Investors exit as Nuxeo secures half of Fortune 10 companies as customers
March 4, 2021: Kennet Partners Limited (“Kennet”), a leading European technology growth equity investor focused on bootstrapped and capital efficient companies, and Goldman Sachs Growth Equity ("Goldman Sachs"), a leading global growth equity investor, have entered into an agreement to sell co-owned portfolio company, Nuxeo, a content services platform and digital asset management (DAM) provider. Kennet and Goldman Sachs are expected to make a 5x return on their investment in Nuxeo.
Kennet and Goldman Sachs acquired Nuxeo in 2016. Nuxeo’s platform focuses on Digital Asset Management for companies with fast product life cycles such as media, fashion and consumer electronics, and Enterprise Content Management for financial institutions. Nuxeo has a range of global customers across its target sectors such as ABN-AMRO, Fox, Electronic Arts, CVS, and Siemens.
Over the last five years, Goldman Sachs and Kennet have worked to build Nuxeo’s world-class management team and to accelerate the company’s growth as it secured half of the Fortune 10 companies as customers. Goldman Sachs helped Nuxeo achieve broader market visibility and win several new key customers in financial services as well as other sectors. In support of Nuxeo’s CEO, Eric Barroca and CMO Chris McLaughlin, Kennet introduced the current CFO, James Colquhoun and Executive Chairman, Steve King.
Michael Elias, Managing Director, Kennet Partners, said:
“Nuxeo is a prime example of the type of company in which we seek to invest. When we first invested, it was clear that the business had solid foundations but lacked the resources and broader team to take it to the next level of growth. We were able to support Eric and the team to accelerate Nuxeo’s growth trajectory and are proud of what we have collectively achieved. We wish the company all the best as it moves to the next chapter in its exciting development.”
Christian Resch, Managing Director, Goldman Sachs Growth Equity, said:
“Back in 2016 we quickly recognized Nuxeo’s strong technology differentiation in the ever-evolving content management software space. Over the last five years we helped Nuxeo grow its organisation, software products and market presence and we are delighted with its performance. We wish Eric and his team all the best in continuing to further build Nuxeo’s unique platform.”
Eric Barroca, CEO, Nuxeo, said: “The offer from Hyland is a strong endorsement of the vision and market position we’ve achieved so far, particularly in recent years. Thanks to the support and investment by Goldman Sachs and Kennet we have been able to become a global leader in enterprise content services. We look forward to working with the team at Hyland.”
SEC Newgate UK
Tali Robinson, Jessica Hodson Walker and Jamie Williams
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Notes to Editor:
About Kennet Partners
Kennet is a leading international growth equity firm that invests in high-growth companies in Europe and North America. The firm supports entrepreneurial technology businesses with expansion capital to accelerate growth and build exceptional shareholder value. Kennet is an experienced investor with approximately $1 billion of cumulative funds under management. For more information: www.kennet.com.
Kennet’s successful investment model focuses on bootstrapped companies which are often founder-managed and have previously received little external investment. Kennet provides knowledge, contacts and investment to SaaS companies where there is significant potential for growth. Other recent investments by Kennet include Onfleet, Grip, and Provar Testing.
Kennet Partners Limited is authorized and regulated in the United Kingdom by the Financial Conduct Authority.
About Goldman Sachs
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Asset Management is the primary center for the firm’s long-term principal investing activity. Goldman Sachs Asset Management is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.
Founded in 2000 and with offices in New York City, Paris, and London, Nuxeo offers a cloud-native, open-source, low-code platform with content services and DAM capabilities, among others.