Investments 03/06/2021

ISAI Expansion and Sagard NewGen enter into exclusive negotiations with the founders of Invoke, with a view to acquiring the group alongside its management

Paris, 3 June 2021 – Invoke, the European leader in SaaS software publishing for regulatory, financial and tax reporting, has announced a reorganisation of its capital around its management with the arrival of ISAI Expansion and Sagard NewGen, two key players in IT/Tech investment, as majority shareholders, supported by Bpifrance.

Founded by Stéphane Allez and Rémi Lacour in 2001, Invoke has grown to become the leading European publisher of tax, financial and regulatory reporting software.

It is the French leader in tax management and a key player in the RegTech (Regulatory Technology) and SupTech (Supervisory Technology) markets in Europe, thanks in particular to its trailblazing SaaS solutions that combine technological innovation and regulatory expertise. Invoke supports more than 1,800 groups, companies and supervisory authorities, including CAC 40 groups, central banks, European supervisory authorities and several systemically important banks, for whom reliability and service quality are critical.

With offices in France, Luxembourg, the United Kingdom and Sweden, Invoke employs more than 140 people and generates revenues of nearly €20 million, with an annual recurring revenue (ARR) growth rate of 17% in 2020.

ISAI Expansion and Sagard NewGen, which are investing on equal footing in the transaction, want to seamlessly extend the company’s legacy and sustain the entrepreneurial vision and innovation focus instilled by the founders, who paved the way for their succession two years ago by welcoming Raphaël de Talhouët, formerly of Kearney and VEEAM Software. Raphaël de Talhouët will continue to manage the company, alongside the historic operational management team. Bpifrance is providing unitranche financing and will hold a minority stake in the company’s capital.

ISAI Expansion and Sagard NewGen will work with Invoke to pursue its growth ambitions, particularly internationally.

ISAI is delighted to be working with Raphaël and the Invoke team as they pursue their ambitions to develop and innovate for the benefit of their clients. We are confident in the management team’s ability to lead Invoke into a new phase of growth. The transaction is also an opportunity to bring a larger number of employees into the company’s capital and thereby strengthen its entrepreneurial dynamic, which we fully support.

Pierre Martini

Managing Partner at ISAI

The main project drivers are three-fold: continuing the product innovation strategy, expanding the company’s international footprint with a particular focus on the Benelux, the United Kingdom and the Nordic countries, and developing increasingly integrated SaaS solutions. The project will combine organic growth and targeted acquisitions in France and Europe.

Guillaume Lefebvre

Partner at Sagard NewGen

We are delighted to reaffirm our confidence in Invoke’s management by providing capital and unitranche financing for this well-timed transaction. We fully support Invoke’s strategy, led by innovation and strong international ambitions in a promising sector.

Johanne Destrés

Investment Director at Bpifrance

Together with the founders and the management team, we were impressed by the ability of both ISAI Expansion and Sagard NewGen to grasp our specific challenges and understand Invoke’s DNA. We were won over by their experience in the software world and the alignment of our visions for the future of the company. We are proud to be supported by such renowned firms, and we are very confident as to the benefits that we will reap from the partnership as Invoke pursues its development in the years to come, while staying true to the values that have driven the group’s success.

Raphaël de Talhouët

Chief Executive Officer of Invoke

Invoke : Rémi Lacour, Stéphane Allez, Raphaël de Talhouët
ISAI Expansion : Pierre Martini, Antoine Lacour, Valentine Loyer
Sagard NewGen : Guillaume Lefebvre, Bérangère Barbe, Agnès Huyghues Despointes, Martin Klotz
Bpifrance Investissement : Johanne Destrés, Benjamin Ordronneau, Pierre-Yves Denez

Parties involved in the transaction

Invoke Advisors:

M&A sell-side : DDA & Company (Alexandre Odin, Thomas Glasgow, Jean-Baptiste Delaporte)
Sell-side lawyer: Dechert (Xavier Leroux, Johann Gandilhon)
Vendor DD : Eight Advisory (Fabien Thièblemont, Nabil Saci)

Management advisors:

Financial BDD: Callisto (Guillaume Bodart)
Lawyers: Claris (Manfred Noe)

ISAI and Sagard NewGen advisors:

Strategic BDD: KPMG (Bertrand Grau, Carl Vieira, Mohamed Hayder, Hugo Segala)
Financial BDD: KPMG (Philippe Blanadet, Antoine Bernabeu, Jean-Philippe Chiarasini, Joseph Aouad)
IT/Tech dd: Frédéric Thomas
Corporate Lawyer: Ayache (Gwenaëlle de Kerviler, Mikaël Brainenberg, Aude Galelli)
Lawyer: Ayache (Bruno Erard, Laurent Bibaut)
Legal, tax, social BDD: KPMG (Benoit Roucher, Nathalie Lastennet, Julie Bellesort, Frédéric Martineau, Olivier Masi)

Bpifrance Investissement advisors:

Lawyer: Nabarro Béraud (Jonathan Nabarro, Sarah Sadeg)

More informations: www.invoke-software.fr

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