Earlybird, the German VC house, has sold its stake in abaXX, a Stuttgart provider of Business Process Management (BPM) technology, to Cordys, a Dutch business software outfit.
Earlybird provided seed funding in 1999 along with 3i and German VC tbg, and in later rounds money was put to wok by General Atlantic, Accenture Technology Ventures, and BayTech Venture Capital Beratungs.
“Over the last eight years, AbaXX not only developed a technologically leading process management platform but also established a significant customer base including BMW Financial Services, DKB Bank, EADS and DaimlerChrysler Bank”, said Roland
Manger, managing partner of Earlybird.
Jan Baan, founder and chairman of Cordys, said: “For Cordys, abaXX’s extensive financial services experience accelerates our strategic growth in this sector as well as in Germany, one of the most important markets in Europe and a key focus for Cordys. We are pleased to announce the many ways that this acquisition brings value to Cordys, abaXX and the industry at large.”