After a long engagement period, Dassault Systemes has finally acquired leading MES (Manufacturing Execution Systems) vendor Intercim. Tioga Venture was a strategic advisor to Pertinence for its merger with Intercim in 2007. The combination of the Intercim MES solutions and Pertinence manufacturing intelligence's products was key to deliver integrated solutions to customers such as Boeing, Airbus, Sanofi-Pasteur … The resulting combination was this surprising mix where the French management team had a key role in the combined entity, which is unusual in French – US combination of software vendors. Even in 2007, both Intercim and Pertinence had longstanding partnership with Dassault Systemes and its Delmia business unit. The minority investment of Dassault Systemes in Intercim in 2009 was a clear sign of the future. The vision of the integration from design to shop-floor was already part of the Pertinence management vision in 2005! It just took some time to make it happen.
The valuation is $36,5M for the enterprise value (equity and debt) which is good multiple in the current enterprise software sector (current EV/Sales multiple are between 2 and 3).
official press release is here.
Frederic Halley
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