Buyout brewing? Private equity firm poised to invest in Fusion5

Buyout brewing? Private equity firm poised to invest in Fusion5

Waterman Private Capital is known to take controlling stakes in its target companies

Credit: IDG

Two new company registrations suggest Auckland-based private equity outfit Waterman Private Capital is kicking the tyres of IT services provider Fusion5.

Fusion5 Finco, registered on 14 December, is owned by Fusion5 Group Holdings, registered the same day. Fusion5 Group Holdings is in turn owned by a limited partnership called Waterman Fusion5 LP.

A director of Fusion5 Group Holdings is Matt Riley, who is also executive director of Waterman Private Capital.

Waterman invests in a wide range of companies including My Food Bag, diagnostic imaging company TRG Imaging and insurance challenger Partners Life. 

It does not, however, appear to have invested in any information technology companies or IT service providers to date.

Reseller News sought comment from both Fusion5 chief executive Rebecca Tohill and Riley.

Riley was not prepared to comment, referring Reseller News back to Fusion5 while Tohill said any deal could be a couple of weeks away after stakeholders had been consulted. 

She would not specify the nature of any proposed deal, however Waterman appears often to take majority stakes, alongside founders and other investors.

Fusion5 is a prominent Microsoft, Oracle and Netsuite partner with a substantial business in payroll and HR systems. As of 2018, it also offered its own next-generation human resources package called Jemini.

Last October, Fusion5 acquired Auckland-based corporate performance management company Mindfull, formerly Cortell, an IBM, Informatica and Certent partner.

At the time, it said it had 470 employees across Australia and New Zealand, making it a substantial mid-tier provider.

For perspective, local giant Datacom has around 6500 employees and reported $1.34 billion in revenue in 2020. All things being equal, that could indicate Fusion5 has revenue of around $100 million.

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