Markham, Ontario-based Camilion Solutions Inc., which focuses on product development, product life-cycle and underwriting solutions for the insurance industry, has been bought by SAP AG, a German provider or enterprise application software. The financial terms of the acquisition were not disclosed. Camilion was founded in 2001 with a startup financing led by Canadian venture capital firm Celtic House Venture Partners. Other backers of the company have included GrowthWorks and MMV Capital Partners.
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SAP Ventures Sets Its Sights on a New Fund and Internal Expansion as It Balances Strategic and Financial Investing
SAP Ventures is not your typical corporate venture investor. It views its parent company, SAP AG, as an LP rather than a corporate benefactor and raises funds instead of submitting budgets. Six investing directors get carried interest, as they would if they were partners on Sand Hill Road.