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Azini seals 1.75x return on software company within weeks

Azini has sold its stake in Incadea, a Munich-based automotive software provider.

Direct secondaries specialist Azini Capital has sold its stake in automotive software company Incadea, weeks after it invested, according to a statement.

Nick Hagbood
Nick Hagbood

NASDAQ-listed DealerTrack Technologies purchased Incadea for £1.90 per share, generating a 1.75x return for Azini.

“We feel that Incadea had more upside potential but delivering a 1.75x return for our investors over just a few short weeks is a positive result in the first year of the fund,” said Azini managing partner Nick Habgood.

Munich-based Incadea provides dealer management and customer relationship software for the automotive industry. Azini initially acquired a 7.1 percent stake in the company in November, using its Azini 3 fund.

Fund 3 closed on $100 million last March. The fund received an anchor investment of more than $90 million from Lexington Partners.

Incadea was the second investment made from Fund 3, following retail fuel pricing software Kalibrate Technologies, which the firm acquired in September 2014.

Azini’s mandate is to provide early liquidity options for shareholders in illiquid private companies and small-cap public companies.

“We give them an exposure to a part of the market … where they might not go on their own,” Habgood previously told Secondaries Investor.

Azini was founded in 2004 by Habgood and Michael Bennett, who previously worked together to establish the UK venture capital business at LMS Capital, according to the firm’s website. Azini is based in London.