EQT agreed to take a majority stake in Sitecore, a provider of customer experience management software. EQT bought the stake from Technology Crossover Ventures and other shareholders in a deal that valued Sitecore at 1 billion euros. The company’s founders are partnering with EQT on the transaction. The transaction is expected to close in the second quarter.
Sitecore®, the global leader in customer experience management software and EQT VII (“EQT”) jointly announced that EQT has taken a majority equity stake in Sitecore from its founders, Technology Crossover Ventures and other minority shareholders in a transaction valuing Sitecore at approximately EUR 1 billion. As part of the transaction, Sitecore’s founders are rolling a significant portion of their equity and partnering with EQT for the next phase of growth. Following continued strong growth of more than 30% p.a. in recent years, Sitecore generates revenues of around EUR 200 million at an EBITDA margin of approximately 25%. Sitecore has close to 800 employees across Europe, North America and Asia Pacific.
“For several years, we have been following Sitecore given its leading market position, its strong technology offering and its impressive growth story,” said Morten Hummelmose, Partner and Head of Denmark at EQT Partners A/S, Investment Advisor to EQT. “In close cooperation with management, we want to help Sitecore continue to drive product innovation and expand further into the digital marketing software space. We are convinced that EQT’s industrial network and resources can support Sitecore to capture its full potential,” added Dominik Stein, Partner and Head of Technology, Media and Telecom (“TMT”) at EQT Partners GmbH, Investment Advisor to EQT.