Amsterdam – CFI is delighted to announce that it acted as the exclusive corporate finance advisor to Ciphix in its sale to Mentha Capital (‘Mentha’).
Ciphix is the leading Dutch hyperautomation specialist, founded in 2017 and currently employing over 60 professionals. With its mission to ‘take the robot out of the human’, Ciphix eliminates repetitive and manual work, using RPA, (conversational) AI, process mining, low-code and iPaaS. Through the use of these various technologies, Ciphix automates more complex repetitive processes, resulting in greater efficiency and reduced errors and costs for its clients. Moreover, it enables companies to allocate their employees to more fulfilling and profit-driven work such as solving complex problems.
Founded in 2006 with its headquarters in Amsterdam, Mentha is an independent private equity fund focused on mid-market companies in the Netherlands, Belgium, Denmark and Germany with clear growth opportunities, such as organic growth, international expansion, or through a buy-and-build. Mentha has a strong focus on IT, as illustrated by its current investments in a.o. Rapid Circle, Computest, Aiden, Amsterdam Data Collective and Bright River.
About the transaction
The two founders, Mathijs Gast and Marcus Groeneveld, gradually transferred the responsibilities and day-to-day management to the current management team. With its leading position in the rapidly growing hyperautomation market, distinct profile and solid, stand-alone organisation, the company was looking for a strong partner to support and accelerate over the next phase. Partnering with Mentha enables Ciphix to leverage on their industry-specific knowledge, execute a targeted buy-and-build strategy, scale internationally and expand to adjacent technologies for full-service in-depth hyperautomation offering. The joint ambition of Ciphix and Mentha is to obtain the European leading position as a hyperautomation specialist in the coming years. In doing so, Ciphix aims to address significant labour market challenges, such as the shortage of skilled personnel and high employee turnover due to insufficient job satisfaction and a lack of challenging work. The broad applicability of robots to work processes along with continuous innovation from software suppliers, strengthens Ciphix’ conviction to take substantial steps in this ambition.
CFI’s role in the process
There has been a long-lasting and continuous strategic dialogue between CFI and Ciphix, initiated in Ciphix’ early days. When Ciphix oriented on attracting a new partner, CFI was invited to orchestrate the sales process with the aim of satisfying each of the shareholders’ and managerial goals and to unlock Ciphix’ long-term value with a new partner. CFI led a tailor-made, structured and competitive process, by inviting several selected potential partners to pitch Ciphix ambitions and strategy. Thanks to its market knowledge, insights and inroads, CFI enabled Ciphix to find the right partner. CFI led the negotiations that resulted into a successful transaction with Mentha on 13 April 2023.
“CFI did an excellent job in managing and securing the objectives of the founders, informal investors and management of Ciphix throughout this transaction.” says Mathijs Gast, Ciphix’ co-founder. “Their expertise and in-depth sector knowledge were essential and played a vital role in delivering an outcome that greatly exceeded our expectations.”
Koen Mallee, Ciphix’ Managing Director commented: “We are excited about partnering with Mentha Capital and confident this enables us to accelerate our growth. We enjoyed working with CFI, who helped us in finding the right partner with minimal disruption to the business. They really did an outstanding job in guiding and supporting us.”
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