Automation, whether through artificial intelligence, software or robotics, is a topic of discussion for many companies as they look to reduce their operating costs and improve their workflows. We have a new deal in this segment this morning as Main Capital Partners has acquired a majority stake in a document processing software provider. The company announced, PE Hub Europe that the company plans to conclude its first additional deal for the company in September.

In addition, we can report another software deal as Pollen Street has agreed to acquire a SaaS provider of core insurance software from Waterland Private Equity.

We close with aviation, as Searchlight Capital Partners is reportedly acquiring a stake in a private jet company in a £250 million ($324 million; €293 million) deal.

Intelligent processing

Let’s start with a deal in business process management. Main Capital Partners has acquired a majority stake in document processing software provider Whitevision and plans to build its first add-on to the platform investment in September, said Sjoerd Aarts, managing partner and head of Benelux. PE Hub Europe Irien, Joseph.

Whitevision has a turnover of over €10 million and is experiencing strong growth and profitability, says Aarts. The company’s software enables companies to automatically capture, recognize, match and approve documents. Based in Breda, the Netherlands, the company has over 1,600 customers in various document-intensive industries, including construction and installation, professional services, technology, logistics and automotive. The SaaS platform processes over 18 million documents annually.

The deal is one of Main’s larger platform investments and was made from the recently launched €1.9 billion flagship fund, Aarts said.

Main will focus on organic growth and internationalization, where it has already taken initial steps, as well as a buy-and-build strategy to drive the company’s growth, he said. “We see the market for intelligent document processing as highly fragmented and expect an active B&B strategy.”

“The increasing need for digitization and automation of processes as well as cross-border eProcurement opportunities are expected to drive the growth of this market in the coming years,” Aarts said in a statement.

Value-enhancing mergers and acquisitions

Pollen Street has agreed to acquire 100 percent of Keylane Group, a SaaS provider of core insurance software, from Waterland Private Equity.

Keylane, based in Utrecht, the Netherlands, provides services to over 225 customers in the Netherlands, Belgium, Germany, Denmark, Norway and Switzerland.

Pollen Street plans to accelerate Keylane’s strong organic growth, pursue value-enhancing mergers and acquisitions, and support the development of its proprietary technologies, according to a press release.

“Keylane is the preeminent Northern European software provider for insurers,” said James Bailey, investment director at Pollen Street, in a statement. “We have followed Keylane closely for a number of years and admire its rapid growth and the deployment of its advanced SaaS technology platforms in the European insurance ecosystem. Keylane has led the digital transformation of the property and casualty insurance industry, as well as the life and pensions industry, in the Benelux, Nordic and DACH regions.”

Lift up

Moving from processing to transportation, Searchlight Capital Partners is “entering into an agreement” with private jet charter company AirX to buy a 25 percent stake in the company in a £250 million deal, Sky News reports.

PE Hub Europe has asked Searchlight for comment.

For more information on personal travel, see my colleague Rafael Canton’s article on RedBird Capital Partners’ investments in this segment.