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Advent Sees 5x Return with Fizzback Deal

NICE Systems is paying $80 million to buy Fizzback, a maker of real time customer experience management software. The deal provides the fourth exit this year for Advent Venture Partners’ technology team, and a multiple of over 5X Advent’s investment. Advent backed Fizzback in late 2006 and was the company’s largest shareholder. The deal is expected to close during the autumn.

NICE Systems has announced today that it has agreed to acquire Fizzback, the leading provider of real time customer experience management software, for approximately $80M.

Advent Venture Partners’s team built a strong partnership with Fizzback, having backed its founder and CEO Rob Keve in late 2006, and becoming the company’s largest shareholder. Advent was instrumental in bringing important hires, customers, partners and advisors to the company, both in Europe and the US. The deal is expected to complete during autumn 2011.”

The sale generated a multiple of over 5X Advent’s investment, and is the fourth exit by the Technology team in 2011. This exit underlines the team’s success in difficult market conditions, generating over 6X average returns across the four exits. In total the aggregate proceeds represent 1.7X the amount invested in Tech from Advent Private Equity Fund IV, with two thirds of the portfolio still to be realised.

Mike Chalfen, General Partner at Advent Venture Partners comments, “We back outstanding founder entrepreneurs to scale capital efficient businesses. We’re proud to have worked closely with Rob to build Fizzback to meaningful scale. Fizzback has blue-chip customers in three continents that use the service to collect and analyze over 150 million Fizzbacks. That’s an amazing achievement with only $8m of invested capital. Fizzback’s combination with NICE to create a global leader is a hugely exciting step for the company.”

About Advent Venture Partners
Advent Venture Partners is one of Europe’s most successful growth and venture capital investors in market-leading tech and life sciences businesses. Advent Venture Partners tech team invests in proven, highly differentiated businesses with exceptional capital efficient growth and our portfolio includes Vitrue, social media management software, Worldstores, multi-niche eCommerce retailer, and Farfetch, online fashion marketplace. Our successes in 2011 include Zong, frictionless mobile payments provider sold to eBay, Dailymotion, online video sharing site sold to Orange and The Foundry, software company for visual effects production sold to Carlyle.