Fortino Capital invests in Cenosco to accelerate the growth of this Asset Integrity Management software player
Antwerp / The Hague, 10 December 2020 – Fortino Capital Partners, a leading European software investor, announces its investment in Cenosco, a Dutch specialist in Asset Integrity Management. Cenosco is headquartered in The Hague, with local presence in Croatia. The Company employs 75 people and is active in 30 countries, with its solution deployed in about 100 plants worldwide.
Cenosco’s software operates at the heart of asset heavy industry plants in the oil & gas, chemicals, energy, and utilities space. It is a web-based tool for Asset Integrity Management, supporting users to make smart inspection and maintenance decisions to increase safety, asset availability and lower asset management costs.
After 20 years of organic growth, the Cenosco founders decided the time was right to attract an external partner, in order to support the Company in its next growth phase and help it unlock the full potential of its solution. Cenosco will continue to invest in product development in close collaboration with its partners. Further professionalization of the organization will be a priority too, as evidenced by the significant number of planned hires for 2021 on general management, domain expertise and throughout the rest of the organization.
Mischa Simonis, Co-Founder and Managing Director at Cenosco: “We are excited with Fortino Capital as a new shareholder in Cenosco. Fortino will bring important B2B software expertise and a solid network that will enable Cenosco to grow further and stronger. With our 20+ years of experience and our strong partnerships in the oil and gas industry, we are well positioned to benefit from the opportunities this market will bring, with aging plants and a new focus on digitalization.”
Fortino Capital invests in Cenosco alongside current management (i.e. the founders), which stays operationally active to realize this next growth phase. Cenosco is the 22nd B2B software investment by Fortino Capital, and the 7th platform investment of its Growth Private Equity Fund.
Wouter Van de Bunt, Partner at Fortino Capital: “We are truly impressed by Cenosco’s achievements over the past 20 years. The Company built a top-notch product with potential to become the market standard for Asset Integrity Management. Cenosco also perfectly fits within the investment criteria of our Growth Equity Fund: mission-critical software, strong and profitable growth, global presence, and massive opportunities for future growth. We are delighted to support Cenosco, together with the founders, in its next, accelerated growth phase.”
Cenosco, founded in 2000, is a global software company in Asset Integrity Management. The Company has a global presence, with its software deployed in 30 countries in about 100 plants. Cenosco employs 75 people and is headquartered in The Hague, with local office in Croatia.
For more information, see www.cenosco.com.
About Fortino Capital Partners
Fortino Capital Partners is a European enterprise software investor, managing a €240 million growth private equity fund and two venture capital funds for earlier stage software opportunities. The firm has offices in Antwerp and Amsterdam. Fortino Capital’s investment portfolio includes Mobilexpense, Efficy CRM, Odin Groep, Tenzinger, Maxxton and Teamleader, among others.
For more information, see www.fortinocapital.com.