Karmijn Kapitaal has sold Memorix (a division of Picturae) to Vitec Software Group

Amsterdam – CFI is pleased to announce that it acted as the exclusive corporate finance advisor to Karmijn Kapitaal, in the sale of Memorix (a division of Picturae) to Vitec Software Group (‘Vitec’).

About Picturae and Karmijn Kapitaal
Picturae is the global market leader in the large-scale digitisation, management, preservation, enhancement, and accessibility of digital cultural heritage and (natural) historical materials. The company is headquartered in Heerhugowaard, The Netherlands. Founded in 1997, Picturae operates in Europe, the United States, Australia, and Asia, specialising in digitising herbariums, insects, documents, photos, books, etc., for archives, museums, and libraries. In 2018, the private equity fund Karmijn Kapitaal acquired the company with the aim of further international expansion and innovation.

About Memorix
Memorix is the software division of Picturae. Memorix develops and delivers collection management software for archives, digital heritage and collections. The products Memorix Maior and the recently released new version Memorix Nexus are central software for filing and archiving of digitised information, and archive management. Memorix is one of the leading players within its vertical in the Benelux region.

About Vitec
Vitec, founded in 1985, is a Swedish software company headquartered in Umeå. The company develops and provides software for various functions in society. They can be found at the core of a variety of businesses and activities, including pharmacies, banks, auto repair shops, real estate management, healthcare, and education. Vitec has 1,400 employees, is listed on Nasdaq Stockholm stock exchange (STO: VIT-B) and had net sales of SEK 1,978 million in 2022.

About the transaction
Vitec is a leading provider of vertical software solutions for various societal functions. The company is an excellent partner for Memorix, which delivers software solutions for unlocking digital collections for archives, museums, and libraries. An example of this is the innovative collection management system, Memorix Nexus, based on Linked Open Data. By divesting the software division, Picturae can fully focus on its sustainable international growth ambition to have an even greater societal impact through the digitisation and preservation of cultural and natural history heritage material. With the acquisition of Memorix, Vitec takes a step into the cultural and natural history heritage sector.

“We look forward to work with our new owner who has a long term view and is committed to the continued development of the company. I am convinced that together we will continue to develop Memorix for the benefit of our customers today and in the future”, says Bas Blokpoel, CEO of Memorix.

“Memorix is a key player in the Netherlands. The advanced software enables preservation of data, knowledge and heritage, safely and securely archived in a flexible and user-friendly management system. Memorix is a profitable and well-managed company with an operation that is a good fit with our business model and corporate culture”, says Olle Backman, CEO of Vitec. 

Hadewych Cels, partner at Karmijn Kapitaal, noted: “As Karmijn we are happy with this deal that enables Memorix to accelerate their growth in a specialised software environment. CFI has served as a trusted advisor in this transaction where we worked together with the management teams of both Picturae and Memorix. The sound cooperation was instrumental in achieving this outstanding outcome. CFI’s expertise in all facets of the M&A process was shown through their ability to execute a complex carve-out transaction to an international strategic, listed buyer. I would highly recommend CFI to any private equity investor looking to pursue an exit for one of its software assets.”

CFI’s role in the process
Following the successful launch of Memorix Nexus and a growing pipeline, Memorix’ (a division of Picturae) shareholders decided to undertake a carveout to enhance its value proposition further. With extensive experience in the Software and IT Services market, CFI was chosen to coordinate this complex transaction. By leveraging its market knowledge, insights, and connections, CFI attracted strong interest from both financial and strategic parties (e.g. CMS, archive, document, and vertical market software). In a competitive and global process, Vitec Software Group offered the best terms and strategic fit. CFI managed the process, assisted in identifying a stand-alone entity, and led the negotiations, resulting in a successful transaction closed on 12 October 2023.


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