February 11, 2021
Zubr Capital and the European Bank for Reconstruction and Development (EBRD) completed their exit from the investment in Enterprise Agile Planning company Targetprocess. Apptio, the leading provider of technology business management solutions, completed the acquisition of the company.
Apptio, with headquarters in Washington, USA, is a portfolio company of Vista Equity Partners, one of the largest Private Equity firms in the US. Apptio is a global company with offices in the United States, Europe, Australia, Japan, and India. Apptio solutions are used by more than 60% of Fortune 100 companies.
The deal was negotiated for several months, and as a result, Apptio acquired 100% of Targetprocess. The acquisition builds on Apptio’s existing platform and reinforces its position as a market-leading provider of solutions that offer a holistic view of technology investments across on-premise, cloud, and development resources.
Targetprocess attracted investments from Zubr Capital Fund I (ZCFI) and EBRD in April 2018. From that moment, the founders and investors conducted systematic work on the company's development. As part of business development, the company focused its strategy on large Enterprise Clients with the mission of providing the best-in-class solution for managing the portfolio of Agile IT projects. Since attracting the investments, Targetprocess has further enhanced its product and set up an Enterprise sales & marketing organization.
Another important achievement that allowed Targetprocess to become an attractive target for investors is getting into the Gartner Magic Quadrant. According to the results of 2020, Targetprocess is recognized as the leader in Enterprise Agile Planning tools in the Gartner Magic Quadrant. This recognition, among other things, allowed the company to attract several large clients from the Fortune 500.
The deal with Targetprocess is a vivid example that Belarusian companies can be competitive in the international markets and systematic work with private equity funds can contribute to making successful strategic exits. This is the first exit from a portfolio company for ZCFI fund.
Bakhrom Ibragimov, Head of Venture Capital Investment Programme, EBRD
“Targetprocess team has built product and commercial capabilities to successfully compete on a global scale in the enterprise software market. It has been a pleasure for us to support the company in such an effort. We wish the founders further success in their next chapter of company development”.