Waterland exits e-payment business

Waterland Private Equity Investments and Prime Technology Ventures have sold GlobalCollect, an e-payment service provider, to General Atlantic for an undisclosed amount.

US private equity firm General Atlantic has bought GlobalCollect, a Dutch provider of e-payment services, from Waterland Private Equity Investments and Prime Technology Ventures. Waterland declined to name the return made on the investment.

Waterland and Prime Technology originally bought GlobalCollect in October 2005 – Waterland bought a majority stake while Prime Technology bought a significant minority stake. Headquartered in the Netherlands, the business has sales offices in San Francisco and Singapore, and generated sales of €35 million in 2006.

Lex Douze, principal at Waterland, said: “We don’t usually do co-investments with other private equity firms but we decided to do that here because, as it happened, we both were looking at the business. It has been a very successful investment for us.”

Waterland invests in the Netherlands, Belgium and Germany, and manages around €620 million. The firm is currently investing its third fund – launched in 2006 with €400 million of committed capital – more than double the size of its 2004-vintage predecessor.

Based in Amsterdam and Cambridge, Prime Technology Ventures invests in Benelux, Finland, Sweden and the UK. The firm has more than €120 million under management.

General Atlantic was founded in 1980 and manages around $15 billion with offices around the globe.