Alantra advises Vaaka Partners on the sale of Cloudpermit, a Finland-based building permitting and land management SaaS company
SECTORTechnology
ServiceM&A
Stockholm – Alantra has acted as a financial advisor to Vaaka Partners, a leading Finnish private equity firm, and other shareholders of Cloudpermit, a Finland-based building permitting and land management SaaS company, on its sale to the global private equity firm Riverside.
Active since 1989, Vaaka Partners manages a total of €600mn in private equity funds, focusing on mid-sized Finnish companies with high growth potential.
Vaaka has been the majority owner of Cloudpermit since 2018, when the company was established as a spin-off from Solita, a data-driven digital transformation provider and consultant, also previously owned by Vaaka. Cloudpermit provides building permitting and land management software to approximately 850 municipal customers on two continents, streamlining the licensing and permitting processes between governments, citizens and businesses.
While five years ago Cloudpermit had clients only in Finland, today the company has a significant customer base both in the U.S. and Canada. The company’s revenue has more than quadrupled during the same period. Following the successful expansion to North America, Cloudpermit transitions to new ownership with substantial resources to continue its rapid growth.
Riverside has been an active investor in the govtech market for the last decade and its support will enable Cloudpermit to expand its product offerings and establish the foundation for new product initiatives, including adding enhanced building information modeling, artificial intelligence solutions and public works functionality for governments across the U.S., Canada and Finland.
Jan Pawli, CEO of Cloudpermit, said: “The deal marks a significant milestone in the company’s growth trajectory, as we move to new ownership with a strong presence and resources in our main market. We look forward to continuing our expansion and enabling our customers to digitalize and improve their services – and, hence, providing better service to their clients in North America.”
Jonas Bauréus, Managing Partner at Alantra, added: “It has been a pleasure to once again support Vaaka Partners in a successful divestment. We have been fortunate to follow Cloudpermit’s progress for some time and we have been extremely impressed by the work done by Jan and his team in entering the North American market. We wish them all the best in their next phase of growth with Riverside.”
This transaction further underscores Alantra’s growing momentum in the technology sector, following recent advisory roles in key transactions such as BGF’s investment in Twenty7tec, Dancerace’s significant investment from Norland Capital, and Holland Capital’s sale of Magnus Black to Hardis Group.
