AVP agrees bolt-on for software business(3)

Pertinence, a French intelligence software business backed by venture capital firms Advent Venture Partners and Partech International, has bought US rival Intercim.

Advent Venture Partners and Partech International have merged intelligence software company Pertinence with US rival Intercim, as the two firms look to position it for global expansion.

Peter Baines, general partner at Advent, said: “This merger with Intercim presents a great opportunity to reach a broader customer base in the US and strengthen [Pertinence’s] already solid market position.”

The two venture capital firms originally invested £3 million (€4.4 million, $6 million) in Pertinence in 2002. The Paris-based firm manufactures intelligence software for the aerospace, pharmaceutical, automobile and semiconductor industries.

Intercim has a similar product range and customer base and generated sales of $20 million (€15 million) in 2006.

It is not the first time that Advent and Partech have invested together. The two firms backed the spin-out of software business Cartesis from PricewaterhouseCoopers in 2004, which was sold to trade buyer Business Objects for $300 million in May.

London-based Advent has more than £500 million under management and invests in life sciences and technology companies in both Europe and the US. The firm recently invested $5 million (€3.8 million) in UK customer feedback provider Fizzback Group.

Founded in 1982, San Francisco-based Partech invests in venture capital opportunities in the information technology sector and has $850 million under management.