Australia’s Carnegie exits Assetic in PE-backed bolt-on

Financial terms have not been disclosed. MH Carnegie acquired a 55% stake in Assetic in 2013 for A$10 million ($6.1 million). The GP’s founder, Mark Carnegie, maintains a board seat as a non-executive director. 

Assetic specializes in cloud-based software that helps investors manage large-scale infrastructure asset portfolios, with focus areas including government, resources, utilities, real estate, healthcare, transportation, and education. The company has 75 employees globally, including a North America presence. 

Dude, which offers similar services in the education, government, healthcare and manufacturing sectors, was acquired last year by Los Angeles-based Clearlake Capital from Warburg Pincus for an undisclosed sum. Warburg Pincus reportedly invested about $100 million in Dude in 2014. The company currently has some 12,000 clients in North America, while Assetic claims to have worked with 250 clients globally. 

“Assetic and Dude Solutions have forged parallel paths in the operations management world and there is a tremendous opportunity as operations leaders strive to make well-informed decisions about their capital investments,” Ashay Prabhu and Joel Brakey, co-founders of Assetic, said in a statement. “[T]his acquisition positions our team to support the growing demand for strategic asset management globally.” 

MH Carnegie claims about A$900 million in committed funds under management across venture capital, private equity, and real estate. It invests with a hands-on, sectorial approach via eight platforms covering areas including fast-moving consumer goods, enterprise services, and medical devices. Recent activity includes leading a $30 million round for US medical devices maker EBR Systems alongside fellow Australian VC Brandon Capital. 

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