Deal Type: Growth capital
Investment Year: 2020
Status: In Portfolio
Link: Press Announcement


ETN Group (etn) based in Meppen and Düsseldorf specializes in high-quality, cost-efficient fixed wireless communication solutions, infrastructure services and broadband internet for medium-sized companies and private customers in the Weser-Ems region. The company relies primarily on fixed wireless radio technology and operates its own proprietary tower and network infrastructure, which is continuously being expanded.

IMCap provided growth capital as part of the transaction. The successful management team Andreas Schröder and Sebastian Hoogland will continue to manage the company.

Deal Type: Growth capital (majority stake)
Investment Year: 2018
Status: In Portfolio
Link: Press Announcement


Intact GmbH is the leading provider of software solutions for audit, certification, and standards management. Core product is the software as a service (SaaS) solution ECERT for the audit and certification market. ECERT is the only software solution in the market that digitizes the entire audit and certification process. As a specialized ERP system for audit and certification management, ECERT covers the entire value chain of certification bodies – from audit planning and auditing to the completed certification. It is also ideally suited for the management of internal audits and standards. Thanks to its configurability, the ECERT standard platform meets the audit and certification requirements of most industries, provides a stable and secure environment to run customers’ core processes, and allows customers to significantly increase efficiency therefore reducing costs.

Customers include, e.g., SGS Austria, Kiwa, U.S. Department of Agriculture, FLOCERT, Marine Stewardship Council, Austria Bio Garantie, ACO Certification, Austrian Standards, Swiss Safety Center, Alliance for Responsible Mining, coop, Non-GMO Project, and MEDCERT.

IMCap acquired a majority stake in the Austrian technology company and provided growth capital as part of the transaction. The successful management team lead by CEO Thomas Lorber will continue to manage the company.

Deal Type: Management Buyout
Investment Year: 2017
Status: In Portfolio
Link: Press Announcement


IntelliShop AG is one of the most innovative providers of complex B2B-enterprise shop systems.

The modular architecture and the innovative process manager support a full adaptation of the shop system to proven company processes. The integrated middleware supports a fast and easy integration into the existing IT-infrastructure.
Customers include Eppendorf, Miltenyi Biotec, Wieland Electric, Gemü, Jordan, Knauf, Kaut-Bullinger, Nordwest Handel, T-Mobile, telering and eismann.

IMCap is backing the successful management team growing the business further.


Deal Type: Management Buyout
Investment Year: 2015
Exit Year: 2022
Status: Exit
Link: Press Announcement acquisition
Link: Press Announcement exit


Attensity Europe GmbH (since 03.2016 Sematell GmbH) is a specialised developer of Customer Interaction Management (CIM) software solutions for omni-channel customer care in large service organisations. Sematell´s core product is the market-leading solution Respond, a multilingual response management software. Amongst the key clients of Sematell are Deutsche Telekom, Deutsche Postbank, Medion and Tchibo.

IMCap was attracted to Sematell / Attensity Europe as the carve-out from its former North-American parent company created significant incremental growth opportunities on the back of an attractively growing market.

IMCap backed the strong and experienced management team further growing the business and providing high quality service to its blue-chip customer base.

Sematell set new market standards and grew dynamically: Sales were tripled in six years.

IMCap sold Sematell to PINOVA Capital in January 2022. The transaction underscored IMCap’s key competence in successfully scaling hidden technology champions.