BIMBO (Buy In Management Buy Out) Investments

Qualiac

Activity

Formed in 1979 by Marc and Chantal Choné, Qualiac Inférence specialises in the design, writing and installation of ERP management software. Qualiac’s ERP range includes different modules covering all of a company’s main functions: accounting and finance, purchasing, fixed assets, stocks, sales, CAPM, replication, recovery and workflow.

Context

Having built a perfectly mastered technology and an outstanding clientele, Qualiac Inférence was looking for quality partners to join it in its growth and development.

Strategy

AXA Private Equity structured a three-part deal:

• Taken over in an MBO, the founders kept a significant equity stake.
• Management was strengthened along with the sales functions.
• Sofinov, the innovation subsidiary of Caisse de dépôt du Québec, acquired an equity stake. Thanks to its technological advance on the French ERP market, the company’s objective was to become:
•           the leader among companies with revenues of from €45m to €155m a year,
•           a significant player among those target companies with revenue of from €155m to €1.7bn a year.

Lastly, AXA Private Equity worked with management to review ways to supplement Qualiac’s product range through targeted acquisitions.

Divestment

In July 2003, AXA Private Equity sold its equity stake in Qualiac to its management.