Verdane Capital IX has invested over EUR5 million in Vaadin, a developer of open source web application development tools.
The investment is made partly by buying secondary shares from another shareholder and partly as a directed new issue.
"We are very pleased to team up with Verdane and further strengthen our position in the growing US and European markets," says CEO Joonas Lehtinen. "Vaadin is known for its tools that simplify the development of business grade web apps and with the new investment we are able to expand the tools to new and even larger markets."
"We consider Vaadin to represent some of the strongest software expertise in the world. We think we can help this outstanding team in their ambitious growth plans, by building on Verdane's software knowledge," says Janne Holmia from Verdane Capital Advisors. "The importance of software and user experience continue to grow and we believe Vaadin can help businesses advance in these areas.”
Vaadin's business is building components and tools for dynamic and information rich web applications. Its product suite enables businesses to replace desktop applications with standard based web applications that run on all major mobile and desktop browsers. Vaadin's technology speeds up the development process, increases security and allows developers to focus on building business value.
Verdane is a Nordic private equity manager focusing on investments in technology enabled growth companies. Verdane raised its latest fund, Verdane Capital IX, this summer with an investment of SEK3 billion. Prior to its investment in Vaadin, Verdane private equity funds have invested in other prominent Finnish companies such as Codenomicon, CRF Health and Eniram.
Earlier investors in Vaadin include Aboa Venture Management, the Nordic private equity company eEquity, and Finnish Industry Investment Ltd (Suomen Teollisuussijoitus).