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Exclusive: Main Capital sells health SaaS company Enovation to Legrand

Apr 23, 2024
Illustration of a hand holding a very large stack of money.

Illustration: Aïda Amer/Axios

Netherlands-based Main Capital is selling health care SaaS company Enovation to French infrastructure provider Legrand, Main partner Sjoerd Aarts tells Axios exclusively.

Why it matters: SaaS dominates the cloud computing market across sectors, with spending on public cloud services forecasted to reach $679 billion in 2024, per Gartner.

By the numbers: Enovation generates about €75 million in revenue, up from the €25 million it was booking in 2018 when Main Capital invested.

  • Since inception in 2003, Main has exited nearly 30 investments with a weighted average return over 4x and a loss rate below 0.5%, he tells Axios.
  • Aarts declined to disclose the terms of the deal but says the return was above the firm's average.

How it works: Netherlands-based Enovation provides software to facilitate electronic communication and data exchange for health care providers.

  • The company's software spans telemonitoring, electronic health data exchange, medication management, mobile response, and patient portal technology, among other offerings.
  • Enovation has over 350 clients including software vendors, suppliers of medical devices, information and communication technology providers, and information system suppliers.
  • Legrand manufactures electrical and digital building infrastructures.

Inside the room: Rothschild banked Enovation's competitive auction, which was attended by sponsors, sponsor-backed strategics, and other "listed strategic" parties, Aarts says.

Catch up quick: Enovation closed eight Netherlands-based add-ons under Main's ownership — securing clients in 15 European countries and augmenting its international revenue, Aarts says.

  • Most recently Enovation acquired medication management service company Medimo.

What's next: Main Capital is planning "another seven exits this year, including Enovation," Aarts says.

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