[May 03, 2013] Verdane ETF sells KSD Software to Descartes Systems Group Tweet May 03, 2013 (Datamonitor Financial Deals Tracker via COMTEX) -- Verdane ETF III (formerly Eqvitec Technology Fund III), a Finland-based venture capital fund, has sold its stake in KSD Software Norway AS, a Norway-based provider of software systems for automated customs clearance and for the transportation, forwarding and logistics industry, to The Descartes Systems Group, Inc., a Canada-based developer and marketer of software-as-a-service logistics solutions. The all cash purchase price for the acquisition was NOK190 million ($32.98 million), with Descartes acquiring approximately NOK11.5 million ($1.99 million) in working capital. To complete the acquisition, Descartes used approximately $13 million of cash on hand and $20 million from an acquisition line of credit. Deal Type Venture Finance Sub-Category Exit Deal Status Completed: 2013-05-02 Deal Participants Target (Company) KSD Software Norway AS Acquirer (Company) The Descartes Systems Group, Inc. Deal Rationale The acquisition brings more than 1,300 customers to Descartes' Global Logistic Network, with the majority of these companies based in Scandinavia. KSD adds scale for Descartes to serve the wider logistics community. [ Back To TMCnet.com's Homepage ]