Goldman-backed cloud native platform startup Nuxeo sold to Hyland Software
Nuxeo, a New York-based cloud-native, open-source, low-code platform content services platform has been sold by Goldman Sachs Growth Equity and Kennet Partners to Hyland Software. The total amount of the deal was not disclosed.
In an announcement today, Kennet Partners, a leading European technology growth equity investor focused on bootstrapped and capital-efficient companies, and Goldman Sachs Growth Equity, a leading global growth equity investor, said they have entered into an agreement to sell co-owned portfolio company, Nuxeo, a content services platform and digital asset management (DAM) provider. Kennet and Goldman Sachs are expected to make a 5x return on their investment in Nuxeo.
Kennet and Goldman Sachs acquired Nuxeo in 2016. Nuxeo’s platform focuses on Digital Asset Management for companies with fast product life cycles such as media, fashion, and consumer electronics, and Enterprise Content Management for financial institutions. Nuxeo has a range of global customers across its target sectors such as ABN-AMRO, Fox, Electronic Arts, CVS, and Siemens.
Founded in 2000 by Stefane Fermigier, Nuxeo offers a cloud-native, open-source, low-code platform with content services and DAM capabilities, among others. Its platform streamlines and automates complex business processes and can handle digital content of any type and size, from traditional documents and PDFs to more media-rich video and storyboarding needs. Nuxeo has offices in New York City, Paris, and London.
Over the last five years, Goldman Sachs and Kennet have worked to build Nuxeo’s world-class management team and to accelerate the company’s growth as it secured half of the Fortune 10 companies as customers. Goldman Sachs helped Nuxeo achieve broader market visibility and win several new key customers in financial services as well as other sectors. In support of Nuxeo’s CEO, Eric Barroca and CMO Chris McLaughlin, Kennet introduced the current CFO, James Colquhoun, and Executive Chairman, Steve King.
Commenting on the sale, Michael Elias, Managing Director, Kennet Partners, said:
“Nuxeo is a prime example of the type of company in which we seek to invest. When we first invested, it was clear that the business had solid foundations but lacked the resources and broader team to take it to the next level of growth. We were able to support Eric and the team to accelerate Nuxeo’s growth trajectory and are proud of what we have collectively achieved. We wish the company all the best as it moves to the next chapter in its exciting development.”
Christian Resch, Managing Director, Goldman Sachs Growth Equity, said:
“Back in 2016 we quickly recognized Nuxeo’s strong technology differentiation in the ever-evolving content management software space. Over the last five years, we helped Nuxeo grow its organization, software products, and market presence and we are delighted with its performance. We wish Eric and his team all the best in continuing to further build Nuxeo’s unique platform.”
Eric Barroca, CEO, Nuxeo, said: “The offer from Hyland is a strong endorsement of the vision and market position we’ve achieved so far, particularly in recent years. Thanks to the support and investment by Goldman Sachs and Kennet we have been able to become a global leader in enterprise content services. We look forward to working with the team at Hyland.”