Private Equity firm Crescendo Equity Partners has acquired a controlling stake in motion control software provider Soft Motions & Robotics Co Ltd.
Crescendo plans to use the proceeds of the 50 billion won ($42 million) deal to expand the company’s facilities, industry sources said on August 20.
Crescendo has reportedly acquired the stake using shareholdings owned by BNW Investment and Industrial Bank of Korea, which jointly invested 6 billion won in the company.
Soft Motions & Robotics’ unique “Soft Motion” software enables high-speed synchronous and simultaneous control of multiple industrial devices with just one PC.
Established in 2014, Soft Motions & Robotics is the Korean subsidiary of Soft Servo Systems Inc, which was founded in 1998 in the US by Boo-ho Yang, who received a Ph.D in Mechanical Engineering from MIT.
Crescendo has acquired Soft Servo Systems in the US and Japan along with Soft Motions & Robotics, and restructured corporate governance to make them wholly-owned subsidiaries of Soft Motions & Robotics. The parent company plans to expand its overseas business in the US, Japan, China and Taiwan. Founder Yang will remain in the company.
The company is likely to create synergies with Crescendo’s existing portfolio companies such as QXpress, a pan-Asian cross-border logistics platform serving the e-commerce industry. Crescendo also plans to expand the company’s business through a bolt-on strategy.
Crescendo used its 450 billion won second blind-pool fund for the latest acquisition. The fund is investing its committed capital at a rapid pace, completing seven investments two years after its launch in 2018. The PE firm is expected to start forming its third blind-pool fund. (Reporting by Hye-ran Kim)