IDG-backed Superdata files for Hong Kong IPO
Superdata Software, a Chinese enterprise management software provider that has been backed by different IDG Capital entities for more than 20 years, has filed for an IPO in Hong Kong.
According to AVCJ Research’s records, IDG took a 50% stake in the company in 1998, having provided start-up funding. Its position was diluted the following year when Intel Capital invested and once again in 2000 as an investor group that included China International Capital Corporation, GIC Private, and NIB Capital – now known as AlpInvest Partners – committed HK$57.4 million ($7.4 million).
Superdata listed on Hong Kong’s GEM board in 2003 but was privatized three years later at a valuation of $87.3 million. Och-Ziff Capital Management backed the take-private and then provided a $20 million round for an offshore subsidiary of Superdata in conjunction with IDG and CDH Investments, another existing investor. At least one additional funding round followed. Subsequent to that, the company raised follow-on funding. An IDG-controlled entity currently owns 40.8% of Superdata.
The company’s principal software products relate to the management of product, sales and inventory (PSI), financial records, and enterprise resource planning (ERP). Most are delivered through internet and cloud-based platforms. Technical support is also provided.
Superdata claims to have accumulated over 280,000 registered users since 2010. It has an approximately 1.6% share of China’s micro and small enterprise (MSE) enterprise management software and software-as-a-service (SaaS) market, according to market research firm CIC.
The company generated RMB68.5 million ($9.6 million) in revenue last year, up from RMB59.6 million in 2017. Sales of software products accounted for roughly three-quarters of the total. The rest came from global application services – multiple logins for internet and cloud-based users – and technical support. Net profit rose from RMB20.9 million in 2017 to RMB25.3 million in 2018.
The prospectus gives no indication as to the size and pricing of Superdata’s offering. IDG’s investment is held by IDG-Accel China Capital Fund II, which closed at $750 million in 2011.
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