Battery Venture completes the acquisition of Jeeves

BV Acquisitions AB announced on 26 March 2012 a recommended cash offer to the shareholders and warrant holders in Jeeves Information Systems AB to acquire all outstanding shares and warrants in Jeeves for 83 SEK in cash per share and 13 SEK in cash per warrant (the “Offer”).

During the initial acceptance period the Offer has been accepted to the extent that BV Acquisitions will hold a total of 2,755,181 shares in Jeeves, representing approximately 97 per cent of the total number of shares and votes in Jeeves and a total of 121,200 warrants in Jeeves, representing approximately 99 per cent of the total number of outstanding warrants in Jeeves.

All conditions for the Offer have therefore been fulfilled and BV Acquisitions hereby declares the Offer wholly unconditional.

Dave Tabors, General Partner at Battery

“In Jeeves, we have found a strong software company with a well-developed Nordic partner channel. We see good potential for international growth within the SME segment for ERP systems. There is a demand for suppliers who offer solutions that are especially adapted for small and midsized growth companies. The Nordic home market will continue to be an important motor for future development. At the same time, it is our intention to increase the company’s international expansion, both in existing and new markets”, says Mr. Dave Tabors, General Partner at Battery.

Settlement in respect of the shareholders and warrant holders who have already accepted the Offer will be made on or around 16 May 2012, and thereafter the ownership will be transferred to BV Acquisitions. Settlement in respect of shareholders and warrant holders who accept the Offer during the extended acceptance period is expected to be commenced on or around 5 June 2012. No further extension will take place.

BV Acquisitions may acquire shares in the market during the extended acceptance period.

As BV Acquisitions holds more than 90 per cent of the shares in Jeeves, BV Acquisitions intends to initiate a compulsory acquisition procedure to acquire all remaining shares and warrants in Jeeves in accordance with the Swedish Companies Act (Sw. Aktiebolagslagen (2005:551)) and act to have the shares in Jeeves de-listed from NASDAQ OMX Stockholm.

Bengt-Åke Älgevik, CEO of Jeeves

“For many years, Jeeves has successfully created a competitive product and a strong position – especially in the Nordic ERP market, but also internationally. Together with Battery we will strengthen our international expansion and acquisition strategy. Our new owner’s commitment to develop our business, their international network and their experience from making software companies grow will be important success factors in the future. I am confident that this is beneficial for our customers, partners and employees”, says Bengt-Åke Älgevik, CEO of Jeeves.

In order to enable for the shareholders and warrant holders who have not yet accepted the Offer BV Acquisitions has decided to extend the acceptance period until 17.00 (CET) on 29 May 2012.

Settlement in respect of the shareholders and warrant holders who have already accepted the Offer will be made on or around 16 May 2012, and thereafter the ownership will be transferred to BV Acquisitions. Settlement in respect of shareholders and warrant holders who accept the Offer during the extended acceptance period is expected to be commenced on or around 5 June 2012. No further extension will take place.

BV Acquisitions may acquire shares in the market during the extended acceptance period.

As BV Acquisitions holds more than 90 per cent of the shares in Jeeves, BV Acquisitions intends to initiate a compulsory acquisition procedure to acquire all remaining shares and warrants in Jeeves in accordance with the Swedish Companies Act (Sw. Aktiebolagslagen (2005:551)) and act to have the shares in Jeeves de-listed from NASDAQ OMX Stockholm.

Source: BV Acquisitions AB