November 4, 2024 –
Bencis Buyout Fund V C.V. (“BBOF V”) is pleased to announce that it sold its interest in Olyslager Group B.V. (“Olyslager”), a company that develops and delivers data and software solutions for lubricant and fluid suppliers. Vitec Software Group AB, a stock-listed vertical software provider, is acquiring 100% of the shares in Olyslager from BBOF V and (former) management.
Olyslager develops and delivers data insights, analytics and software solutions for suppliers and users of lubricants, fluids, and consumables supporting various industries in and beyond road transport. An extensive database is used to generate recommendations for optimized functionality of the vehicle or machinery, based on vehicle, machinery or license plate data. The company serves a worldwide customer base, with Olyslager as European market leader and also holding a prominent position in the United States. Olyslager reported €12 million in revenues for the financial year 2023.
Under the leadership of CEO Harald Oosting and with the backing of Bencis since 2017, Olyslager went through a successful transformation – the company’s core database was completely redesigned and built in the cloud, the product offering was expanded (with Market Analyser, Consumables) and the company established presence in the United States. Olyslager showed double-digit organic growth and more than doubled its profits during our holding period.
Purchaser Vitec Software Group AB is a stock-listed vertical software provider that has its origin and headquarters in Umeå (Sweden). Vitec develops and delivers standardized software for various niches, such as pharmacies, banks, car workshops, real estate, healthcare and education. Vitec employs over 1,500 people and generated ~€245m revenue (of which ~85% recurring) in 2023. They grow primarily through acquisitions and the deal with Olyslager fits well with their business model and growth strategy.
Signing and completion of the transaction both occurred on 4 November 2024 (no regulatory approval required).
Harald Oosting, CEO of Olyslager, stated: I would like to thank Bencis for being a great partner to Olyslager over the past 7 years. With their support we have realized great next steps for Olyslager and expanded our business further worldwide. We’re excited to become now part of the Vitec Software Group and look forward to the next phase and continue our successful journey.
Olle Backman, CEO of Vitec Software Group, stated: Correct matching of lubricant and fluids is crucial for the vehicle and machinery industry’s efficiency and sustainability, says Olle Backman, CEO of Vitec Software Group. Olyslager is a profitable and well-managed SaaS company with a business that fits well into our business model and corporate culture. We are pleased to welcome all their employees to our team.
Pieter van Nunen, Managing Director of Bencis, stated: We have had a great journey with Harald Oosting and the broader management team. A true partnership that led to a successful transformation of the company and an acceleration of growth. We are proud to have been part of this journey and wish Harald and his team all the best with their new partner Vitec Software Group.
