SilverTree Equity-backed Ignite Group to Accelerate Buy & Build Strategy with Financing from Kartesia

Deventer, July 3rd 2024 – Ignite Group, a leading pure-play R&D tax credit advisory, data, and software provider, proudly announces that it has secured financing from Kartesia, a prominent European provider of credit and capital solutions to mid-market companies. This strategic partnership is set to fuel Ignite Group’s ambitious buy-and-build strategy, further solidifying its position as a leader in the European market for R&D tax credits advisory, data and software. The capital for this transaction is drawn from Kartesia’s Senior Opportunities fund (KSO I and II).

Ignite Group, formerly known as Vindsubsidies, has made significant strides in expanding internationally and strengthening its market presence. The company rebranded in May 2024 to reflect its growth and vision of becoming the category-leading, tech-enabled advisor to the European innovation economy. Currently, Ignite Group has ten offices in 2 countries and boasts a workforce that has tripled over the last three years, demonstrating consistent global revenue growth at a 50%+ CAGR.

The financing provided by Kartesia will support Ignite Group’s strategic growth initiatives, enabling further expansion through targeted acquisitions in the Netherlands, Germany and across Europe. With a proven track record of successfully executing its buy-and-build thesis, Ignite Group has acquired six companies in the past two and a half years, bolstering its market position and enhancing its customer value proposition.

Henk Heerink, CEO of Ignite Group, expressed his enthusiasm for the new partnership: “We are highly motivated to have received the trust and support from Kartesia. This facility will allow us to accelerate our growth strategy and bring our high-quality R&D tax credit and grant advisory services, data, and software to a larger part of the European market. It aligns perfectly with our vision to be the leading tech-enabled partner to the European innovation economy”.

Ruben Moen, Associate Director at Kartesia, commented: “We are excited to partner with Ignite Group and Silvertree to support the next chapter of their impressive growth story. Ignite Group offers best-in-class service delivery through its skilled personnel and advanced technology solutions. With a proven track record in M&A, Ignite Group is well positioned to lead consolidation efforts in the European market for R&D tax credits advisory, data and software, a sector that is vital to Europe’s long-term innovation capacity and success”.

Nicholas Theuerkauf, Managing Partner at SilverTree Equity, echoed the positive sentiment: “Ignite Group is investing significantly in its people, software and data solutions to further enhance a leading customer value proposition. The partnership with Kartesia is testament to the significant market opportunity and will further accelerate these investments and the company’s M&A strategy”.

Avaxa Debt Advisors acted as advisor to arrange the financing. DLA Piper and Clifford Chance acted as counsel on the transaction.