Wellspring Has Agreement in Principle to Acquire Sopheon

CHICAGO, IL, October 31st, 2023 — Wellspring, a global leader in software solutions for Technology Transfer, IP Management, and Innovation, and Sopheon (LON:SPE), a leading provider of Innovation Management software and solutions, today announced their boards have reached agreement in principle on the key terms of a recommended cash acquisition of Sopheon by Wellspring. Please see a link to the relevant public announcement.

For Wellspring, this represents the latest in a wave of growth investments, following Resurgens Technology Partners’ platform investment in Wellspring last year. The acquisition will further accelerate Wellspring’s progress in building a leading global category leader for Innovation Management and IP Management solutions.

Sopheon’s board shares Wellspring’s excitement regarding the strategic and operational benefits that come from combining complementary product portfolios across complementary customer footprints. Sopheon has a large and established Innovation Management business, while Wellspring has an established leadership position in the IP Management and Technology Transfer markets. The combined company would also benefit from complementary geographical footprints, as well as mutually reinforcing strengths and expertise in the respective employee bases.

“We are extremely excited at the prospect of joining forces with Sopheon to provide greater value to customers worldwide,” commented Wellspring CEO Sean Downs, who will lead the combined company. “The highly complementary nature of our product offerings will create an opportunity for significant upside growth potential.”

Under the terms of the agreement in principle, Sopheon’s shareholders will receive £10.00 per share in cash. The per share purchase price represents a 104% premium to the Company's closing stock price on October 30, 2023 (the last trading day prior to the announcement of the possible transaction).

About Wellspring 

Wellspring is the world's leading provider of Tech Transfer, IP, and Innovation software and solutions for corporations, universities, and government agencies. We help clients succeed in today's innovation economy by coordinating global R&D and innovation programs – managing research and IP portfolios, scouting emerging technologies, finding innovation partners, and commercializing inventions. Wellspring works with more than 500 organizations worldwide to support the continued development of the global Knowledge Supply Chain.

About Sopheon 

Sopheon (LON:SPE) empowers organizations to change the world while achieving exceptional long-term revenue growth and profitability. By operationalizing the entire innovation life cycle, Accolade® and Acclaim™ software and expertise enable innovation, product and project professionals to accomplish the full range of InnovationOps tasks to drive innovation at scale. Sopheon’s solutions have been implemented in over 50 countries by hundreds of blue-chip customers, including the three most recent winners of the PDMA’s Outstanding Corporate Innovator Award. Sopheon is listed on the AIM Market of the London Stock Exchange.

About Resurgens Technology Partners 

Resurgens Technology Partners is a technology-focused private equity firm investing in North American and select European lower middle-market application and IT infrastructure software businesses. Resurgens’ team offers a diversity of investing, operating and talent management experience, applying an active and engaged value creation approach with each portfolio company. Resurgens is headquartered in Atlanta, GA, with additional professionals located in Austin, London and Silicon Valley.