CBPE Capital LLP (“CBPE”) and Mindera Group Limited (“Mindera”) are pleased to announce that CBPE has made a significant minority investment in Mindera, an international software development business. CBPE is excited to support Paul Evans, Guilherme Almeida, Sofia Reis, Jose Fonseca, Bruno Lopes, Hetal Kurji, Mary Lockwood, Luis Simoes and Krishnan Naranapatty to name a few as well as the whole of Mindera in realising their significant expansion plans in order to continue to deliver exceptional outcomes for its clients. The terms of the transaction have not been disclosed.
Mindera builds high performance, resilient and scalable software systems which accelerate the digital capabilities of businesses across a range of sectors. Mindera offers a full range of end-to-end digital transformation services across product design & build, technology development & consultancy and performance testing & scalability.
The business was founded in 2014, with eight offices in five countries across Europe and the US. The business has established itself as a trusted partner to its clients, with a collaborative culture of excellence and a highly customer-centric approach. This, along with the deep technical expertise of Mindera’s people, has led to rapid revenue growth of over 40% CAGR since being founded.
The group employs over 600 employees and has a strategic plan to open additional offices over the next few years, both in existing regions of operation as well as in new continents. CBPE will partner with management to accelerate Mindera’s growth strategy, as it looks to widen its geographic reach whilst maintaining its position at the cutting edge of digital product development.
Mindera is the first investment from CBPE Capital Fund X, which closed at the hard cap of £561m in November 2020. CBPE will deploy Fund X according to its disciplined and consistent investment strategy, targeting investments in UK head-quartered businesses with Enterprise Values between £25 million and £150 million, focusing on primary buy-out and development capital investments in specific sub-sectors.
The investment in Mindera continues CBPE’s successful track record of partnering with technology services companies and their management teams, including current investments in Xceptor and The Key.
Paul Evans, co-founder of Mindera said:
“The transparency of CBPE and therefore the creation of trust was critical in our decision to partner with CBPE. Our ethos of ‘we are all the same – just different skill sets’ really does correlate with how CBPE act. This is a true partnership with our differing optics creating an exciting future for everyone. We would like to thank our families for their love and support during this period.”
Ian Moore, Partner, CBPE, said:
“Mindera is a remarkable business, with a truly unique approach and strong focus on culture that resonates throughout the company. It has cultivated a fantastic reputation with a rapidly growing client base and has an impressive track record of success.
We are delighted to have the opportunity to partner with Mindera at such an exciting time for the business, supporting the next stage of its growth journey to further expand across existing and new geographies. We believe Mindera is ideally placed to take advantage of the high levels of market demand driven by the increasing pace of digitisation, with applications across a wide range of verticals.”
The deal was led by Ian Moore and Jolyon Latimer with support from James Whittington, Oliver Walton and Gessica Howarth. Ian Moore and Jolyon Latimer will join the Mindera Board from CBPE.
John Lane, ex PwC, has acted as a trusted adviser to Paul and the team for the last year and he will join the Board as Chairperson.
CBPE was advised by Addleshaw Goddard (legal), PwC (financial & tax), CIL (commercial), Intechnica (IT) and AJ Gallagher (insurance). Mindera was advised by Shakespeare Martineau (legal), TC Group (financial & tax), Julia Berkeley Cotter (legal), Cosmin Filip and Phil Dixon.
