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Welcome to the website of Oakley Capital Investments Limited (“OCI”) of Mintflower Place, 3rd Floor, 8 Par-la-Ville Road, Hamilton HM08, Bermuda. 

Users of this website are responsible for observing all applicable laws and regulations in their relevant jurisdictions before proceeding to access the information contained within it. By proceeding to access the information, users are deemed to be representing and warranting that the applicable laws and regulations of their relevant jurisdiction allow them to do so.

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The information on this website is not directed at and is not for use by any US Person (as defined in Regulation S under the US Securities Act of 1933 (as amended) (“US Securities Act”)). OCI has not been and will not be registered under the US Investment Company Act of 1940 (as amended) and, as such, holders of shares in OCI will not be entitled to the benefits of that Act. Shares in OCI have not been and will not be registered under the US Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States. Shares in OCI may not be offered, sold or delivered, directly or indirectly, in or into the United States or to, or for the account or benefit of, any US Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require OCI to register under the US Investment Company Act of 1940 (as amended). 

Shares in OCI have not been, and will not be, registered under the securities laws, or with any securities regulatory authority, of any jurisdiction outside the UK.

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Investment Risk

All investment is subject to risk. The value of securities and any income from them may go down as well as up, and an investor may not get back the full amount of money invested. Past performance is not a reliable indicator or guarantee of future performance. There is no guarantee that the market price of OCI’s shares will fully reflect their underlying net asset value or that OCI’s investment objective will be achieved. You are strongly encouraged to seek individual advice from your professional adviser(s) before entering into any agreement to buy or sell any security or making any financial or investment decision.

Shares in OCI are traded on the Specialist Fund Segment of the main market of the London Stock Exchange and are intended for institutional, professional, professionally advised and knowledgeable investors primarily seeking exposure to private mid-market UK and Western European businesses through investment in the Oakley Capital Private Equity funds (or successor funds) and: (a) who understand and are willing to assume the potential risks of capital loss associated with investments in such companies, (b) who understand the illiquid nature of private equity compared to other asset classes, (c) for whom an investment in OCI’s shares would be of a long-term nature constituting part of a diversified portfolio, and (d) who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

OCI is not subject to the UK City Code on Takeover and Mergers.

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General

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This is another example of Oakley's ability to invest in founder-owned technology businesses and execute buy-and-build strategies. With the adoption of cloud technology in Iberia being behind the rest of Europe, we see significant value and further potential in growing the largest independent business software platform to service SMEs within the region.
Peter Dubens
Managing Partner, Oakley Capital
22 Jun 21

Oakley Capital (“Oakley”) is pleased to announce that Oakley Capital Private Equity III (“Fund III”) has agreed to acquire PRIMAVERA Business Software Solutions (“PRIMAVERA” or the “Company”), the Portuguese leader in business management software. The Company will be combined with existing Oakley Capital portfolio company Ekon, a Spanish provider of Enterprise Resource Planning (“ERP”) software, to create a new group under the name Grupo Primavera, which will be the largest independent provider of business software in Iberia. The transaction is subject to regulatory approval.

Founded in 1993, PRIMAVERA provides ERP and cloud business software solutions to over 32,000 Small and Medium-sized Enterprises (“SMEs”) across Portugal and Portuguese-speaking Africa. PRIMAVERA is widely recognised as a market leader, with a strong brand and reputation, and is supported by a broad distribution network of over 500 partners. The Company was acquired from its founders, José Dionísio and Jorge Batista, who will invest alongside Fund III in the merged entity and continue to co-lead the PRIMAVERA business.

Grupo Primavera will comprise PRIMAVERA, Ekon, which was acquired in 2019 as Fund III’s initial investment in the space, and five additional bolt-on acquisitions made over the last twelve months (Tabulae, Contasimple, Billage, Diez Software and Professional Software). The newly established group will be the largest independent software platform serving SMEs in Iberia, with over 55,000 customers, c.€60 million of revenues and double-digit annual growth, driven by the rapid adoption of Software as a Service (“SaaS”) solutions. Grupo Primavera will be led by Santiago Solanas, an industry veteran with over 30 years’ experience in global roles in the software industry, including leadership positions at Cisco in France and Southern Europe, Sage Iberia, as well as in Microsoft and Oracle.

The Iberian business software market continues to benefit from long-term structural growth, as SMEs digitise and adopt cloud technology. Portugal and Spain lag international benchmarks in cloud adoption, at c.25% and c.30%, respectively, compared to over 60% in Northern Europe.

Grupo Primavera will accelerate its deployment of cloud solutions organically through investment in product development and go-to-market initiatives, as well as through further acquisitions.

José Dionísio and Jorge Batista, CEOs and Co-Founders of PRIMAVERA, commented:

“We are very excited about the new path that we are taking by creating an independent Iberian business software champion. This is a project with great potential, bringing together companies with a wide range of experience and leadership within the sector. We have been approached by many potential partners over the years, but it is with Oakley Capital and Santiago Solanas that we decided to take this step due to the exciting project they presented to us.”

This is another example of Oakley's ability to invest in founder-owned technology businesses and execute buy-and-build strategies. With the adoption of cloud technology in Iberia being behind the rest of Europe, we see significant value and further potential in growing the largest independent business software platform to service SMEs within the region.
Peter Dubens
Managing Partner, Oakley Capital