Boston-based Summit Partners has completed its first bolt-on acquisition for portfolio company Telerik, a month after making its initial investment. Financial details of both the initial and follow-on investments have not been disclosed.
Telerik: buy and build
Telerik, which until Summit’s investment in September had been owned by its employees, produces software tools and components which allow developers to build web and desktop applications.
Telerik’s acquisition of Munich-based Vanatec expands the company’s offering to include Object Relational Mapping, or ORM, software, which allows data to be converted between incompatible systems.
The acquisition of Vanatec also adds a German hub for Telerik, which until now has been based in Bulgaria and the US. The Munich office will grow to become Telerik’s hub for servicing customers from Western Europe.
In September Summit also invested in PeopleAdmin, a Austin, Texas-based provider of human resources software for educational and public sector establishements, as well as appointing four new vice-presidents.
Summit makes investments of anything between $5 million (€3.7 million) and $800 million per company, taking both minority and majority stake. In April this year it closed two funds: a $1 billion Europe private equity fund and an $825 million subordinated debt fund.