Herbert Smith Freehills has advised Avedon Capital Partners on the acquisition of all shares in IoT platform provider Cumulocity GmbH from Software GmbH. The advisory services also entailed setting up the investor structure for Cumulocity, with Avedon as lead investor. Alongside institutional investors, the Cumulocity management joined the investor consortium through a management buy-out.
Founded in 2011, Avedon Capital Partners is an independent investment company based in Amsterdam and Düsseldorf that focuses on supporting growth-stage companies in the Benelux and DACH regions.
Cumulocity GmbH, with headquarters in Düsseldorf, Germany, was founded in 2012. Since 2017, Cumulocity has been a subsidiary of Software AG (legal predecessor of Software GmbH), which in turn is part of the portfolio of US investment firm Silver Lake.
For years, Cumulocity has been regarded as one of the leading platforms for IIoT, recognized for its strong product-market fit and reputation among industrial equipment manufacturers across various sectors. Within the Software AG group, the company has evolved from a startup to a full-fledged scale-up. Its cutting-edge technology is now utilized by hundreds of companies across diverse industries worldwide. One of the largest and most competitive growth markets for the German-based company is in the United States, where Cumulocity has already achieved significant success. The company also serves customers in over 30 further countries, offering a comprehensive full-service approach, 24-hour support, CloudOps, and customized AIoT solutions.