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Human Inference (HI) has undergone an international secondary buy-out after two venture capital firms, based in France and Belgium, bought a majority stake in the Dutch software developer.
GIMV ICT and Iris Capital acquired HI, which specialises in data quality solutions, from Prime Technology Ventures (PTV) for an undisclosed sum. The deal is GIMV ICT’s third in the Netherlands in 12 months, following its investments in Liquavista and Xanadu Wireless. The deal was led by Steven Coppens of GIMV ICT.

The deal was supported by Rabobank, led by Jorrit van Eck, which provided debt.

Elderd Land of GIMV ICT in the Netherlands said: “We believe that Human Inference is a typical example of a very innovative software company that has been able to expand from a strong base in the Netherlands into an international[ly] recognised player. The Human Inference deal is also further evidence of the significant increase in activity in the Netherlands around innovative technology companies looking for venture capital to fulfil their growth ambitions.”

PhiDelphi Corporate Finance was lead adviser to the vendors and management. Its team was led by Joris Heerkens, partner at PhiDelphi Corporate Finance. The firm was mandated by the shareholders of HI and managed the sale process from start to closing. PhiDelphi has already worked with the companies, after selling HI to Netherlands-based PTV in an MBO in 2003.

“Both GIMV and Iris Capital, the two buying venture capital companies, were approached separately but formed a team during the deal process,” Heerkens said. “The new shareholders intend to support Human Inference with its further international expansion in the field of data quality solutions.”

PhiDelphi is an exclusive member in The Netherlands of the Close Brothers Network, which has more than 400 professionals in 18 countries and is the strongest international M&A network for mid-market transactions.

PTV managing partner Sake Bosch added: “In this period the company has done very well. It has professionalised its management team and organisation, increased profitability and more than doubled its revenues.”

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