🕸️Exploring the tangled web of Company and Credit Data & Analytics - Asymmetrix Newsletter #51
The Company and Credit Data & Analytics market is highly active, driven by the need for data across multiple business functions
This week we delve into the world of Dun & Bradstreet Worldwide Network partners, sparked by Altares Dun & Bradstreet’s acquisition of Companyweb.
We note the continued progress of Boeing’s disposal of Jeppesen, with round one bids due this week.
And we report deals including Clay’s $40m Series B expansion funding at a $1.25bn valuation, Marcura’s acquisition of VesselMan, and BlueMatrix’s purchase of Street Context.
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📧 If we missed your deal, or you would like to talk, please email us at a.boden@asymmetrix.info.
💳 Credit where credit is due
Altares Dun & Bradstreet is one of 13 Dun & Bradstreet Worldwide Network (WWN) partners globally. Since 2016 Altares has been backed by Paris-based mid-market investor Naxicap Partners, who acquired their stake from Ardian.
Altares have made a series of acquisitions since then to beef up the breadth and quality of their data and analytics.
Revenues for Altares are hard to come by, but we know they had revenues of EUR121m in 2021, and EBITDA of EUR18m in 2020.
What happened?
Altares were the successful bidders in an auction process for Belgian business and credit information provider Companyweb. The process was run by corporate finance provider CFI on behalf of Sofindev, who had held their stake in Companyweb for nearly seven years.
According to Nexicap, Altares “succeeded to convince the sellers thanks to a distinctive project.”
Why it matters
The market for Company and Credit Data & Analytics is large and fragmented. Each geography has multiple providers, and there is a constant stream of new entrants to each market as old ones are acquired.
Although this type of Data & Analytics is not new, as companies become more data-driven in their decision-making they are finding more ways to embed tools from companies like Antares in their processes throughout their business functions. This ranges from Finance, Procurement and Compliance to Sales & Marketing.
Company Data for Sales & Marketing has seen an explosion in value in recent years. Take note of Go-To-Market development environment Clay’s $40m Series B expansion funding round last week at a $1.25bn valuation.
What happens next?
It seems likely, given that Naxicap have held their majority stake for 9 years, that they will be seeking an exit in the short term. Perhaps this is the “distinctive project” that Naxicap refer to in the above cryptic statement. It would certainly be appealing to incoming Companyweb management, who could get another round of income from the sale of equity, assuming that they have been paid, at least in part, in Altares paper.
Who might buy Altares?
The obvious answer is Dun & Bradstreet themselves, who acquired one of their WWN partners, Bisnode, for $806m in 2021. However D&B’s backers were rumoured in August last year to be pursuing a $9bn sale of the business, advised by Bank of America, so they may have other things on their mind.
The dependency on D&B makes it hard for a large competitor to acquire them. However, this did not prevent Experian from acquiring WWN partner Ilion for AUD820m in 2024, so it’s not entirely out of the question.
Most likely? An exit to yet another European mid-market PE firm, looking to consolidate the market before selling on again.
M&A and Fundraising
Deal chatter
✈️ Boeing’s Jeppesen unit draws aerospace, buyout suitors ahead of the deadline for first-round bids next week.
Jeppesen is a Denver, Colorado, US-based provider of intelligent information solutions across the aviation ecosystem, owned by Boeing Inc.
According to Bloomberg, RTX Corp. and Honeywell International Inc. are among the companies that have been evaluating Jeppesen. GE Aerospace and TransDigm Group Inc. are also among potential bidders that may study the business.
Financial sponsors including Advent, Blackstone Inc., Carlyle Group Inc., Thoma Bravo, Veritas Capital and Warburg Pincus have also looked at the business.
Jeppesen is estimated to be worth between $6bn-$8bn.
Asymmetrix Sector: Aviation.
🚗 Permira and Blackstone consider 2026 EUR10bn IPO of Adevinta unit mobile.de
mobile.de is, a Berlin, Germany-based online vehicle marketplace, a subsidiary of Adevinta, backed by Permira and Blackstone.
According to Reuters, Permira and Blackstone have been talking to advisers about a possible Frankfurt listing in 2026.
The valuation is rumoured to be roughly EUR10bn.
Asymmetrix Sector: Automotive
Announced M&A
Marcura, a Dubai, UAE-based provider of digital solutions for the maritime industry, backed by Marlin Equity Partners, announced the acquisition of Vesselman, an Oslo, Norway-based marine maintenance platform, backed by Møkster Investment.
Financial terms were not disclosed.
EY acted as financial advisor to the shareholders of VesselMan.
Asymmetrix Sector: Maritime.
🎯 Xpressdocs acquired Cole Information Services
Xpressdocs, a Fort Worth, Texas, USA-based provider of direct marketing solutions, backed by HarbourVest Partners, Polaris Partners, Falcata Capital and MCG Capital, announced the acquisition of Cole Information Services, a private Omaha, Nebraska, USA-based provider of hyperlocal reference and marketing solutions, backed by Brook Venture Partners, Resolute Capital Partners and Eagle Private Capital.
