Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, and Cerium Technology, a leading venture capital firm, announced the sale of Allegro Development Corporation (“Allegro”), a leading global provider of enterprise commodity management solutions, to ION, a provider of mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments, and corporates. Terms of the transaction were not disclosed.
Vector Capital partnered with Cerium Managing Director and Allegro founder, Eldon Klaassen, in 2014 to acquire and later recapitalize the company. Under their ownership, Allegro attracted new management, increased revenue by 50%, completed two acquisitions and expanded its product offerings and geographic footprint.
Andy Fishman, a Managing Director at Vector Capital, said, “We are pleased to have supported Allegro’s growth and reached a great outcome for our investors. This investment highlights our proven strategy of partnering with founders and management teams to help them achieve their business objectives and position their companies for long-term success.”
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“Vector Capital has been a terrific partner and I am proud about what we have achieved together over the past five years,” said Mr. Klaassen. “Backed by Vector and Cerium’s deep software sector expertise and operational resources, Allegro expanded its global and scalable platform and enhanced its service offering to our customers.”
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