Nokia's corporate venturing unit has exited cloud enterprise software company Intermedia, four years after investing in the company.
Private equity firm Madison Dearborn Partners (MDP) has bought US-based cloud business software provider Intermedia for an undisclosed amount, giving an exit to communications technology producer Nokia.
Nokia Growth Partners (NGP), the corporate venturing unit of the Finland-based firm, backed Intermedia in April 2012, a year after private equity firm Oak Hill Capital Partners bought Intermedia.
Phil Koen, executive chairman of Intermedia, said: “We are proud of the transformation and growth of the company. We now have an annualised revenue run-rate of over $200m, 75,000 customers, 6,000 active partners and 700 employees around the globe.”
Deutsche Bank and JP Morgan were financial advisers to Intermedia, which had legal counsel from Wilson Sonsini Goodrich & Rosati and Pillsbury Winthrop Shaw Pittman.
Evercore and SunTrust Robinson Humphrey advised MDP, with SunTrust Robinson Humphrey and TD Securities leading financing. Legal counsel for MDP came from Kirkland & Ellis and Covington & Burling.
