Amadeus Capital Partners’ portfolio company, Transmode Holdings AB, had a successful IPO on the NASDAQ OMX Stockholm at the end of last week. This is the second substantial exit for Amadeus in May, following the agreement to sell Icera Inc. to NASDAQ-quoted NVIDIA for $367 million in cash earlier in the month.
Transmode’s IPO was the first technology IPO in Stockholm since 2007. The IPO was priced at SEK 53 per share, in the top half of the initial price range, and was several times over-subscribed, raising SEK 530 million ($85 million) and capitalising the company at SEK 1.427 billion ($229 million), with a free float of 37%. The share price closed up 2.8% on close of first day’s trading. Amadeus sold 35% of its stake in the company on flotation.
Headquartered in Stockholm, Transmode provides networking solutions that enable fixed and mobile network operators cost-effectively to address capacity constraints created by the rapid growth in video and data traffic. To date, Transmode has completed over 20,000 deployments of its products globally, for more than 300 different customers. In 2010, Transmode’s net profit after tax was SEK 81 million on revenues of SEK 699 million.
The sale of Icera to NVIDIA was approved by both companies’ boards of directors in early May and is expected to be completed, subject to customary conditions, in early June. Icera is pioneering wireless soft modem platforms for next-generation mobile phones and wireless terminals. The company‘s breakthrough baseband processor and advanced wireless modem technology exceeds the requirements of manufacturers in delivering high performance, low power and cost-effective multimode wireless devices.
Commenting on the two exits, Amadeus’ CEO Anne Glover said: “The exit markets are still somewhat unpredictable and risk-averse, but technology companies with proven technologies and solid revenue growth are attracting both public investors and corporate buyers. The global potential of ground-breaking technologies, offering sustainable financial growth, is finally being recognised by markets and acquirers. We are delighted in the success of both these companies, which are a testament to the world-class entrepreneurial talent that exists in Europe. We would like to congratulate the management teams and our own Simon Cornwell, Andrea Traversone and Hermann Hauser.”
In the past twelve months, Amadeus has successfully exited six companies, including EPiServer, Secerno, Liquavista and Forth Dimension Displays.
For further information, please contact:
Chantal Ligertwood, PR for Amadeus, +44 (0)7976 229 210 firstname.lastname@example.org