Atares advises Ingenics Group on participation in the Series A financing of Tset Software GmbH

Munich, August 05, 2024 – atares, the digital M&A boutique for technology-driven companies, is pleased to announce that it has successfully advised Ingenics Group on its participation in the Series A financing of Tset Software GmbH. The financing round was closed with EUR 12.7 million and aims to further expand Tset’s leadership position in new markets and industries. “The investment follows our strategy of supporting up-and-coming start-ups and thus being able to offer our clients efficient and future-oriented solutions,” says Oliver Herkommer, Managing Partner of Ingenics Group and Ingenics Consulting.

Tset, a global software provider specializing in enterprise-wide product cost and emissions calculations, was founded in Austria in 2018 by Andreas Tsetinis and Sasan Hashemi. The company offers an innovative SaaS solution that makes it possible to gain immediate insights into the impact of design changes on product costs and carbon footprint and to identify optimization potential at an early stage. Tset’s solution can be used from the early development phase through to series production, resulting in a higher margin and transparency regarding emissions for customers.

In addition to Ingenics, Carbon Removal Partners and Brose Ventures are among the investors in the current Series A round. With this investment, Ingenics will significantly strengthen its consulting services in the areas of cost engineering and total cost approach, including the carbon footprint of manufactured products.

“Due to the regulation of CO2 emissions and increasingly intense competition in the automotive industry, demand for our software is growing. We are now optimally prepared for this growth and expansion into new regions and industries. Following our successes in Europe, we are now increasingly working on entering the North American and Asian markets,” emphasize Hashemi and Tsetinis, the founders of Tset.

Ingenics Consulting intends to use the software to further strengthen and expand its consulting services in the area of cost engineering and the total cost approach. “The early concept and development phases present numerous challenges. With the software, we simulate the best-practice approach and show where the client stands in comparison with its cost structure. The aim is to optimize the overall process and identify significant savings as early as possible in the product cost calculation. This significantly reduces the effort involved in calculating product costs and CO₂ consumption,” says Herkommer.

The expansion of sales and the expansion into other sectors such as mechanical engineering, the household appliance industry and industrial construction are further objectives that will be supported by this financing round. Tset’s existing customers include well-known companies such as AGCO, Brose, Lego, Thyssenkrupp, ZF and, as of this year, the BMW Group. More than 100 developers and industrial experts are already employed at Tset’s two locations in Vienna and Kuchl.

On the atares side, the project was led by the Managing Partner, Jan Pörschmann.

atares is the digital M&A boutique for technology-driven midcap companies in Germany and sees itself as a pioneer for the digitalization of the M&A industry. Founded in 2001, atares has advised more than 200 transactions in more than 20 years. The focus is on transaction volumes between EUR 10 and 100 million of mostly owner-managed companies. Since November 2023, the company formerly known as Proventis Partners, Munich, has been operating under the new company name atares GmbH. Atares has long-standing personal contacts with corporate and Private Equity investors and M&A advisors in Europe, North and South America and Asia. Highly specialized expertise for the market, empathy for people and passion make atares a sought-after M&A partner for the tech champions of tomorrow. More than 20 employees at atares in Munich and Düsseldorf manage their projects via the in-house developed digital M&A dealfloor (dealfloor.co) – for value-adding, efficient transactions with the best user experience.

Franziska Wolfgram
f.wolfgram@atares.team
+4989 – 38888-124