Transaction marks first realization achieved by LEA’s EUR 200 million B2B tech fund focusing on software companies in the DACH region
Karlsruhe, Germany, June 15, 2020 – German technology investor LEA Partners (“LEA”) today announced the sale of BELLIN Group (“BELLIN”), a leading international provider of treasury management software (TMS) to Coupa Software (NASDAQ: COUP), a leader in Business Spend Management (“Coupa”). The terms of the transaction were not disclosed.
With a long history in treasury, BELLIN’s cloud-based TMS platform improves visibility and control over cash and optimizes treasury processes. Based in Ettenheim, Germany, with offices in London, Vancouver, Cambridge, and Karlsruhe, BELLIN’s innovative solutions for cash and liquidity management, payments, and financial instruments are used by large and mid-sized organizations globally.
LEA partnered with BELLIN in early 2017, in line with its strategy to invest in software vendors with leading market positions, substantial growth potential and high levels of recurring revenue. Over the past years, LEA supported BELLIN in its transition from a founder-led business into a leading international TMS software vendor. Key initiatives included an expansion of the management team and implementation of best in class SaaS practices across the whole business to accelerate the cloud transformation. Over this period BELLIN rapidly expanded its customer base and experienced a ma-terial acceleration of recurring revenue growth.
Martin Bellin, founder of BELLIN, said:
“We had a lot of choices at the time we teamed up with LEA, but we have chosen right. A very trusted collaboration combined with knowledge, experience and empathy is what creates profound value for customers and stakeholders alike.”
Sebastian Müller, founder of LEA, said:
“BELLIN is an impressive business with a 20-year history of growth and innovation and a prime example for our dedicated investment focus on software companies with leading market positions, high degrees of recurring revenues and value generation opportunities through strategic change. We have really enjoyed supporting Martin and the entire team at BELLIN over the past years. BELLIN is now a leader in its sector and has improved the operational performance across every metric.”
The transaction is the first exit out of LEA’s Mittelstandspartner fund, which was closed in 2017 with EUR 200 million under Management. LEA was advised on this transaction by GCA Altium and Milbank.
LEA Partners is an entrepreneurial-minded multi-stage private equity firm investing in growth technology companies that are driving transformative change in their industries. Founded in 2002, LEA Partners has advised on the investment in several companies. Operating out of Karlsruhe, one of Europe's largest technology clusters, its mission is to fund and support ambitious founders and executives by leveraging them with practical, hands-on growth expertise to achieve market leadership.