On November 23, CEE Legal Matters reported that Cobalt had advised BaltCap Latvia Venture Capital Fund and funds managed by Imprimatur Capital, together with other shareholders, on the sale of Blue Bridge Technologies to Everfield. CEE In-House Matters spoke with Henning Schreiber, Head of Acquisitions at Everfield, to learn more about the acquisition.
CEEIHM: To start, tell us more about Everfield.
Schreiber: Everfield was formed in 2022 as a pan-European acquirer of superb vertical and specialist software companies. As part of a “buy-and-grow” strategy, Everfield aims to fully acquire the company’s share. Acquisition candidates are suppliers of proprietary and mission-critical software solutions with a turnover between EUR 1 and 8 million. The goal of Everfield is to bring together highly specialized software companies that are among the leading providers in their segment while also focusing on sustainable growth based on the existing product and service portfolio.
Everfield‘s success is defined by the expertise, know-how, and best practices of our team with backgrounds in a variety of different industries. With a people-centered, long-term, and autonomous approach, Everfield is creating a distinct alternative to traditional private equities which is especially important when working with family and medium-sized companies. Our approach allows business owners to preserve their legacy, find a successor, expand their business, and secure personal financial freedom at whatever stage they are at. Working with Everfield means having a truly long-term partner that offers owners a fair, transparent, and sustainable way of moving to the next level.
CEEIHM: What made this acquisition attractive to you?
Schreiber: Blue Bridge offers a unique set of products and skills that set them apart within the healthcare and health insurance verticals. Founded in 2007, Blue Bridge’s initial products were geared toward the streamlining of health insurance payments, which became the basis for the modern electronic processing of insurance claims and settlements between the insurer, contracting authority, and health insurance policy owner. Blue Bridge continued to develop and deliver user-friendly and easily customizable software to facilitate patient care resulting in a full-blown medical practice management system for healthcare providers.
With its three main products (SmartInsurance, SmartMedical, PatientPortal), BBT has established itself as a leading software provider in the Latvian medical industry. BBT is the leading provider in Latvia with over 300 clinics and medical practices as customers. BBT has a unique value proposition and captures the entirety of the Latvian healthcare insurance markets.
CEEIHM: What was the most challenging aspect of the deal from a legal perspective?
Schreiber: It’s always a challenge to align the interests of the selling shareholders, the management team, and the buyer. Analyzing the proper licensing of the software solution and the potential use of third-party software is always a critical aspect. BDO's legal team was of great help in this regard. The specifics of entering Latvia were also unique, but we now we have the experience and foundation for further acquisitions across in Latvia and across the Baltics.
CEEIHM: Why did you pick BDO as your advisor on this deal?
Schreiber: BDO managed to service all due diligence aspects out of one hand (Legal, Financial, Tax, and SPA). BDO Germany and Latvia worked together in a good partnership and supported Everfield in all aspects of the transaction – always properly aligned and with high-quality output.