London, UK-based provider of enterprise resource planning (ERP) software for the industrial midmarket, Forterro, received investment from Battery Ventures. The company announced the news on August 22, 2022. However, it did not unveil the amount of investment.
Battery Ventures is a global, technology-focused investment firm.
Purpose of Investment by Battery Ventures
With the recent investment, Battery Ventures now possesses a significant minority share of Forterro. It helped Forterro to scale into a multi-national, European software provider. Partners Group later acquired the company for EUR 1 billion in 2022.
Meanwhile, Battery Ventures intends to be actively involved in helping to scale Forterro as the company pursues its vision for growth under Partners Group’s ownership. As part of the transaction, Dave Tabors and Battery Principal Zak Ewen will hold the observer position on the Forterro board.
Under Battery’s ownership, Forterro completed 14 acquisitions. These acquisitions spanned six countries such as France, Germany, Poland, Sweden, Switzerland and The United Kingdom. Meanwhile, the company grew its annual recurring revenue more than ten times.
What the Forterro CEO has to say
Forterro CEO Dean Forbes said, “Battery was a foundational architect of the Forterro platform, scaling the business from its roots in the Nordic market into a pan-European business. Battery’s partnership has been invaluable, and the firm continues to bring to bear the full breadth of its network and expertise, most recently sourcing Forterro’s newest acquisition, OrderWise, in a transaction announced earlier this month that will significantly expand Forterro’s footprint in northern Europe.”
What Battery Ventures officials have to say
Dave Tabors, Battery Private Equity, said, “With the vast opportunities for continued growth, and a deep belief in the vision shared by Forterro CEO Dean Forbes and its new lead investor, Partners Group, we are excited to double down on Forterro during its next chapter, deploying new capital into the business.”
In addition, Zak Ewen said, “With additional resources, there are almost endless opportunities for Forterro to pursue in this next chapter. We look forward to continuing our partnership, helping the company as it transitions from on-premise software to the cloud and pursues new growth with complementary products that will enable the platform to serve its more than 10,000 mid-market clients better.”
About Forterro
Jeff Tognoni founded Forterro in 2012. The U.K-based company is a multi-national leader in the European ERP sector. It caters to small and midsize manufacturers and distribution companies. Since its inception, the firm has employed more than 1,200 employees from over 40 office locations worldwide.
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