Funds managed by CapMan have sold their holding in Ascade Holding AB (Ascade) to CSG Systems International, Inc. (NASDAQ: CSGS). The exit does not impact CapMan Plc's result for the current year as the selling funds are not in carry.
Ascade provides market-leading trading and routing software solutions to telecom carriers globally. The company has approximately 100 employees and offices in Stockholm, Miami, Dubai and Singapore.
"During our investment period, Ascade has expanded internationally, improved the scalability of its business, and reached a significant strategic position with a top-tier customer base. We are confident that Ascade will continue to thrive under new ownership," says CapMan Technology Senior Advisor, Lennart Jacobsson.
Funds managed by CapMan made their initial investment in Ascade in 2002. Prior to the transaction, funds managed by CapMan owned approximately 41.4% of Ascade's shares.
This article is copyrighted by Reuters
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