Financial terms were not disclosed.
Cole Information Services was advised by Mirus Capital Advisors.
Asymmetrix Sector: Marketing.
🩺 Innovaccer acquired Humbi AI
Innovacer, a San Francisco, California, USA-based healthcare AI company,, backed by Tiger Global, Mubadala, Lightspeed, Dragoneer, M12, Steadview Capital, B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12, announced the acquisition of Humbi AI, a private, Nashville, Tennessee, USA-based healthcare actuarial software, services and analytics company.
Financial terms were not disclosed.
Asymmetrix Sector: Healthcare.
📈 BlueMatrix acquired Street Context
BlueMatrix, a New York, New York, USA-based financial services research publishing and distribution provider, backed by Thoma Bravo, announced the acquisition of Street Context, a Toronto, Ontario, Canada-based provider of email intelligence and analytics, backed by 8VC, Point72 Ventures, Portage Ventures, Social Leverage, Palm Drive Capital and Communitas Capital Partners.
Financial terms were not disclosed.
Debt financing for the transaction was provided by Golub Capital.
RBC Capital Markets served as financial advisor to BlueMatrix.
Asymmetrix Sector: Financial.
🏢 Altares Dun & Bradstreet acquired Companyweb
Altares Dun & Bradstreet, a Rotterdam, South Holland, Netherland-based provider of business data in the Benelux and France, backed by Naxicap Partners, announced the acquisition of Companyweb, a Vilvoorde, Brabant, Belgium-based player in business and credit information, backed by Sofindev.
Financial terms were not disclosed.
Companyweb was advised by Wim Folens, Ramon Schuitevoerder and Randy de Visser at CFI.
Asymmetrix Sector: Credit.
🌳 Sylvera acquired a dataset of prices for carbon credits
Sylvera, a London, UK-based carbon data provider, backed by Balderton Capital, Index Ventures, Insight Partners, LocalGlobe, Salesforce Ventures, 9Yards Capital, Bain & Company, Fidelity International Strategic Ventures, Seedcamp and SeedInvest, announced the acquisition of a dataset of prices for carbon credits from an unspecified vendor.
Financial terms were not disclosed.
Asymmetrix Sector: Environment.
Later-Stage / Growth funding
🔗 Vertice
London, UK-based provider of spend management software.
Raised $50m in Series C funding led by Lakestar, along with Perpetual Growth and CF Private Equity, and supported by existing investors Bessemer Venture Partners and 83North, at a rumoured $500m valuation.
Asymmetrix Sector: Supply Chain.
⚡ Orennia
Calgary, Alberta, Canada-based platform for data, predictive analytics and insights across the energy transition.
Raised an undisclosed amount in Series C funding led by Decarbonization Partners, a partnership between BlackRock and Temasek, with participation from existing investors.
Asymmetrix Sector: Energy & Commodities.
💰 Clay
New York, New York, USA-based GTM development environment.
Raised $40m in Series B expansion funding at $1.25bn valuation from existing investors, led by Meritech.
Asymmetrix Sector: Sales.
🏭 Basetwo
Toronto, Ontario, Canada-based AI platform designed to enhance manufacturing efficiency.
Raised $11.5m in Series A funding led by AVP with participation from existing investors Glasswing Ventures, Deloitte Ventures, Global Brain Ventures, Shimadzu Corporation, Chiyoda Corporation, and prominent UAE angel investors via Qora71.
Asymmetrix Sector: Manufacturing.
🌳 Gravity
San Francisco, California, USA-based enterprise carbon accounting and energy management platform.
Raised $13m in funding led by Ansa Capital, with participation from existing investors Eclipse, Hanover, Caffeinated Capital, Communitas Capital, Buoyant Ventures, and WEX Venture Capital.
Asymmetrix Sector: ESG.
Early-Stage
🔗 xNova
Madrid, Spain-based market intelligence company for exporting businesses.
Raised EUR1m in seed funding led by Abac Nest Ventures, with participation from Angels (the investment arm of Juan Roig) and BStartup.
Asymmetrix Sector: Supply Chain.
👥 Workera
Palo Alto, California, USA-based skills intelligence platform.
Raised an undisclosed amount in funding from Accenture.
Asymmetrix Sector: HCM.
🔗 Matchory
Ulm, Baden-Württemberg, Germany-based supplier search engine.
Raised EUR6m in seed extension funding from Capmont and Earlybird-X.
Asymmetrix Sector: Supply Chain.
Ghent, East Flanders, Belgium-based health assessment software provider.
Raised EUR1.25m in seed funding from Miles Ahead, Wit-Gele Kruis and imec.istart fund.
Asymmetrix Sector: Healthcare.
🔗 Soource
Bolzano, South Tyrol, Italy-based supplier search system.
Raised EUR1.5m in pre-seed funding from 360 Capital, Exor Ventures, Investors Club Members, Vesper, B Heroes and other business angels.
Asymmetrix Sector: Supply chain.
📧 If we have missed your deal, or you would like to talk, please email us at a.boden@asymmetrix.info.