SAN FRANCISCO--(BUSINESS WIRE)--Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, and Cerium Technology, a leading venture capital firm, today announced the sale of Allegro Development Corporation (“Allegro”), a leading global provider of enterprise commodity management solutions, to ION, a provider of mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments, and corporates. Terms of the transaction were not disclosed.
“Vector Capital has been a terrific partner and I am proud about what we have achieved together over the past five years,” said Mr. Klaassen.
“Backed by Vector and Cerium’s deep software sector expertise and operational resources, Allegro expanded its global and scalable platform and enhanced its service offering to our customers.”
Vector Capital partnered with Cerium Managing Director and Allegro founder, Eldon Klaassen, in 2014 to acquire and later recapitalize the company. Under their ownership, Allegro attracted new management, increased revenue by 50%, completed two acquisitions and expanded its product offerings and geographic footprint.
Andy Fishman, a Managing Director at Vector Capital, said, “We are pleased to have supported Allegro’s growth and reached a great outcome for our investors. This investment highlights our proven strategy of partnering with founders and management teams to help them achieve their business objectives and position their companies for long-term success.”
Paul Hastings LLP and Latham & Watkins served as legal counsel to Vector Capital and Cerium in connection with the sale and Barclays plc served as financial advisor.
About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With more than $4 billion of capital under management, Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and all stakeholders. For more information, visit http://www.vectorcapital.com.
About Cerium Technology
Cerium Technology is a venture capital firm that invests in technology for energy, IoT, and capital markets. The firm has created a unique and scalable process to find and evaluate opportunities for investment, design and execute investment transactions, create value with sound strategic and tactical direction, and generate extraordinary returns. www.cerium-technology.com.
Allegro is a global leader in commodity management software for companies who buy, sell, produce or consume commodities. For over 30 years, Allegro has delivered position visibility, risk management, comprehensive controls and regulatory compliance through a forward compatible, next-generation architecture that is built for your business. Headquartered in Dallas, Texas, Allegro has offices in Calgary, Dubai, Houston, Jakarta, London, Singapore and Zurich, along with a global network of partners. For more information, visit www.allegrodev.com.
Media: Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170