and ultimately create a powerful platform to consolidate the fragmented market.
Richard worked alongside the Battery team to evaluate the company and market opportunity, and build the right strategic plan for a dominant CAD/CAM vendor.
Building a Platform
After 15 months of hard work, Battery finalized the take-private of Vero Software and appointed Richard as CEO of the newly private company.
Vero subsequently acquired Planit Software, another UK-based CAM software vendor, roughly tripling the size of the business with very little product overlap, creating the largest independent vendor in the market.
Under Battery’s ownership and with Richard at the helm, Vero has grown dramatically, both organically and through acquisition, more than tripling revenue and significantly improving EBITDA.